Published on : Thursday, December 27, 2018
The company has announced the opening of The Bernic Hotel New York City by Tapestry Collection. Representing the first Tapestry Collection property in New York City, the hotel is located in close proximity to the Grand Central Station and Rockefeller Center.
During May 2018, Hilton had announced that two of its marketing leading brand, namely Curio Collection and Tapestry Collection is expected to boost its portfolio with as many as seven hotels in the United States. Already having six hotels under Tapestry collection, the company further plans to enhance the portfolio of this brand by adding three more hotels.
The shares of Hilton have rallied 30.2% in the past year, outperforming the industry’s growth of 13.3%.
The move underscores Hilton’s absolute focus on aggressively expanding its brands in both the domestic and international markets. With an aim to maintain its position as the fastest-growing global hospitality company, Hilton is continuously driving unit growth. In 2017, Hilton had witnessed net unit growth of 18,400 rooms. Further, the company expanded its footprint across new countries for a total of 105 countries and territories. For 2018, it projects an approximate 6.5% net unit growth.
Hilton’s relentless expansion helps it in strategizing against growing competition in the industry.
The company is continuously facing intense competition from large hotel chains like Marriott and Hyatt, and also from new channels of distribution in the travel industry. Additional sources of competition include large companies that offer online travel services as part of their business model such as Alibaba.
Hilton, therefore, through its disciplined as well as strategic operations, and expansion is trying to navigate stiff competition.