Preferred Hotel Group Reports Q3 2013 Results

Preferred Hotel Group has reported Q3 2013 results that show that over the past three months, the company generated year-to-date increases of 26% in reservation revenue, 21% in room nights, and 4% in ADR on behalf of its worldwide portfolio, compared to the same time period last year.

In addition, the company welcomed 42 new hotels, totalling 95 new properties thus far in 2013.

“It was an exciting quarter for Preferred Hotel Group, and we expect this momentum to continue,” said Lindsey Ueberroth, President of Preferred Hotel Group. “To-date bookings for our hotels for the months of November and December are already 18% and 29% higher, respectively, than this time last year.”

The company’s successes in the third quarter and continuous growth campaign over the past several years support findings of a recent study by HVS. Using STR data from hundreds of Preferred Hotel Group member hotels and their peer properties, the HVS study reported that Preferred Hotel Group’s cost to hotels is less than 3.7% of total gross rooms revenue. It also revealed that the company’s member hotels achieved an average RevPAR index of 104.5% in 2012.

“The HVS study demonstrates that Preferred Hotel Group is the best value relationship in the industry,” said Ueberroth. “We are seeing more owners pursuing the independent model, and I’m pleased that Preferred Hotel Group has proven to be an attractive partner of choice to support these brand decisions, especially now that hotels can tap into the undeniable benefits of our turn-key points-based loyalty program.”

Over the past 12 months, six hotels have partnered with Preferred Hotel Group after declaring their independence from a hard brand, with three conversions occurring during the third quarter: Eau Palm Beach Resort & Spa (Manalapan, Florida), a member of Preferred Hotels & Resorts; Pier 2620 Hotel Fisherman’s Wharf (San Francisco, California), a member of Sterling Hotels; and International Plaza Hotel (Toronto, Canada), a member of Sterling Hotels.

Other notable additions to Preferred Hotel Group over the past three months include:

• CVK Park Bosphorus (Istanbul, Turkey), a member of Preferred Hotels & Resorts
• Casa de Campo (La Romana, Dominican Republic), a member of Preferred Hotels & Resorts
• Buddha Bar Hotel Paris (France), a member of Preferred Boutique
• The Talbott Hotel (Chicago, Illinois), a member of Preferred Boutique
• Hotel Inglaterra (Seville, Spain), a member of Summit Hotels & Resorts
• Kyoto Tokyu Hotel (Kyoto, Japan), a member of Summit Hotels & Resorts
• The Dhow Palace (Dubai), a member of Sterling Hotels
• Naumi Liora Hotel Singapore (Singapore), a member of Sterling Design
• 93 Luxury Suites & Residences (Bogota, Colombia), a member of Summit Serviced Residences