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Associated Press
29-01-2025
- Business
- Associated Press
Preferred Hotels & Resorts Unveils US Performance Report in Celebration of Independent Hotel Day
NEW YORK, Jan. 29, 2025 (GLOBE NEWSWIRE) -- To commemorate Independent Hotel Day, a day which celebrates the individuality and authenticity of independent hotels worldwide, Preferred Hotels & Resorts – the world's largest independent hotel brand – is pleased to unveil the results of the U.S. Performance Report, conducted by HVS, a global leader in hospitality consulting and services, which evaluated the performance of 92 Preferred-affiliated hotels in North America for the period from 2021 and 2023. 'We are seeing an increasing number of owners opting for the independent model, and the HVS report demonstrates that Preferred Hotels & Resorts is the highest performing relationship in the industry,' said Michelle Woodley, President for Preferred Hotels & Resorts. 'As reported in the findings, we leverage our brand's prestige and global operating scale to exemplify the strategic advantage our hotels have maintained through ongoing RevPAR growth, and continue to deliver market leading results against our competitors in the group and corporate segments. This momentum is a testament to our brand's resilience and ability to adapt to changing market conditions, showcasing the strength and strategic advantage of affiliating with Preferred Hotels & Resorts.' For the analysis, the hotels were categorized into three distinct groups: primary markets, secondary and tertiary markets, and resort markets. Utilizing data provided by STR, which assembled Occupancy, Average Daily Rate (ADR), and Revenue Per Available Room (RevPAR) data to analyze the performance of Preferred Hotels & Resorts member properties – the HVS study found the Preferred properties outperformed their competitive sets across all three categories over the three-year period studied (2021-2023) when analyzing RevPAR penetration. This was both in total and for each year individually. Fueling momentum behind Independent Hotel Day, the HVS report highlights the extent to which independent hotels thrive in the areas of RevPAR growth and ADR, while benefiting from significant cost savings, when affiliating with Preferred Hotels & Resorts, a result of the brand's industry-leading performance. Key Findings: The report cited resort hotels to be the strongest relative performers, with Preferred-affiliated hotels ranging from 131% to 141% RevPAR Index versus their competitive sets. Both occupancy and ADR drove the overperformance – with transient share benefiting from ADR and occupancy overachievement, while group performance was driven more by ADR premiums. Primary market hotels affiliated with Preferred Hotels & Resorts also overachieved, reporting a RevPAR Index ranging from 111% to 115% driven consistently by ADR premiums. In this category, transient occupancy also performed especially well, as hotels captured more than their fair share of rebounding and high-rated corporate travel. Additionally, Preferred-affiliated hotels in secondary and tertiary markets indicated outsized RevPAR indexes, ranging from 103% to 111%. Similar to other categories, these hotels were able to command premium ADRs and a very strong delivery in the group segment. The findings also showed that Preferred Hotels & Resorts' cost to hotels equate to less than 1.5% of gross rooms revenue, on average, as compared to the roughly 11% of gross rooms revenue charged by other luxury and upper-scale brands. The goal of the study was to measure the performance of hotels affiliated with Preferred Hotels & Resorts against the identified competitive set, leveraging the brand's prestige and global operating scale to exemplify the strategic advantage it brings to hotel owners, operators, and management companies by providing strategic group, corporate, and leisure sales, integrated marketing solutions including a global loyalty program, comprehensive revenue management, global connectivity through reservations services, progressive distribution technology, and individualized guest support. For more information on Preferred Hotels & Resorts, and for hotel owners and operators exploring options to stay or become independent, visit To see the full report, visit here . About Preferred Hotels & Resorts Preferred Hotels & Resorts is the world's largest independent hotel brand, representing more than 600 distinctive hotels, resorts, residences, and unique hotel groups across 80 countries. Through its curated global collections, Preferred Hotels & Resorts connects discerning travelers to the singular luxury hospitality experience that meets their life and style preferences for each occasion. Every property within the portfolio maintains the high-quality standards and unparalleled service levels required by the Preferred Hotels & Resorts Integrated Quality Assurance Program. The I Prefer™ Hotel Rewards program, Preferred Residences℠, Preferred Pride℠, and Preferred Golf™ offer valuable benefits for travelers seeking a unique experience. For more information, visit . Media Contact: Jennifer Jackson Senior Director, Public Relations – Americas [email protected] +1 904 535 7167
Associated Press
27-01-2025
- Business
- Associated Press
Choice Hotels International Celebrates Year of Development Success
Strong Results Across Multiple Segments Underscores Effectiveness of Franchisee Success System NORTH BETHESDA, Md., Jan. 27, 2025 /PRNewswire/ -- Choice Hotels International, Inc. (NYSE: CHH), one of the world's largest and most successful lodging franchisors, celebrated another year of development success across key brands and multiple segments in 2024. Choice achieved remarkable milestones over the course of the year that underscore its position as a leader in the hospitality industry and its strong potential for continued growth in 2025 and beyond. 'Choice Hotels ran through the finish line in 2024, and we're determined to build on that strong momentum in the coming year,' said Choice Hotels International President and CEO Patrick Pacious. 'Our unique revenue-intense growth strategy and unyielding focus on driving our owners' revenue up and their costs down will continue to power the future for Choice and our hotel owners — and that future is bright.' Leading from the Front in Extended Stay In the fast-growing extended stay segment, Choice matched its previous annual record with a total of 61 hotel openings, highlighted by the grand opening of its 500th extended stay property in October. That growth included the opening of 25 WoodSpring Suites and six Everhome Suites hotels — both records for the respective new-construction brands — as well as 16 MainStay Suites and 14 Suburban Studios properties. WoodSpring, which was named the #1 economy extended stay brand by the J.D. Power North America Hotel Guest Satisfaction Index Study for a second year in a row, accounted for 70% of all new hotels under construction and 65% of all 2024 ground breaks in the segment, as of November. The One to Watch in Upscale In the upscale segment, where Choice has become the industry's one to watch, the company opened 27 new hotels, including 18 Ascend Hotel Collection properties, an 80% year-over-year increase for the brand, as well as seven Cambria Hotels and a pair of new Radisson properties. The new upscale hotels include The Quincy, Ascend Hotel Collection, in Washington, D.C., the Cambria Hotel Niagara Falls in New York, and the Radisson Fairview Heights – St. Louis in Illinois. In its first full year since Choice's integration of the Radisson Americas brands in 2023, the upscale Radisson brand saw a nearly 7.5% year-over-year increase in RevPAR, paving the way for continued growth. Continuing the Momentum in Midscale and More In midscale, where Choice has long been a leader, the company opened 41 Quality Inn hotels in a year where the brand celebrated its 85-year anniversary. Choice also drove strong development growth across its upper midscale portfolio, with 26 openings for its flagship Comfort brand and six for Country Inn & Suites by Radisson. Choice continued to boost the value proposition offered by Country Inn & Suites in 2024, driving a 19-point increase in RevPAR Index, a 20% increase in direct online contribution and a 10% increase in revenue from the Global Sales team, year-over-year. Additional highlights from 2024 and early 2025 include: Relaunching Radisson Individuals as an upper upscale soft brand to complement the Ascend Hotel Collection and relaunching Radisson Blu and Radisson with new guestroom design packages. Earlier this month, the company unveiled new logos for all three brands. Introducing a proprietary 'Lobby in a Box' modular design package that enables hoteliers to transform public spaces such as lobby dining areas into multi-functional, revenue-generating spaces in as little as 120 days for its Suburban Studios and MainStay Suites extended stay conversion brands. The innovative solution follows on the success of Choice's exclusive 'Kitchen in a Box' package. Opening 20 properties and awarding 37 franchise agreements — both all-time highs — under its Supporting Ownership Access and Representation (SOAR) program, which aims to attract, mentor and support entrepreneurs from historically underrepresented groups on their path to hotel ownership. Capitalizing on Conversions Choice is poised for continued growth in 2025 as it capitalizes on its world-class conversion capability, which enables the company to quickly move properties through its development pipeline, providing tremendous value to new or existing owners in any market conditions. 'Industry projections show that hotel demand growth will continue to outpace supply growth this year and in 2026,' explained Dominic Dragisich, Executive Vice President for Operations and Chief Global Brand Officer at Choice Hotels International. 'That's the type of environment in which our unrivaled hotel conversion capability really shines. Our ability to efficiently convert existing hotels into Choice-branded properties is a core competency that will continue to help fuel the growth of our global portfolio in 2025 and beyond.' About Choice Hotels® Choice Hotels International, Inc. (NYSE: CHH), is one of the largest lodging franchisors in the world. The one to watch in upscale and a leader in midscale and extended stay, Choice® has over 7,500 hotels, representing nearly 635,000 rooms, in 45 countries and territories. A diverse portfolio of 22 brands that range from full-service upper upscale properties to midscale, extended stay and economy enables Choice® to meet travelers' needs in more places and for more occasions while driving more value for franchise owners and shareholders. The award-winning Choice Privileges® rewards program and co-brand credit card options provide members with a fast and easy way to earn reward nights and personalized perks. For more information, visit Forward-looking Statements This communication includes 'forward-looking statements' about future events, including anticipated development and hotel openings. Such statements are subject to numerous risks and uncertainties, including construction delays, availability and cost of financing, and the other 'Risk Factors' described in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q, any of which could cause actual results to be materially different from our expectations. Addendum This is not an offering. No offer or sale of a franchise will be made except by a Franchise Disclosure Document first filed and registered with applicable state authorities. A copy of the Franchise Disclosure Document can be obtained through contacting Choice Hotels International at 915 Meeting Street, Suite 600, North Bethesda, MD 20852, or by email at [email protected].
