Preferred Hotels & Resorts announces 2018 Results
During its 50th anniversary year, brand produces 22% YOY increase in reservations revenue, welcomes 88 new properties, launches new brand website, and marks three-million member milestone for its I Prefer Hotel Rewards program. |
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Preferred Hotels & Resorts announces 2018 Results
During its 50th anniversary year, brand produces 22% YOY increase in reservations revenue, welcomes 88 new properties, launches new brand website, and marks three-million member milestone for its I Prefer Hotel Rewards program. |
Category: Worldwide - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2019-02-07
Preferred Hotels & Resorts, the world’s largest global provider of sales, marketing, and distribution services to independent luxury hotels, today announced its 2018 year-end results. In 2018, the company generated $1.66 billion in reservations revenue on behalf of its member properties worldwide, a 22% increase over 2017, and welcomed 88 new hotels, resorts, and residences across 28 countries. In addition, the brand marked several key accomplishments during its 50th anniversary year by launching a dynamic new website, www.PreferredHotels.com; surpassing three million member enrollments in its I Prefer Hotel Rewards program; and being named the #1 “Most Excellent” Large Hotel Chain in the world by TripAdvisor travelers.
“Fueled by a continuous dedication to champion the independent hotel experience, our global team approached 2018 with boundless energy, allowing us to execute on a strategic vision and achieve major wins that have elevated the profile of our brand and our member hotels on a global scale,” said CEO Lindsey Ueberroth. “As Preferred Hotels & Resorts enters its 15th year of family ownership, I am proud to reflect on all we have accomplished and am incredibly inspired by the momentum we have created to drive even more success as we enter the next generation of our brand’s legacy.” Highlights of the brand’s key achievements in 2018 include: - New Brand Website: On October 26, 2018, Preferred Hotels & Resorts re-launched PreferredHotels.com as a visual-forward, fully responsive brand website featuring large-scale photography; engaging property guides; and expanded filters that invite searches by destination, travel theme, type of property, and level of luxury to create a more inspiring, intuitive booking process. The new website created an immediate, impactful connection between the brand and discerning travelers seeking the unique perspective of the independent hotel experience, drawing a 23% increase in unique visitors in the first 60 days, compared to the same time period in 2017.
- Loyalty Program Growth: In its fifth year as a points-based model, I Prefer Hotel Rewards continued to drive strong results for Preferred Hotels & Resorts. More than 500,000 new travelers signed up to gain access to the program’s benefits in 2018, a 20% growth in membership over 2017, helping fuel a 24% increase in total I Prefer reservations revenue for participating hotels, which included a 92% increase in revenue booked through the I Prefer member rate, compared to 2017. To support the program’s growth and engagement among leisure and corporate travelers alike, new icons highlighting the benefits of I Prefer membership appear on every page of the brand’s new website.
- First-Time Presence and Expanding Markets: Preferred Hotels & Resorts expanded its worldwide portfolio in 2018 by breaking into new countries such as Hungary with The Mystery Hotel Budapest (L.V.X. Collection), as well as marking first-time presence in regional markets such as Silao, Mexico; Irapuato, Mexico; Puglia, Italy; Sardinia, Italy; and Cornwall, England. The brand also made great gains in existing destinations such as Mexico – adding 13 new hotels such as Montage Los Cabos (Legend Collection) and Grand Velas Riviera Nayarit (Legend Collection) – and Mallorca – welcoming five new hotels including Can Bordoy Grand House & Garden (L.V.X. Collection).
- Supporting De-Flags: The brand continued to serve as a strong, strategic partner for hoteliers following their decision to de-flag from other brands, welcoming existing but newly independent hotels to its portfolio such Gokulam Grand Hotel & Spa in Bengaluru, India (Lifestyle Collection – formerly Movenpick); The Inn at Perry Cabin in Maryland, U.S.A. (Legend Collection – formerly Belmond); Sea Containers London (L.V.X. Collection – formerly Mondrian); and Marigot Bay Resort & Marina in St. Lucia (L.V.X. Collection – formerly Capella).
- Notable Member Hotel Additions: Among the other notable properties that joined Preferred Hotels & Resorts in 2018 to fuel growth across every collection include Encore Boston Harbor in Massachusetts, U.S.A. (Legend Collection – opening June 2019); JA Manafuru in the Maldives (Legend Collection); The Inn at Perry Cabin in Maryland, U.S.A. (Legend Collection), Balboa Bay Resort in Newport Beach, California, U.S.A. (L.V.X. Collection); Narcissus Hotel & Residence in Riyadh, Saudi Arabia (L.V.X. Collection); Grand Elysée Hamburg in Germany (L.V.X. Collection); and 9Confidentiel in Paris, France (L.V.X. Collection); Kalidria Hotel & Thalasso SPA in Puglia, Italy (Lifestyle Collection); Sophy-Hyde Park in Chicago, Illinois, U.S.A. (Lifestyle Collection); Amerikalinjen in Oslo, Norway (Lifestyle Collection – opening April 2019); Stanford Court in San Francisco, California, U.S.A. (Connect Collection); Real Inn Monterrey in Mexico (Connect Collection); and CitySuites Manchester in England (Preferred Residences).
About Preferred Hotels & Resorts
Preferred Hotels & Resorts is the world’s largest independent hotel brand, representing more than 700 distinctive hotels, resorts, residences, and unique hotel groups across 85 countries. Through its five global collections, Preferred Hotels & Resorts connects discerning travelers to the singular luxury hospitality experience that meets their life and style preferences for each occasion. Every property within the portfolio maintains the high quality standards and unparalleled service levels required by the Preferred Hotels & Resorts Integrated Quality Assurance Program. The I Prefer hotel rewards program, Preferred Residences, Preferred Pride, and Preferred Golf offer valuable benefits for travelers seeking a unique experience.
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