Preferred Hotels & Resorts Reports Strong U.S. Performance
Preferred Hotels & Resorts: A Strong Performance in U.S. Hospitality
With the ongoing appeal of independence, Preferred Hotels & Resorts, the world’s largest independent hotel brand, has revealed significant insights from its recent U.S. Performance Report. This report, covering a three-year period, evaluates the performance metrics of 98 hotels across North America. The analysis was conducted by HVS, a respected leader in hospitality consulting.
The Strength of Independent Hospitality
Michelle Woodley, President of Preferred Hotels & Resorts, emphasized that the brand's performance stems from multiple revenue streams, allowing hotel members to benefit from a diversified financial model. The report underscores how this strategy stabilizes revenue and boosts performance, demonstrating the long-term advantages of choosing the independent model in the highly competitive hospitality industry.
Performance Metrics: A Closer Look
The report categorizes hotels into three groups: primary markets, secondary/tertiary markets, and resort markets, providing a detailed analysis of how Preferred Hotels & Resorts properties stack up against their competitors. According to the findings, Preferred properties outperformed peers significantly in terms of occupancy and Average Daily Rates (ADR) across all categories evaluated during the study period.
Key Insights from the U.S. Performance Report
- Exceptional Resort Performance: Resort hotels associated with Preferred Hotels & Resorts showed remarkable RevPAR Index figures, ranging from 136% to 139% compared to competitive sets. This outstanding performance was bolstered by enhanced transient occupancy and ADR.
- Focus on Primary Markets: Hotels in primary markets reported a RevPAR Index between 111% to 119%, primarily driven by ADR premiums and supported by the loyal customer base of the I Prefer Hotel Rewards program, which boasts 6 million global members.
- Strong Results in Secondary and Tertiary Markets: These locations also recorded impressive RevPAR indexes, spanning from 102% to 107%, thanks to strong group segment performance and higher ADRs.
- Cost Efficiency Advantage: The study revealed that the cost for hotels within the Preferred portfolio averages less than 1.7% of gross rooms revenue, a stark contrast to the 11% charged by various other upper-end brands.
The Competitive Edge of Independently Affiliated Hotels
The objective of this comprehensive study was to benchmark the performance of Preferred Hotels & Resorts against competing entities, such as Four Seasons, Ritz-Carlton, St. Regis, and various iconic independent hotels. By capitalizing on its global scale, Preferred Hotels & Resorts continually enhances its value proposition to hotel owners and operators, offering robust marketing services, strategic group and corporate sales support, and superior guest experiences.
Explore More about Preferred Hotels & Resorts
Hotels that want to capitalize on adopting an independent brand can learn about the valuable services and support offered by Preferred Hotels & Resorts. For more information, interested hotel owners can explore options at www.PreferredHotels.com/join. For those wishing to obtain the full report, further details are accessible through the Preferred Hotels & Resorts platform.
Frequently Asked Questions
What is the U.S. Performance Report conducted by Preferred Hotels & Resorts?
The U.S. Performance Report analyzes the performance of 98 Preferred-affiliated hotels in North America over three years, emphasizing their competitive strengths.
How does Preferred Hotels & Resorts support its members?
They provide strategic marketing solutions, diverse revenue streams, and a global loyalty program to enhance member performance and revenue stability.
What advantages do independent hotels gain by affiliating with Preferred Hotels & Resorts?
Independent hotels benefit from improved performance metrics, reduced costs, and access to extensive marketing and sales support compared to traditional brand affiliations.
How has the I Prefer Hotel Rewards program impacted hotel occupancy?
The program has created a loyal customer base, significantly contributing to occupancy rates and overall revenue for Preferred-affiliated hotels.
In which areas did Preferred Hotels & Resorts excel according to the report?
The report indicated Preferred Hotels excelled in resort markets, primary markets, and secondary/tertiary markets, outperforming in RevPAR Index, occupancy, and ADR.
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