Preferred Hotel Group Reveals Third Quarter Growth
Friday October 25th, 2013 - 10:24AM WX
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CHICAGO—Preferred Hotel Group announced its third quarter results. Over the past three months, the company generated year-to-date increases of 26% in reservation revenue, 21% in room nights, and 4% in ADR on behalf of its worldwide portfolio, compared to the same time period last year.
In addition, the company welcomed 42 new hotels, totaling 95 new properties thus far for 2013. Also during the third quarter, Preferred Hotel Group launched iPrefer, a global points-based guest loyalty program available to independent hotels.
“It was an exciting quarter for Preferred Hotel Group, and we expect this momentum to continue,” stated Lindsey Ueberroth, president of Preferred Hotel Group. “To-date bookings for our hotels for the months of November and December are already 18% and 29% higher, respectively, than this time last year.”
Tags: Preferred Hotel Group • Hospitality • Quarterly Results •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.