Preferred generated US$1bn for hotels in 2016

Wanda Reign on the Bund joined Preferred in 2016
Wanda Reign on the Bund joined Preferred in 2016

Preferred Hotels & Resorts generated more than US$1 billion in reservations revenue for its member properties last year.

Releasing its full-year results this week, the company revealed that the 2016 total of US$1.11bn followed the addition of 82 new properties.

Preferred attributed much of its success to the iPrefer loyalty programme, which was revamped in February 2016. This led to a 57% increase in enrolments, a 24% increase in stays, and a 23% increase in room revenue generated through iPrefer bookings last year.

“Our move to one global brand allowed us to be more nimble and presented fresh, exciting opportunities, so we set out for 2016 with intentions to thoughtfully grow our brand presence and innovate in the areas that would help us most effectively connect our member hotels with their ideal guest,” said Preferred’s president & CEO, Lindsey Ueberroth.

“Our team’s focus last year not only helped us execute on these goals but also created a strong pipeline to generate immediate results in 2017, which will be a pivotal year as we approach our 50th anniversary.”

Preferred expanded its footprint in 27 countries last year, adding its first properties in Sweden, Norway, Bahrain, Saudi Arabia and Qatar. One key addition to its collection in 2016 was Wanda Reign on the Bund, the new flagship hotel in Shanghai.

The company also finalised agreements with several new hotel groups in 2016, including Katara Hospitality’s Murwab Hotel Group, Nordic Hotels & Resorts, Fortune Hotels, Vivienda Hotel Villas, and Rosen Hotels & Resorts. It also expanded its relationships with several existing partners such as NH Collection, Montage Hotels & Resorts, Salamander Hotels & Resorts, SBE, Shilla Stay, Pyramid Hotel Group, and Ocean Properties.

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