Owners vs. loyalty programs: Time for transparency, shared risk?

In a swift move in April, early in the coronavirus lockdown, Hilton raised funds for working capital and general corporate purposes by selling US$1 billion in loyalty points to American Express. As one commentator pointed out, that filled the coffers but would be a cost to the brand when the points were redeemed. Little mention has been made of the cost to hotel owners. Felicity Jones is partner and global real estate sector head, based in London, for Watson Farley & Williams LLP; Alan Polivnick is a partner in the firm’s Bangkok office. Loyalty programs at their best should deliver bookings…
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