Hilton Grand Vacations CEO Mark Wang recently shed light on the evolution and future prospects of the company's partnership with Formula 1 during an interview with Newsweek during the Las Vegas Grand Prix weekend.
As the global interest in F1 hits unprecedented heights, Wang discussed how this collaboration has matured since its inception last year and what it means for both HGV and the broader market.
Reflecting on the development of HGV's partnership with F1, Wang stated:
"This year that partnership has really evolved. Early on last year, I think we were all kind of feeling each other out trying to figure out what's the best way to position this race to our consumer.
"I think the relationship with Formula One really improved this year. I think, in a way, and you've heard this from other people, I think they overshot what the expectations were for Vegas. When I first heard the pricing that they wanted us to achieve here, I told the teams, 'I'm not sure that we're going to be able to do that.'
"Because at the end of the day, there's only so many people that have the wherewithal to make an investment like this. But I think the adjustments went well and we're really pleased with the relationship."
Over the past year, F1's spectacular rise in popularity, especially within the United States due to the popular Netflix docuseries 'Drive to Survive', has only heightened the stakes for hospitality partners like HGV. The partnership, forged in 2023, aimed at providing an exclusive experience through the HGV Clubhouse and on maximizing the value of race week festivities for fans and customers. This includes amenities such as elevated trackside viewing, premium culinary offerings, and impressive entertainment options.
Commenting on how HGV measures a successful Formula 1 weekend, Wang explained:
"I think it really rides on the feedback we get. From our guests, right? Obviously, we're investing a substantial amount to create this experience. And, we'll see. Our KPIs are really: what was the level of participation?
"So what demand? How many people bought tickets from us? How many people enjoyed it so much that they decided they wanted to upgrade their program with us, with Hilton Grand Vacations? That's really important. How many new customers did we attract to our brand during this week? So those are all the high-level KPIs that we look at."
The HGV Clubhouse at Las Vegas provides 400 feet of elevated trackside viewing for fans with an impressive view down the East Harmon straight and the pit entry. On top of the track views, the space also features incredible food options and entertainment space.
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