Preferred Hotel Group experiences first quarter growth
Preferred Hotel Group has reported positive growth in 2012 with the addition of 22 new hotels during the first quarter, including key gains in new markets such as Russia, Iraq, and the Maldives. The company also continues to see a higher level of reservations via its distribution channels, including an increase of 24 percent year-to-date, and an increase in reservation revenue of 31 percent in comparison to the first quarter last year. READER COMMENTS
“Preferred had a strong first quarter. We are pleased to see new member growth across all our brands and our continued expansion into key new markets,” said Lindsey Ueberroth, President, Preferred Hotel Group, in an announcement. “Looking ahead, our reservations data is showing signs that summer travel is off to a great start, with June bookings already 20 percent higher than this time last year.”
While the company’s Preferred Hotels & Resorts brand witnessed the most significant growth this quarter with eight new members, each brand and region grew steadily and includes notable new members such as The Little Nell (Aspen, Colorado, USA), a member of Preferred Boutique; Trump International Hotel & Tower Toronto® (Toronto, Ontario, Canada), a member of Preferred Hotels & Resorts; La Misión Hotel Boutique (Asunción, Paraguay) and Dusit Thani Maldives (Baa Atoll, Maldives) members of Preferred Boutique; The Alex, New York (New York City, New York, USA), member of Summit Hotels & Resorts; The Seven Hotel (Paris, France) and The Toy Hotel, Chandigarh (Punjab, India), both members of Sterling Design.
During the first quarter of 2012, Preferred Hotel Group entered the flexible-stay market with a new brand—Summit Serviced Residences. These apartments provide business travelers on temporary assignment, relocating executives, and family travelers with the comforts of home. Preferred expects to grow Summit Serviced Residences internationally and will target key cites in Europe, India, and Asia, where the collection already includes its inaugural partner, 8 on Claymore Serviced Residences, in Singapore.