Preferred sees double-digit growth in 2014
Preferred Hotel Group experienced a strong year in 2014, with double-digit growth in terms of bookings and reservation revenues.
The independent hotel collection generated US$882 million in reservation revenues for its member hotels last year, 30% more than in 2013. Total bookings rose 26%. This was partially driven by the growth of the group’s portfolio; Preferred added 108 new properties into its collection in 2014.
“I’m proud that we successfully executed on our aggressive goals for 2014 through our investment in the time and resources that were necessary to drive strategic programmes and facilitate key partnerships,” said Preferred’s president & CEO, Lindsey Ueberroth.
“We have exciting plans for our company’s growth in the year ahead, and all signs are pointing to this being an incredibly strong year for our company and our partner hotels.”
Preferred placed a strong focus on increasing its conversion rate last year, making enhancements to its websites, improving its offers pages and streamlining its booking experience. These efforts resulted in an 11% rise in the company’s booking conversion rate, compared to 2013.
And the company’s iPrefer loyalty scheme also played a major role in its success; Preferred’s data indicates that 72% of hotel stay revenue was generated by iPrefer members.
In terms of portfolio development, Preferred’s alliance with Keppel Land Hospitality Management brought five new hotels across Myanmar, Vietnam, China and Indonesia into its collection, while a deal with NH Hotel Group‘s new NH Collection added 14 hotels in Europe and Latin America.