La Quinta Inns & Suites Strong Growth Continues Through the End of 3rd Quarter, 2009
|
|
La Quinta Inns & Suites Strong Growth Continues Through the End of 3rd Quarter, 2009
|
Category: Worldwide - Industry economy -
Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2009-10-16
Franchise Leader Approaches 750 Locations, Adds 20 New Hotels in 11 States and Reports Significant Year over Year Guest Satisfaction Increases
La Quinta Inns & Suites, the fastest-growing select service brand in the hotel industry, opened 20 hotels in 11 states during the third quarter of 2009. La Quinta also executed 10 new franchise agreements, continued to enjoy significant increases in guest satisfaction numbers, and expects its strong pace of growth to continue during the remainder of 2009.
Here are highlights of La Quinta's third quarter growth:
1. La Quinta opened 20 hotels in 11 states and now has almost 750 hotels in 46 states across the country. Seventeen of the hotels opened in the third quarter of 2009 were new construction. A complete list of the new La Quinta hotels is at the conclusion of this press release.
2. La Quinta executed 10 new franchise agreements, bringing its total in 2009 to 46 and its pipeline remains robust. La Quinta's pipeline contains close to 250 new properties, more than a third of which are new construction projects.
3. La Quinta continues to outperform in all areas of customer service reporting a 3.3% improvement in Satisfied Intent to Return versus 2008 (86% versus 83%); more than 3% improvement in product quality (85% versus less than 81%); and a similar improvement in product quality (more than 89% in 2009).
4. According to Smith Travel Research, the foremost source of hotel performance trends, La Quinta continues to outperform its competitors in the midscale without food and beverage segment in occupancy, ADR and RevPAR. La Quinta saw a 4.3% gain in market share for the 3rd quarter.
5. The brand continued to innovate by opening signature adaptive reuse and sustainable hotels - In July, La Quinta celebrated the opening of a 241-room location in downtown Chicago, an adaptive reuse in the heart of the financial district that offers spacious guest rooms and a Green Roof. The greenest hotel in the La Quinta system, a fabulous new construction near Memphis, Tennessee, is expected to open in early 2010 as the first LEED certified La Quinta hotel.
Rajiv Trivedi, La Quinta's Executive Vice President and Chief Development Officer said, "La Quinta's results demonstrate that not only is the brand's growth accelerating but that we continue to raise the quality of our product, our guest experience and the percentage of new-build, adaptive reuse and sustainable hotels in the La Quinta system." He concluded, "We continue to innovate, expand, penetrate new markets - and to support our franchisees through the current economic turbulence. We expect to continue to share even more good news in the months ahead."
La Quinta's franchising program was launched in 2001 and since then has signed more than 600 franchise agreements. The brand has grown to nearly 750 hotels with more than 250 in the pipeline. It has experienced rapid expansion throughout 2009, including new franchise agreements and developments in Panama and Mexico. Its rapid pace of growth makes La Quinta a top franchise choice and the industry leader in the mid-market segment. La Quinta was named the fastest-growing brand in the industry in 2008 and was selected as the top brand for franchisee ROI two years running (2007 and 2008).
"Even amidst these challenging times, we attribute La Quinta's strong third quarter performance and positive results to a strong core operating philosophy," said Wayne Goldberg, President and Chief Executive Officer. He concluded, "We are confident there are brighter days ahead for the industry as a whole as we close out 2009 and move into 2010."
|
|
