Optimism and resilience were the main themes on display during Signature Travel Network’s 2021 Owners’ Meeting, with a general session held Sept. 10 that featured updates on the network’s technology, marketing, events and training efforts, as well as a look at luxury travel trends and overall company progress.
Alex Sharpe, president and CEO of Signature, delivered the good news of Signature’s recent growth, having added 33 members since its 2019 Owners’ Meeting, bringing the network’s total to 210 members in the U.S. and 71 international agencies. Signature also added 115 new hotel partners in 2020 and 80 in 2021, many of which are located in the U.S., reflecting increasing demand for domestic travel and a greater focus on land options. And member portfolio cruise sales have increased 54.4%, with land rising by 10%.
While he noted that 2021 bookings have fallen off a bit due to the Delta variant of COVID-19 — which also caused Signature to switch the meeting from an in-person event in Hawaii to a virtual update — the outlooks for 2022 and 2023 are more positive. In addition, the company is focused on helping its members navigate the continuing uncertainties of the time, with increased training opportunities to address challenges such as ever-changing international travel restrictions, rules and regulations.
Virtual events have been another high point for Signature during the pandemic, generating 2,700 bookings with over $35 million in revenue.
Looking ahead, the company plans to invest further in the luxury sector. Ignacio Maza, Signature’s executive vice president, shared trends from this market, where strong pent-up demand, growth in discretionary savings and a new outlook on life are combining to make travel a top demand.
“Once in a lifetime is now,” he said, summing up the mindset of today’s affluent traveler.
Overall, a great deal of flexibility is still needed to navigate the ongoing challenges of the travel-planning landscape, but Signature executives all expressed confidence in the future of the industry and the company.
“Signature’s strength and advantage has always been our dynamic, diverse and nimble membership working with the top partners in the industry,” Sharpe said. “The past 18 months have shown these attributes and partnerships to be critical in not just weathering the storm, but ensuring our owners, members and Signature team are well-positioned to quickly capitalize on the recovery. We are moving full-speed ahead, even if there may be a few speed bumps in our path.”
During the Owners’ Meeting, Signature also elected a new board of directors. Olga Placeres of Preferred Travel of Naples in Naples, Fla., succeeds retiring board chair Eric Maryanov, while Scott Caddow of Legendary World in Las Vegas is the board’s vice chair. A treasurer, secretary and seven directors were also appointed to the 2021/2022 board.
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