Preferred Hotels & Resorts' 2016 results trumpet iPrefer improvements and more

Preferred Hotels & Resorts revealed its 2016 year-end results. Last year, continuing the momentum gained in 2015 following its global rebranding initiative, the company generated $1.11 billion in reservations revenue on behalf of its member properties worldwide, welcomed 82 new properties to its portfolio and updated its points-based iPrefer hotel rewards program.

“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,” Lindsey Ueberroth, president & CEO of Preferred Hotels & Resorts, said in a statement. “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.”

iPrefer, Preferred Hotels & Resorts’ benefit program, was revised in February 2016 to include a simplified two-tier structure, as well as new benefits. This strategic revision produced a 57-percent increase in enrollments, a 24-percent increase in stays and a 23-percent increase in room revenue generated through iPrefer bookings, compared to 2015 activity. To date, more than 1.8-million travelers have enrolled in iPrefer.

Virtual Event

HOTEL OPTIMIZATION PART 2 | Now Available On-Demand

Survival in these times is highly dependent on a hotel's ability to quickly adapt and pivot their business to meet the current needs of travelers and the surrounding community. Join us for Optimization Part 2 – a FREE virtual event – as we bring together top players in the industry to discuss alternative uses when occupancy is down, ways to boost F&B revenue, how to help your staff adjust to new challenges and more, in a series of panels focused on how you can regain profitability during this crisis.

Last year Preferred Hotels & Resorts expanded its footprint in 27 countries across the globe – marking its first presence in Sweden, Norway, Bahrain, Saudi Arabia and Qatar – by embarking on new relationships with individual properties and growing alliances with hospitality groups. Over the course of the year, the company finalized agreements to represent select hotels within the portfolios of new brand partners such as Katara Hospitality’s Murwab Hotel Group, Nordic Hotels & Resorts, Fortune Hotels, Vivienda Hotel Villas and Rosen Hotels & Resorts, and was tapped to support the newest openings of existing partners such as NH Collection, Montage Hotels & Resorts, Salamander Hotels & Resorts, sbe, Shilla Stay, Pyramid Hotel Group and Ocean Properties

Other notable properties that joined Preferred Hotels & Resorts in 2016 include Baccarat Hotel New York (Legend), Longemont Shanghai (LVX), Hotel Metropole Genève (Switzerland; Lifestyle), Hotel Bon Voyage Lagos (Nigeria; Connect) and AKA University City (Philadelphia, Pennsylvania; Preferred Residences).

Suggested Articles

Lodging owners who have the appropriate resources and capital have an opportunity to renovate at an accelerated rate and at more competitive prices.

The £18.4 million fine stems from a data breach discovered after the company purchased Starwood Hotels & Resorts Worldwide.

There are both positive and negative aspects to utilizing preferred equity capital, but it is often the best way to maintain ownership of the asset.