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Top 5 Ways Travel and Expense Management Solutions Can Help Companies

A recent study stated that the travel industry faced an estimated $519 billion loss in 2020 due to the pandemic. Some of the challenges that most companies came across are managing travel expenses, maintaining travel and expense process flow, using the right expense management solutions, and more. As the travel industry is getting back in business, it is overcoming challenges sturdily.

To simplify travel and expenses process flow, managers need instant and effective travel and expense management solutions to organize travel plans, submit expense reports, and control overspending on their travels. Before you dive into details about solutions that can improve the travel and expenses process flow and logistics of your company, here is a brief about travel and expense management solutions.
 

An Overview: Travel and Expense Management Solutions

Travel and expense management solutions are only relevant businesses that need to control the travel-related expenses of their employees. These solutions help you in understating the integrated spend data and deliver a better user experience. Other than this, these solutions can also help with:

  • Making clearer and smarter data-driven decisions

  • Encouraging policy compliance automatically into travel and expense process flow
  • Saving time to collect data from expense reports automatically
  • Simplifying budgeting
  • Forecasting a more accurate data of the spend


How Can You Streamline Your Travel and Expense Management Process?

Automated travel management software can help your employees and finance team use the travel and expense management solutions for their benefit. But how? Here are the reasons to support:
Employees could:
  • Effortlessly manage receipts and submits the details of corporate travel
  • Submit digital travel and expenses report instantly using a centralized travel and expense software
  • Maintain compliance with the existing reimbursement policy for corporate travel and expenses in your company

Finance teams could:

  • They can create transparency in corporate spending reports by using travel management software and its automatic function.

  • They can have better control over their travel expenses.

5 Ways Travel and Expense Management Solutions Can Help Companies

Travel and expense management solutions give all travel and expense management services easy access to align in one place. By doing this, you will be able to gain more control over services and enforce compliance. Here are five ways your business can effortlessly adopt new travel and expense management solutions and help you win challenges faced during the pandemic.


Review the Selected Solutions

Before you implement a travel and expense management system, it is vital to review preferred travel and expense management solutions that your business requires. This will help the travel expenses workflow align seamlessly and make employees understand what it takes to manage the entire travel expense scenario accurately.

Conduct Surveys

If you are going to switch the old travel expenses method and adapting advanced travel and expense management solutions, it is crucial to survey the users who have used the solution and know its performance. This survey will help your employees to know if the chosen travel management software suits your requirements. The next step is to keep an eye on the most frequent and critical users, which will help you to have a clear insight into new trends that are being followed in terms of managing the workflow efficiently. By this, you can also implement it in your company. It also helps identify where your process needs refinement to facilitate efficiency in the expense management system.
 

Prioritize the Must-haves

The next step should include the collected input from the survey for setting up the foundation of priority of needs. In this case, creating a checklist is an ideal option. Prioritizing the best travel management software with apt travel and expense management solutions according to your workflow can help you select the right travel expense software for your organization.

You can select travel and expense management solutions that consist of:

  • Report building automation
  • Auto fill options
  • Remote access
  • User-friendly interface
  • Helpful support
  • Mobile functionality
  • Quick international payment


Introduce Demo Sessions

If you use an advanced global travel and expense management system, it is recommended to provide demo sessions of the preferred travel and expense management solutions to your team. The demo sessions could be an opportunity for your team to witness travel and expense management services created from reputable travel management software in action. With this, you can know about a host of details about the implementation of travel expense software, integrations, user training, travel and expense process, and its flow. This contributes towards the successful adoption of a travel expense system and proves the abilities of the travel and expense management solutions selected by you to scale your business as it grows.


Choose a Solution

Once you have organized multiple demo sessions of various global travel and expense management solutions, it's time to choose the best travel expenses management software that fits your company's culture and requirements. Take a good look at the pros and cons of the final travel expense planner you consider for integrated expense management solutions to combat your existing challenges. Being cautious while choosing the right global travel and expense management solutions will benefit your employees, and they will be able to use it for the company's advantage at a much faster pace.
 

Frequently Asked Questions

What you should know about expense management software?

Here are some benefits of an expense management software:
  • Ease of access
  • Minimum manual intervention
  • Higher cost savings
  • Faster reimbursements
  • Eco-friendly process (no paperwork)
  • A simple process that simplifies workflow
  • Encourages errorless work and delays

Your employees can find the best travel and expense management solutions using various expense travel management software. 


How to manage travel expenses?

There are several travel and expense management solutions to manage travel expenses. Here are some ways in which you can manage your travel expenses:
  • Keep a track of expense details
  • Plan ahead before setting a policy
  • Stay aware of the policies
  • Have an effective approval process of expense
  • Organize spend data


Why use an expense management software?

An expense management software helps a business ease expense reporting, manage other aspects, and deliver the right travel and expense management solutions. It offers efficient workflow to the finance teams while recording expenses, data, approvals, controlling costs, and more.


What are the most crucial features to manage expenses?

The most crucial features to manage expenses are:
  • Real-time policy checks
  • The seamless expense reporting process
  • Digital audits
  • Advanced level of data analyses
  • Easy approval process

Spotlight

Travel Technology Interactive

Travel Technology Interactive is an international and leading IT company. We are a solution provider for the transportation industry specialized in IT software for the management of airlines. We provide Web-based Hosting, Inventory, Reservation & Revenue Management Solutions for Low Cost, Hybrid and Full Service Airlines (Zenith ®) and Cargo (Nexlog ®). Our mission is to provide innovative and efficient IT solutions and services for regional airlines and the transportation industry worldwide. We are committed to provide airlines with the latest technology to improve operational efficiency and increase customer reach.

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Business Travel

Gain Competitive Edge with 5 Latest Hospitality Management Trends

Article | August 10, 2021

Discover the top hospitality management trends in 2023 to elevate the travel and tourism businesses. Adapt to hospitality marketing trends that are reshaping the hospitality and travel industry. Contents 1. Introduction 2. Importance of Hospitality Technology for Hospitality Industry 3. Five Hospitality Management Trends Shaping the Industry 3.1 Hotel Work Spaces 3.2 Robots in Hotels & Restaurants 3.3 Hyper-Personalization 3.4 Holistic Hospitality 3.5 Digitalized Guest Experiences 4. Today to Tomorrow: Hospitality Management 2.0 5. Final Thoughts 1. Introduction The hospitality industry has undergone a significant transformation in recent years, leading to a need for businesses to gain a competitive edge. While some businesses couldn't withstand the challenges, others adapted swiftly, and innovative concepts emerged to cater to the new normal. In 2023, technology will continue to advance rapidly, and the trends in the hospitality industry will harness its potential in exciting new ways. Despite uncertain household budgets, consumer trends indicate a strong desire for hospitality and tourism. However, to thrive in this landscape, hospitality businesses must stay informed about the latest industry trends to optimize costs, maximize profitability, and ensure continued success in 2023 and beyond. 2. Importance of Hospitality Technology for Hospitality Industry The hospitality industry, characterized by intense competition, prioritizes staying abreast of the latest hospitality management trends. Embracing technology offers many benefits, including streamlined processes, cost reduction, decreased staff workloads, increased revenue potential, and enhanced customer experiences. By leveraging the latest technology, businesses can achieve work accuracy that surpasses what can be accomplished by human staff alone. Technology solutions make tasks more manageable and enable companies to meet the increasingly high expectations of today's customers. Keeping up with the latest hospitality technology trends is crucial, allowing businesses to stay caught up to their competitors. Failure to do so may grant rival companies, a significant competitive advantage, especially if they adopt technology that resonates with customers while others continue with traditional methods. 3. Five Hospitality Management Trends Shaping the Industry 3.1 Hotel Work Spaces The rise of remote work has become a prominent trend in hospitality management and is projected to have a lasting impact. Fueled by the global public health crisis, numerous notable companies, including tech giants like Twitter, Facebook, and Amazon, have announced their intention to adopt a hybrid or flexible approach to remote work. The industry's future presents a significant opportunity for hospitality venues to position themselves as remote working hotspots for locals and travelers. Hotels and F&B establishments can capitalize on this trend by adapting their offerings to cater to the needs and preferences of this emerging segment. Providing ample plug sockets, offering free high-speed WIFI, creating well-equipped meeting rooms, and serving great coffee are essential starting points to attract remote workers and cater to their requirements effectively. By embracing and accommodating remote work trends, hospitality businesses can gain a competitive edge, enhance hotel operations and successfully meet the demands of this evolving market segment. 3.2 Robots in Hotels & Restaurants An intriguing trend that has captured the attention of the hospitality industry is the growing integration of robotics and their application in tasks traditionally carried out by human personnel. A notable example includes the utilization of robots in the role of concierge within hotels, where they can warmly greet guests and provide them with essential customer information. Moreover, certain hotels have begun implementing robots for cleaning, including vacuuming floors and even employing germ-killing capabilities. This practice holds potential for widespread adoption throughout the broader hospitality industry, including restaurants and other establishments. Integrating robotics in these operational aspects presents an exciting opportunity to enhance efficiency, improve customer experiences, and explore innovative avenues for growth and optimization within the industry. 3.3 Hyper-Personalization In today's hospitality landscape, guests have elevated their expectations to be recognized and treated as individuals, driven by the increasing demand for personalized interactions. Recent research indicates that 71% of tourists now anticipate personalized experiences. However, many businesses are still limited to personalizing at a segment level, while customer expectations have advanced well beyond that, reaching the realm of hyper-personalization in 2023. To achieve hyper-personalization, hospitality businesses can adapt trends in tourism industry and leverage technological platforms such as Customer Relationship Management (CRM) and Customer Experience Management (CEM). These platforms utilize big data to create highly tailored one-to-one interactions between guests and hosts at scale. By drawing on data insights into customers' browsing and buying behaviors, hotels, travel providers and restaurants can customize their offers, promotions, and services to align with individual preferences and needs. 3.4 Holistic Hospitality The current preventive medicine and self-care trend is gaining significant traction in various industries. In particular, the wellness sector is experiencing exponential growth, evolving into a thriving trillion-dollar market. Hospitality venues, especially those equipped with spa facilities, can capitalize on this trend and secure a substantial portion of this lucrative market. While traditional beauty and relaxation spa services remain relevant, there is a rapid surge in demand for health diagnostic technology and customized treatment plans. Expert professionals are now offering personal or group sessions to foster vitality, facilitate healing, manage stress, achieve emotional balance, promote mindfulness, and enhance sleep quality. This evolving landscape presents a unique opportunity with trends in tourism and hospitality industry to expand offerings and meet the increasing customer demand for holistic wellness experiences. 3.5 Digitalized Guest Experiences The increasing significance of apps in managing hotel services is reshaping the hospitality industry and revolutionizing the guest experience. The digital and contactless services trend has gained significant momentum, leading to a comprehensive transformation of customer-facing operations. Technology-assisted options, such as mobile check-in, contactless payments, voice control, and biometrics, redefine how guests interact with hotels. Customers, who have grown accustomed to the convenience of unlocking their smartphones and laptops using facial and fingerprint recognition, will soon expect the same level of ease when accessing their hotel rooms. However, implementing these upgrades may pose financial challenges for establishments that provide these advanced services. To remain ahead of the curve and meet evolving customer expectations, hoteliers should invest substantially in adopting and maintaining the necessary technologies. 4. Today to Tomorrow: Hospitality Management 2.0 The future of the hospitality industry holds several key dimensions that hoteliers need to consider. First, shifting from standardization to personalized experiences is critical as travelers seek tailored services. Second, focusing on niche markets and value creation through customization and specialization lead to increased success. Embracing technology as a business accelerator is the third dimension, as it plays a central role in the hotel experience and enable innovative concepts. Fourth, social responsibility is a moral and economic obligation, with sustainability becoming a key focus. Developing responsive and resilient business models is the fifth dimension, essential for managing the risks and regulations associated with the growing tourist flows. While the consensus among respondents in recent survey emphasizes the need for the businesses to adapt to hospitality industry trends 2023 to evolve and adapt to the current environment, some participants expressed more extreme views, suggesting that traditional hotel rooms may become obsolete. These individuals point to the growing impact of the sharing economy and the inclination of today's customers to seek alternatives to conventional hotels. They believe that the adjustments in offerings mentioned earlier may not be sufficient and that the industry must undergo a true reinvention to remain relevant. This perspective highlights the importance of continuous innovation and staying ahead of evolving customer preferences. While personalized experiences, niche markets, technology integration, social responsibility, and resilient business models are key areas of focus, the industry needs to remain agile and open to further transformations. 5. Final Thoughts As the hospitality industry continues to evolve, businesses must embrace key hospitality management trends to gain a competitive edge and ensure future success. The integration of technology, such as robotics in hotels and restaurants, offer opportunities for enhanced efficiency and improved customer experiences. Hyper-personalization is becoming essential, with guests expecting tailored interactions and customized offerings. The growth of the wellness market presents a chance for hospitality venues to capitalize on preventive medicine and self-care trends. Digitalized guest experiences, including mobile check-ins and contactless payments, are reshaping customer-facing operations. Looking ahead, the industry needs to shift from standardization to personalized experiences, focus on niche markets, embrace technology, prioritize social responsibility, and develop responsive business models. While some experts suggest traditional hotel rooms may become obsolete, it is crucial to continually innovate and adapt to changing customer preferences to remain relevant in the dynamic hospitality landscape.

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Business Travel

Upselling & Cross-selling Techniques in Hospitality Management

Article | December 16, 2020

Leverage upselling and cross-selling techniques to elevate hospitality & tourism businesses. Discover the strategies used to boost revenue by adapting upselling and cross selling techniques in hotels. 1. Introduction 2. Cross-selling Vs Upselling: Which One Is More Optimal? 2.1. Defining the Two Techniques 2.2. The Key Differences 3. Combining Both the Techniques to Improve Revenue 4. Importance of Implementing the Techniques in Hotel Businesses 5. Conclusion 1. Introduction The hospitality industry is highly competitive, and hotels must find ways to boost revenue beyond room rates and taxes. The key to success in this field is to tailor offers to each customer and encourage them to spend more than they had planned. Cross-selling and up-selling are two effective methods of increasing sales. This article explores these methods' nuances in the hospitality sector. By dissecting the advantages of cross-selling and upselling, we can better understand when it makes sense to implement these tactics for maximum profit. The potency of upselling and cross selling techniques in hotels to improve the business and offer enhances guest experiences. Cross-selling Vs Upselling: Which One Is More Optimal? In the hospitality industry , maximizing revenue and enhancing guest experiences are paramount, and whether to prioritize cross-selling or upselling is a question. While often used interchangeably, these sales techniques hold distinctive positions within the buyer journey. 2.1. Defining the Two Techniques Upselling is a sales approach that offers customers a higher-priced or upgraded service or product that aligns with their interests and preferences. In the hospitality industry, it may encompass enticing guests to upgrade their room selection, such as transitioning from a standard room to a mini-suite, either during the booking process or afterward. Additionally, it may involve presenting guests with hotel packages that provide added value and amenities compared to standalone bookings. The aim is to elevate customers to a higher price category and ensure they enjoy an exceptional stay experience. On the other hand, cross-selling entails encouraging guests to purchase supplementary products or services related to their existing purchases. For instance, this could involve offering a spa package or a romantic dinner to enhance their stay. Cross-selling opportunities in the hospitality industry can include add-on activities like city tours or bicycle rentals, in-room extras such as upgraded amenities or specialized equipment, on-site spa and fitness services, food and beverage options such as dining discounts or meal packages, and other hotel services like complimentary parking or transportation. 2.2. The Key Differences 1. Strategy: Upselling focuses on communicating value to customers, persuading them to opt for a higher-priced or upgraded service or product. The emphasis is on showcasing the benefits and added value of the upsell, ensuring customers see the value in paying extra for a superior experience. On the other hand, cross-selling aims to appeal to impulse buying by enticing customers to purchase additional, related products or services that complement their original purchase. 2. Timing: Timing is crucial in both upselling and cross-selling. With upselling, the timing is most effective when done pre-arrival, ideally a week or two before the guest arrives at the hotel. This allows customers to anticipate their upcoming stay and consider upgrading their room or adding extra amenities. Cross-selling can be implemented post-booking, such as during check-in or through targeted email campaigns when customers have already committed to their initial purchase and are more open to additional offers. 3. Value Perception: Upselling techniques relies on effectively communicating the value and benefits of the upgraded or higher-priced offering. Guests need to see the value in paying extra for the enhanced experience. In contrast, cross-selling often involves appealing to customers' desire for convenience or enjoyment by offering travel management services that enhance their stay without necessarily requiring a significant increase in expenditure. 3. Combining Both the Techniques to Improve Revenue Cross-selling is the most effective post-booking and can be implemented in various ways. Firstly, it can be done at the hotel reception during check-in, where guests can be offered add-on items. Secondly, sending an informative email before arrival to highlight additional services is another compelling cross-selling opportunity. Lastly, when guests express interest in a particular service, it presents an opportunity to introduce them to other relevant options. Upselling, however, is particularly effective when implemented pre-arrival, ideally a week or two before guests arrive at the hotel. This technique can be deployed during the browsing and booking, where customers can be presented with room upgrades and add-on items. It is also fruitful to inform customers about better room options at affordable prices before their arrival, tapping into their anticipation for their upcoming vacation. Furthermore, during check-in, providing guests with information on enhancing their stay by spending a little extra can generate additional revenue. To combine the power of both techniques efficiently, companies must employ specialized software. This software automates room upgrades and the promotion of additional ancillaries, providing customers with the convenience and freedom to choose and bid on attractive upgrades before arrival. Advanced customer journey analytics, such as software offers, enable personalized product offers, increasing sales and hotel revenue. 4. Importance of Implementing the Techniques in Hotel Businesses Implementing upselling and cross-selling techniques is vital for hotel businesses, apartment rentals, and hostels. Hotel upselling techniques and cross selling techniques establishments possess unique opportunities to capitalize on these strategies, similar to how airlines offer seat upgrades, meal additions, and car rental options. When choosing accommodations, travelers invest considerable time and thought into finding a place that aligns with the desired ambiance of their trip. As hosts, this presents an ideal opportunity to offer additional products and activities that complement the property's offerings. Unlike airlines, hotel properties often indicate the activities that guests might be interested in, allowing hosts to select the most relevant products to offer. This could involve tailored offerings such as private guided tours to popular tourist attractions or unique underground graffiti tours based on the guests' preferences and digital travel persona. By providing personalized offerings that cater to the customer's needs, hotel businesses enhance the overall guest experience and deliver excellent service. Activities constitute the third-largest segment of the travel industry and are continuously growing. With data revealing that 46% of travelers engage in sightseeing tours, it becomes evident that upselling and cross-selling will play an increasingly significant role in the hospitality industry. 5. Conclusion In the incredibly competitive hospitality industry, implementing upselling and cross-selling techniques is crucial for hotel businesses. By understanding the nuances and distinctions between these strategies, hotels can target customers strategically and increase revenue streams beyond room rates and taxes. Cross selling techniques encourages impulse purchases by offering additional products or services related to the initial investment. By combining both techniques with specialized software, hotels can personalize their offerings, automate their promotions, and provide a seamless experience for their guests. This strategy not only increases revenue but also caters to guests' various preferences, resulting in increased satisfaction and loyalty. As the activities segment of the travel industry continues to expand, the importance of upselling and cross-selling in hospitality management is anticipated to continue rising. In addition, deploying innovative business travel technology solutions can improve hotel businesses in hospitality industry.

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Business Travel, Industry Outlook

Age of Digital Concierge: Hotel Chatbots Are Redefining CX

Article | June 29, 2022

The travel industry is reviving. Tourist spots across the globe are packed with excited explorers. Though it feels like everything is going back to normal, the way people travel has changed. The hospitality tech revolution is making mundane tasks easier and the customer experience richer. Most travelers prefer self-service over waiting to be served. Online planning and bookings have picked up pace, so have contact-less check-in and 24/7 digital concierge. Hotels must swiftly meet these evolving demands or risk losing in the race. They must incorporate technology into their day-to-day operations to eliminate human error, increase their service efficiency, and, above all, offer an outstanding customer experience. One of the technology trends reshaping the travel and hospitality industry is digital concierge—hotel chatbots that bring the concierge desk into the palm of a guest’s hand. Convenient, right? A Sneak Peak into Hotel Chatbots Hotel chatbots are software applications that communicate with your hotel’s website page visitors and resolve their queries. They are either programmed to behave a certain way or can be AI-powered. Programmed chatbots are configured to answer a limited set of questions. However, they can collect visitor information so your customer executives can get in touch with prospects to resolve their queries or provide them with booking assistance. On the other hand, AI-powered chatbots use NLP (Natural Language Processing) and ML (Machine Learning) to analye human behaviour and accordingly answer questions. Digital Concierge Brings in Conversions Personalized communication forms the crux of customer experience. A desired, non-intrusive interaction between a guest and a chat bot can create strong engagement and help the guest to make a booking at your hotel. In such cases, the bot will forward the booking inquiries directly into the IBE (Internet Booking Engine) and strengthen your direct sales. 30-50% of the chatbot-prospect interactions result in IBE forwarding of booking inquiries. This statistic shows how accepting the guests are of the chatbot’s services. (Source: DialogShift, Olga Heuser) Chatbots can also be integrated into social media platforms and instant messenger platforms so that guests can directly make bookings from a platform of their choice. How are Hotel Chatbots Redefining CX? Apart from bringing in revenue through direct sales, hotel chatbots also create a solid customer experience for the guests, so they don’t go home unsatisfied and give you a good review online. Here are the ways in which they enhance the customer experience: 24/7 Availability- Chatbots promptly respond to guest queries round the clock Multi-Lingual Support- Languages are not a barrier for them Efficiency- They lighten your hotel staff’s load of answering guest queries Customer Retention- They collect guest information, which helps in retention and follow-up Brand Awareness- They are brand representatives and increase brand awareness through responsiveness Additionally, AI- powered chatbots can also: Highlight the hotel’s special features upon check-in Recommend places and activities to do around the hotel with pictures and links Request feedback from guests about services Assist with table reservations or pool-side orders The Cosmopolitan, Las Vegas Used Rose to Impress Guests The introduction of Rose, a smart chatbot that converses with guests on The Cosmopolitan’s website, changed the game for the hotel. The bot’s playful personality wooed hotel guests. Those who made a booking directly from the website ended up spending 37% more than those who did not engage with her. Let’s Wrap It Up A hotel chatbot refines the concierge experience for guests through rapid response times and enhances your hotel’s AI marketing efforts. It can be an invaluable asset for hotel business owners looking to stay ahead in the race.

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Travel Technology

Augmented Reality Transforming the Travel and Hospitality Industry

Article | May 20, 2022

“I believe that augmented reality will be the biggest technological revolution that happens in our lifetimes.” – Tim Sweeney, Founder and CEO of Epic Games Augmented reality (AR) has proved to be a significant concept in tourism and hospitality management in the past few years. It allows us to enhance the physical environment and enhance the experience of exploring the surrounding area. According to Grand View Research, the global market for augmented reality was worth USD 25.33 billion in 2021. From 2022 to 2030, the market is expected to grow at a compound annual growth rate (CAGR) of 40.9%. As things keep pace with digitalization and this generation seeks quick and efficient yet reliable methods, every sector widely uses the application of augmented reality. According to Hospitality Tech, the market size of augmented reality will reach $198 billion by 2025, and the hotel business will be one of the key contributors to this income target. Effectively, Starwood, Marriott and Holiday Inn are already making a difference in the travel and hospitality industry by leveraging this technology. An investment in AR brings a lot of change in business revenue for both small hoteliers and prominent hotel tycoons. AR Improve Customer Experience for Travel and Hospitality Redefine the customer experience with augmented reality in the tourism industry. AR-based travel apps help businesses enhance their services and offer personalized experiences to their customers. By adding interactive hotel features that make the space more fun, you can get people to visit nearby attractions. Utilizing CX to maintain and expand a client base produces a terrific asset that positively affects ROI. CX effectively boosts customer lifetime value (LTV), which can become self-perpetuating. Companies that excel at CX and customer-centricity are 60% more profitable and generate 5.7% more revenue than those that don't. Ideas for Implementing AR in the Tourism and Hotel Industry AR is utilized chiefly via smartphones and offers many options concerning interactive experiences. AR in Excursions & Travel Attractions AR technology may be a terrific marketing tool for guiding first-time guests through the hotel and a great way to retain customers and provide more engaging experiences. With the application of augmented reality software, a standard tourist map comes to life. Moreover, AR technology enables clients to examine points of interest, restaurants, and other businesses. Your hotel restaurant may even use augmented reality to let customers explore the menu and ingredients in a new way by showing them 3D versions of the meals on their phones. Transportation If you have a travel mobile app with AR, you can point out the transportation objects to get the best possible directions, travel route, next destination, and places to travel to. Pokemon Go shows one such example of how you can use modern digital technologies to make the travel experience even better. It became the first popular augmented reality game. This AR app brought players out into the street and made them move and travel a lot. Scadi is one such AR app in travel for visitors of Alpine ski resorts. It uses advanced algorithms to create the most comfortable, safe and exciting routes for skiers and snowboarders. Integrates with other technology Using augmented reality in conjunction with other technologies such as beacon technology allows your hotel to more efficiently promote to visitors and upsell through push notifications. For example, through push notifications, hotels may give partner companies special offers or discounts, and vice versa, partner businesses can advertise the hotel. Hospitality Industry Must Make Room for AR for Better ROI In a post-pandemic context, the travel and hotel industries embrace technological advancements that enhance visitor experiences, eventually boosting corporate income and reducing operating expenses. Utilizing interactive technologies like AR, VR, and other interactive technologies increases operational efficiency, productivity, and ROI. By using augmented reality with CMMS (Computerized Maintenance Management System) or EAM, you gain more understanding (Enterprise Asset Management). Augmented reality can assist facility managers in boosting the efficiency of their engineers and reducing the expense of ensuring their safety. AR will assist them in increasing their revenue by reducing their maintenance expenses. Using AR-based product models, the hospitality industry is gaining a significant competitive edge, resulting in faster sales cycles. Case Studies Holiday Inn During the Olympic and Paralympic Games in London in 2012, Holiday Inn introduced one of the first uses of Augmented Reality in a hotel setting. The experiences used picture recognition and chroma video. The program identified hotel locations and activated athlete video footage, merging real and virtual components. This Holiday Inn use case shows how hotels may leverage AR to develop unique guest experiences around local events. In addition, the campaign helped promote the hotel and bolster its status as the official hotel for the London 2012 Olympic and Paralympic Games. Premier Inn The Hub Hotel from Premier Inn, the largest hotel chain in the United Kingdom, is one of the few places to have adopted the AR technology back in 2016. The hotel provided a wall map of the local region in each room. Tourists could use their smartphones to read information about local areas of interest by pointing them at a wall. Conclusion The benefits of augmented reality in the travel and hospitality industries are immense. AR is a potent tool for increasing company potential and returns on investment. Utilizing innovative technology boosts your hotel's exposure and brand awareness while propelling it into the digital age. Augmented reality in the tourism industry truly sets you apart from the competition. FAQ How is augmented reality changing the travel & tourism industry? Augmented reality helps hotels enhance the physical locations they are attempting to attract visitors to, such as hotel rooms and local attractions. What is digital transformation in the hospitality industry? Digital transformation refers to how companies restructure themselves to adapt and modify their corporate culture to empower innovations that utilize technology and propel their enterprises to new levels of growth. What are the benefits of augmented reality? Creates unique customer experiences Reduces cognitive overload Increases engagement

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Business Travel

Post-Pandemic Travelers Driving Demand for Private Villa Rentals

Article | August 10, 2021

Discover the top hospitality management trends in 2023 to elevate the travel and tourism businesses. Adapt to hospitality marketing trends that are reshaping the hospitality and travel industry. Contents 1. Introduction 2. Importance of Hospitality Technology for Hospitality Industry 3. Five Hospitality Management Trends Shaping the Industry 3.1 Hotel Work Spaces 3.2 Robots in Hotels & Restaurants 3.3 Hyper-Personalization 3.4 Holistic Hospitality 3.5 Digitalized Guest Experiences 4. Today to Tomorrow: Hospitality Management 2.0 5. Final Thoughts 1. Introduction The hospitality industry has undergone a significant transformation in recent years, leading to a need for businesses to gain a competitive edge. While some businesses couldn't withstand the challenges, others adapted swiftly, and innovative concepts emerged to cater to the new normal. In 2023, technology will continue to advance rapidly, and the trends in the hospitality industry will harness its potential in exciting new ways. Despite uncertain household budgets, consumer trends indicate a strong desire for hospitality and tourism. However, to thrive in this landscape, hospitality businesses must stay informed about the latest industry trends to optimize costs, maximize profitability, and ensure continued success in 2023 and beyond. 2. Importance of Hospitality Technology for Hospitality Industry The hospitality industry, characterized by intense competition, prioritizes staying abreast of the latest hospitality management trends. Embracing technology offers many benefits, including streamlined processes, cost reduction, decreased staff workloads, increased revenue potential, and enhanced customer experiences. By leveraging the latest technology, businesses can achieve work accuracy that surpasses what can be accomplished by human staff alone. Technology solutions make tasks more manageable and enable companies to meet the increasingly high expectations of today's customers. Keeping up with the latest hospitality technology trends is crucial, allowing businesses to stay caught up to their competitors. Failure to do so may grant rival companies, a significant competitive advantage, especially if they adopt technology that resonates with customers while others continue with traditional methods. 3. Five Hospitality Management Trends Shaping the Industry 3.1 Hotel Work Spaces The rise of remote work has become a prominent trend in hospitality management and is projected to have a lasting impact. Fueled by the global public health crisis, numerous notable companies, including tech giants like Twitter, Facebook, and Amazon, have announced their intention to adopt a hybrid or flexible approach to remote work. The industry's future presents a significant opportunity for hospitality venues to position themselves as remote working hotspots for locals and travelers. Hotels and F&B establishments can capitalize on this trend by adapting their offerings to cater to the needs and preferences of this emerging segment. Providing ample plug sockets, offering free high-speed WIFI, creating well-equipped meeting rooms, and serving great coffee are essential starting points to attract remote workers and cater to their requirements effectively. By embracing and accommodating remote work trends, hospitality businesses can gain a competitive edge, enhance hotel operations and successfully meet the demands of this evolving market segment. 3.2 Robots in Hotels & Restaurants An intriguing trend that has captured the attention of the hospitality industry is the growing integration of robotics and their application in tasks traditionally carried out by human personnel. A notable example includes the utilization of robots in the role of concierge within hotels, where they can warmly greet guests and provide them with essential customer information. Moreover, certain hotels have begun implementing robots for cleaning, including vacuuming floors and even employing germ-killing capabilities. This practice holds potential for widespread adoption throughout the broader hospitality industry, including restaurants and other establishments. Integrating robotics in these operational aspects presents an exciting opportunity to enhance efficiency, improve customer experiences, and explore innovative avenues for growth and optimization within the industry. 3.3 Hyper-Personalization In today's hospitality landscape, guests have elevated their expectations to be recognized and treated as individuals, driven by the increasing demand for personalized interactions. Recent research indicates that 71% of tourists now anticipate personalized experiences. However, many businesses are still limited to personalizing at a segment level, while customer expectations have advanced well beyond that, reaching the realm of hyper-personalization in 2023. To achieve hyper-personalization, hospitality businesses can adapt trends in tourism industry and leverage technological platforms such as Customer Relationship Management (CRM) and Customer Experience Management (CEM). These platforms utilize big data to create highly tailored one-to-one interactions between guests and hosts at scale. By drawing on data insights into customers' browsing and buying behaviors, hotels, travel providers and restaurants can customize their offers, promotions, and services to align with individual preferences and needs. 3.4 Holistic Hospitality The current preventive medicine and self-care trend is gaining significant traction in various industries. In particular, the wellness sector is experiencing exponential growth, evolving into a thriving trillion-dollar market. Hospitality venues, especially those equipped with spa facilities, can capitalize on this trend and secure a substantial portion of this lucrative market. While traditional beauty and relaxation spa services remain relevant, there is a rapid surge in demand for health diagnostic technology and customized treatment plans. Expert professionals are now offering personal or group sessions to foster vitality, facilitate healing, manage stress, achieve emotional balance, promote mindfulness, and enhance sleep quality. This evolving landscape presents a unique opportunity with trends in tourism and hospitality industry to expand offerings and meet the increasing customer demand for holistic wellness experiences. 3.5 Digitalized Guest Experiences The increasing significance of apps in managing hotel services is reshaping the hospitality industry and revolutionizing the guest experience. The digital and contactless services trend has gained significant momentum, leading to a comprehensive transformation of customer-facing operations. Technology-assisted options, such as mobile check-in, contactless payments, voice control, and biometrics, redefine how guests interact with hotels. Customers, who have grown accustomed to the convenience of unlocking their smartphones and laptops using facial and fingerprint recognition, will soon expect the same level of ease when accessing their hotel rooms. However, implementing these upgrades may pose financial challenges for establishments that provide these advanced services. To remain ahead of the curve and meet evolving customer expectations, hoteliers should invest substantially in adopting and maintaining the necessary technologies. 4. Today to Tomorrow: Hospitality Management 2.0 The future of the hospitality industry holds several key dimensions that hoteliers need to consider. First, shifting from standardization to personalized experiences is critical as travelers seek tailored services. Second, focusing on niche markets and value creation through customization and specialization lead to increased success. Embracing technology as a business accelerator is the third dimension, as it plays a central role in the hotel experience and enable innovative concepts. Fourth, social responsibility is a moral and economic obligation, with sustainability becoming a key focus. Developing responsive and resilient business models is the fifth dimension, essential for managing the risks and regulations associated with the growing tourist flows. While the consensus among respondents in recent survey emphasizes the need for the businesses to adapt to hospitality industry trends 2023 to evolve and adapt to the current environment, some participants expressed more extreme views, suggesting that traditional hotel rooms may become obsolete. These individuals point to the growing impact of the sharing economy and the inclination of today's customers to seek alternatives to conventional hotels. They believe that the adjustments in offerings mentioned earlier may not be sufficient and that the industry must undergo a true reinvention to remain relevant. This perspective highlights the importance of continuous innovation and staying ahead of evolving customer preferences. While personalized experiences, niche markets, technology integration, social responsibility, and resilient business models are key areas of focus, the industry needs to remain agile and open to further transformations. 5. Final Thoughts As the hospitality industry continues to evolve, businesses must embrace key hospitality management trends to gain a competitive edge and ensure future success. The integration of technology, such as robotics in hotels and restaurants, offer opportunities for enhanced efficiency and improved customer experiences. Hyper-personalization is becoming essential, with guests expecting tailored interactions and customized offerings. The growth of the wellness market presents a chance for hospitality venues to capitalize on preventive medicine and self-care trends. Digitalized guest experiences, including mobile check-ins and contactless payments, are reshaping customer-facing operations. Looking ahead, the industry needs to shift from standardization to personalized experiences, focus on niche markets, embrace technology, prioritize social responsibility, and develop responsive business models. While some experts suggest traditional hotel rooms may become obsolete, it is crucial to continually innovate and adapt to changing customer preferences to remain relevant in the dynamic hospitality landscape.

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Business Travel

Top 5 Ways Big Data is Transforming the Travel Industry Businesses

Article | December 16, 2020

Leverage upselling and cross-selling techniques to elevate hospitality & tourism businesses. Discover the strategies used to boost revenue by adapting upselling and cross selling techniques in hotels. 1. Introduction 2. Cross-selling Vs Upselling: Which One Is More Optimal? 2.1. Defining the Two Techniques 2.2. The Key Differences 3. Combining Both the Techniques to Improve Revenue 4. Importance of Implementing the Techniques in Hotel Businesses 5. Conclusion 1. Introduction The hospitality industry is highly competitive, and hotels must find ways to boost revenue beyond room rates and taxes. The key to success in this field is to tailor offers to each customer and encourage them to spend more than they had planned. Cross-selling and up-selling are two effective methods of increasing sales. This article explores these methods' nuances in the hospitality sector. By dissecting the advantages of cross-selling and upselling, we can better understand when it makes sense to implement these tactics for maximum profit. The potency of upselling and cross selling techniques in hotels to improve the business and offer enhances guest experiences. Cross-selling Vs Upselling: Which One Is More Optimal? In the hospitality industry , maximizing revenue and enhancing guest experiences are paramount, and whether to prioritize cross-selling or upselling is a question. While often used interchangeably, these sales techniques hold distinctive positions within the buyer journey. 2.1. Defining the Two Techniques Upselling is a sales approach that offers customers a higher-priced or upgraded service or product that aligns with their interests and preferences. In the hospitality industry, it may encompass enticing guests to upgrade their room selection, such as transitioning from a standard room to a mini-suite, either during the booking process or afterward. Additionally, it may involve presenting guests with hotel packages that provide added value and amenities compared to standalone bookings. The aim is to elevate customers to a higher price category and ensure they enjoy an exceptional stay experience. On the other hand, cross-selling entails encouraging guests to purchase supplementary products or services related to their existing purchases. For instance, this could involve offering a spa package or a romantic dinner to enhance their stay. Cross-selling opportunities in the hospitality industry can include add-on activities like city tours or bicycle rentals, in-room extras such as upgraded amenities or specialized equipment, on-site spa and fitness services, food and beverage options such as dining discounts or meal packages, and other hotel services like complimentary parking or transportation. 2.2. The Key Differences 1. Strategy: Upselling focuses on communicating value to customers, persuading them to opt for a higher-priced or upgraded service or product. The emphasis is on showcasing the benefits and added value of the upsell, ensuring customers see the value in paying extra for a superior experience. On the other hand, cross-selling aims to appeal to impulse buying by enticing customers to purchase additional, related products or services that complement their original purchase. 2. Timing: Timing is crucial in both upselling and cross-selling. With upselling, the timing is most effective when done pre-arrival, ideally a week or two before the guest arrives at the hotel. This allows customers to anticipate their upcoming stay and consider upgrading their room or adding extra amenities. Cross-selling can be implemented post-booking, such as during check-in or through targeted email campaigns when customers have already committed to their initial purchase and are more open to additional offers. 3. Value Perception: Upselling techniques relies on effectively communicating the value and benefits of the upgraded or higher-priced offering. Guests need to see the value in paying extra for the enhanced experience. In contrast, cross-selling often involves appealing to customers' desire for convenience or enjoyment by offering travel management services that enhance their stay without necessarily requiring a significant increase in expenditure. 3. Combining Both the Techniques to Improve Revenue Cross-selling is the most effective post-booking and can be implemented in various ways. Firstly, it can be done at the hotel reception during check-in, where guests can be offered add-on items. Secondly, sending an informative email before arrival to highlight additional services is another compelling cross-selling opportunity. Lastly, when guests express interest in a particular service, it presents an opportunity to introduce them to other relevant options. Upselling, however, is particularly effective when implemented pre-arrival, ideally a week or two before guests arrive at the hotel. This technique can be deployed during the browsing and booking, where customers can be presented with room upgrades and add-on items. It is also fruitful to inform customers about better room options at affordable prices before their arrival, tapping into their anticipation for their upcoming vacation. Furthermore, during check-in, providing guests with information on enhancing their stay by spending a little extra can generate additional revenue. To combine the power of both techniques efficiently, companies must employ specialized software. This software automates room upgrades and the promotion of additional ancillaries, providing customers with the convenience and freedom to choose and bid on attractive upgrades before arrival. Advanced customer journey analytics, such as software offers, enable personalized product offers, increasing sales and hotel revenue. 4. Importance of Implementing the Techniques in Hotel Businesses Implementing upselling and cross-selling techniques is vital for hotel businesses, apartment rentals, and hostels. Hotel upselling techniques and cross selling techniques establishments possess unique opportunities to capitalize on these strategies, similar to how airlines offer seat upgrades, meal additions, and car rental options. When choosing accommodations, travelers invest considerable time and thought into finding a place that aligns with the desired ambiance of their trip. As hosts, this presents an ideal opportunity to offer additional products and activities that complement the property's offerings. Unlike airlines, hotel properties often indicate the activities that guests might be interested in, allowing hosts to select the most relevant products to offer. This could involve tailored offerings such as private guided tours to popular tourist attractions or unique underground graffiti tours based on the guests' preferences and digital travel persona. By providing personalized offerings that cater to the customer's needs, hotel businesses enhance the overall guest experience and deliver excellent service. Activities constitute the third-largest segment of the travel industry and are continuously growing. With data revealing that 46% of travelers engage in sightseeing tours, it becomes evident that upselling and cross-selling will play an increasingly significant role in the hospitality industry. 5. Conclusion In the incredibly competitive hospitality industry, implementing upselling and cross-selling techniques is crucial for hotel businesses. By understanding the nuances and distinctions between these strategies, hotels can target customers strategically and increase revenue streams beyond room rates and taxes. Cross selling techniques encourages impulse purchases by offering additional products or services related to the initial investment. By combining both techniques with specialized software, hotels can personalize their offerings, automate their promotions, and provide a seamless experience for their guests. This strategy not only increases revenue but also caters to guests' various preferences, resulting in increased satisfaction and loyalty. As the activities segment of the travel industry continues to expand, the importance of upselling and cross-selling in hospitality management is anticipated to continue rising. In addition, deploying innovative business travel technology solutions can improve hotel businesses in hospitality industry.

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Business Travel, Industry Outlook

Bleisure: A Game Changer for Travel Businesses & Employers

Article | June 29, 2022

The travel industry is reviving. Tourist spots across the globe are packed with excited explorers. Though it feels like everything is going back to normal, the way people travel has changed. The hospitality tech revolution is making mundane tasks easier and the customer experience richer. Most travelers prefer self-service over waiting to be served. Online planning and bookings have picked up pace, so have contact-less check-in and 24/7 digital concierge. Hotels must swiftly meet these evolving demands or risk losing in the race. They must incorporate technology into their day-to-day operations to eliminate human error, increase their service efficiency, and, above all, offer an outstanding customer experience. One of the technology trends reshaping the travel and hospitality industry is digital concierge—hotel chatbots that bring the concierge desk into the palm of a guest’s hand. Convenient, right? A Sneak Peak into Hotel Chatbots Hotel chatbots are software applications that communicate with your hotel’s website page visitors and resolve their queries. They are either programmed to behave a certain way or can be AI-powered. Programmed chatbots are configured to answer a limited set of questions. However, they can collect visitor information so your customer executives can get in touch with prospects to resolve their queries or provide them with booking assistance. On the other hand, AI-powered chatbots use NLP (Natural Language Processing) and ML (Machine Learning) to analye human behaviour and accordingly answer questions. Digital Concierge Brings in Conversions Personalized communication forms the crux of customer experience. A desired, non-intrusive interaction between a guest and a chat bot can create strong engagement and help the guest to make a booking at your hotel. In such cases, the bot will forward the booking inquiries directly into the IBE (Internet Booking Engine) and strengthen your direct sales. 30-50% of the chatbot-prospect interactions result in IBE forwarding of booking inquiries. This statistic shows how accepting the guests are of the chatbot’s services. (Source: DialogShift, Olga Heuser) Chatbots can also be integrated into social media platforms and instant messenger platforms so that guests can directly make bookings from a platform of their choice. How are Hotel Chatbots Redefining CX? Apart from bringing in revenue through direct sales, hotel chatbots also create a solid customer experience for the guests, so they don’t go home unsatisfied and give you a good review online. Here are the ways in which they enhance the customer experience: 24/7 Availability- Chatbots promptly respond to guest queries round the clock Multi-Lingual Support- Languages are not a barrier for them Efficiency- They lighten your hotel staff’s load of answering guest queries Customer Retention- They collect guest information, which helps in retention and follow-up Brand Awareness- They are brand representatives and increase brand awareness through responsiveness Additionally, AI- powered chatbots can also: Highlight the hotel’s special features upon check-in Recommend places and activities to do around the hotel with pictures and links Request feedback from guests about services Assist with table reservations or pool-side orders The Cosmopolitan, Las Vegas Used Rose to Impress Guests The introduction of Rose, a smart chatbot that converses with guests on The Cosmopolitan’s website, changed the game for the hotel. The bot’s playful personality wooed hotel guests. Those who made a booking directly from the website ended up spending 37% more than those who did not engage with her. Let’s Wrap It Up A hotel chatbot refines the concierge experience for guests through rapid response times and enhances your hotel’s AI marketing efforts. It can be an invaluable asset for hotel business owners looking to stay ahead in the race.

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Travel Technology

Augmented Reality Transforming the Travel and Hospitality Industry

Article | May 20, 2022

“I believe that augmented reality will be the biggest technological revolution that happens in our lifetimes.” – Tim Sweeney, Founder and CEO of Epic Games Augmented reality (AR) has proved to be a significant concept in tourism and hospitality management in the past few years. It allows us to enhance the physical environment and enhance the experience of exploring the surrounding area. According to Grand View Research, the global market for augmented reality was worth USD 25.33 billion in 2021. From 2022 to 2030, the market is expected to grow at a compound annual growth rate (CAGR) of 40.9%. As things keep pace with digitalization and this generation seeks quick and efficient yet reliable methods, every sector widely uses the application of augmented reality. According to Hospitality Tech, the market size of augmented reality will reach $198 billion by 2025, and the hotel business will be one of the key contributors to this income target. Effectively, Starwood, Marriott and Holiday Inn are already making a difference in the travel and hospitality industry by leveraging this technology. An investment in AR brings a lot of change in business revenue for both small hoteliers and prominent hotel tycoons. AR Improve Customer Experience for Travel and Hospitality Redefine the customer experience with augmented reality in the tourism industry. AR-based travel apps help businesses enhance their services and offer personalized experiences to their customers. By adding interactive hotel features that make the space more fun, you can get people to visit nearby attractions. Utilizing CX to maintain and expand a client base produces a terrific asset that positively affects ROI. CX effectively boosts customer lifetime value (LTV), which can become self-perpetuating. Companies that excel at CX and customer-centricity are 60% more profitable and generate 5.7% more revenue than those that don't. Ideas for Implementing AR in the Tourism and Hotel Industry AR is utilized chiefly via smartphones and offers many options concerning interactive experiences. AR in Excursions & Travel Attractions AR technology may be a terrific marketing tool for guiding first-time guests through the hotel and a great way to retain customers and provide more engaging experiences. With the application of augmented reality software, a standard tourist map comes to life. Moreover, AR technology enables clients to examine points of interest, restaurants, and other businesses. Your hotel restaurant may even use augmented reality to let customers explore the menu and ingredients in a new way by showing them 3D versions of the meals on their phones. Transportation If you have a travel mobile app with AR, you can point out the transportation objects to get the best possible directions, travel route, next destination, and places to travel to. Pokemon Go shows one such example of how you can use modern digital technologies to make the travel experience even better. It became the first popular augmented reality game. This AR app brought players out into the street and made them move and travel a lot. Scadi is one such AR app in travel for visitors of Alpine ski resorts. It uses advanced algorithms to create the most comfortable, safe and exciting routes for skiers and snowboarders. Integrates with other technology Using augmented reality in conjunction with other technologies such as beacon technology allows your hotel to more efficiently promote to visitors and upsell through push notifications. For example, through push notifications, hotels may give partner companies special offers or discounts, and vice versa, partner businesses can advertise the hotel. Hospitality Industry Must Make Room for AR for Better ROI In a post-pandemic context, the travel and hotel industries embrace technological advancements that enhance visitor experiences, eventually boosting corporate income and reducing operating expenses. Utilizing interactive technologies like AR, VR, and other interactive technologies increases operational efficiency, productivity, and ROI. By using augmented reality with CMMS (Computerized Maintenance Management System) or EAM, you gain more understanding (Enterprise Asset Management). Augmented reality can assist facility managers in boosting the efficiency of their engineers and reducing the expense of ensuring their safety. AR will assist them in increasing their revenue by reducing their maintenance expenses. Using AR-based product models, the hospitality industry is gaining a significant competitive edge, resulting in faster sales cycles. Case Studies Holiday Inn During the Olympic and Paralympic Games in London in 2012, Holiday Inn introduced one of the first uses of Augmented Reality in a hotel setting. The experiences used picture recognition and chroma video. The program identified hotel locations and activated athlete video footage, merging real and virtual components. This Holiday Inn use case shows how hotels may leverage AR to develop unique guest experiences around local events. In addition, the campaign helped promote the hotel and bolster its status as the official hotel for the London 2012 Olympic and Paralympic Games. Premier Inn The Hub Hotel from Premier Inn, the largest hotel chain in the United Kingdom, is one of the few places to have adopted the AR technology back in 2016. The hotel provided a wall map of the local region in each room. Tourists could use their smartphones to read information about local areas of interest by pointing them at a wall. Conclusion The benefits of augmented reality in the travel and hospitality industries are immense. AR is a potent tool for increasing company potential and returns on investment. Utilizing innovative technology boosts your hotel's exposure and brand awareness while propelling it into the digital age. Augmented reality in the tourism industry truly sets you apart from the competition. FAQ How is augmented reality changing the travel & tourism industry? Augmented reality helps hotels enhance the physical locations they are attempting to attract visitors to, such as hotel rooms and local attractions. What is digital transformation in the hospitality industry? Digital transformation refers to how companies restructure themselves to adapt and modify their corporate culture to empower innovations that utilize technology and propel their enterprises to new levels of growth. What are the benefits of augmented reality? Creates unique customer experiences Reduces cognitive overload Increases engagement

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Auberge Resorts Collection Announces Strategic Partnership with Bdt & Msd Partners

PR Newswire | February 02, 2024

The Friedkin Group announced today that the company has entered into a strategic partnership with BDT & MSD Partners ("BDT & MSD"), a merchant bank built to serve the distinct needs of business owners and strategic, long-term investors. BDT & MSD, through its affiliated hospitality investment vehicle, will make a minority investment in Auberge Resorts Collection, the manager of the award-winning portfolio of luxury hotels, resorts, residences and private clubs set in some of the world's most desirable locations. In addition, BDT & MSD's hospitality vehicle intends to invest significant capital towards acquiring and developing luxury hotel and residential assets that will be branded and managed by Auberge Resorts Collection. The partnership reflects BDT & MSD's belief in Auberge Resorts Collection's unique brand positioning and focus on creating one-of-a-kind luxury hospitality experiences. The investment will support Auberge's continued strategic growth in the Americas, Europe and beyond, with a focus on gateway urban markets and high-profile experiential destinations. "This partnership further solidifies Auberge Resorts Collection's position as the leading name in boutique luxury hospitality and marks a new and exciting era for our world-class portfolio," said Dan Friedkin, chairman of Auberge Resorts Collection and chairman and CEO of The Friedkin Group. "BDT & MSD's differentiated, long-term capital and expertise in luxury hospitality investments makes them a perfect strategic partner and will allow us to further grow the strength of the Auberge brand." "Auberge is a world-class manager of distinctive luxury hotel properties, with an exceptional track record of delivering curated guest experiences in the world's leading hospitality markets. We are excited to be a part of its future and look forward to partnering with Auberge's talented team to build on its differentiated strengths and accelerate further growth," said Coburn Packard, partner & head of real estate at BDT & MSD. Since becoming part of The Friedkin Group in 2013, Auberge Resorts Collection has grown into the leading name in boutique luxury hospitality, comprising 27 unparalleled properties across the U.S., Latin America and Europe, with a development pipeline of over a dozen hotels and two additional hotels planned to open in Florence and South Carolina this year. While each property is unique, all share a crafted approach to luxury and bring the essence of the location to life through one-of-a-kind design that reflects the destination, exceptional cuisine and dining experiences that attract both the local community and global traveler, innovative spas and wellness retreats and highly personalized service.

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Hospitality Trends, Hospitality Management

My Place Hotels of America Opens My Place Hotels-Idaho Falls, ID

PR Newswire | January 25, 2024

My Place Hotels of America has officially opened My Place Hotels-Idaho Falls, ID, in Idaho Falls, ID. This marks the 70th open and operating My Place property nationally. Guard Hospitality manages the property, which is owned by MP Idaho Falls and was developed by Legacy Builders. The 64-key property is pet-friendly and offers many amenities, including complimentary high-speed Wi-Fi, onsite laundry, a grilling station, and a 24-hour grab-and-go store stocked with food, beverages, and other necessities. Each guestroom includes a full kitchen and coffee maker. The property sits just minutes from the heart of historic downtown Idaho Falls and is adjacent to the new Snake River Landing Development. Idaho Falls is the largest city East of Idaho's capital, with an estimated population of approximately 64,000 people. The city serves as the commercial, cultural, and healthcare hub for Eastern Idaho, Western Wyoming, and Southern Montana. Idaho Falls' location in the greater Bonneville County is often referred to as the "Gateway to Yellowstone Park" due to its proximity to one of the nation's most popular national parks and its own recreational activities. My Place Hotels-Idaho Falls is also the official hotel partner of the Idaho Falls Spud Kings, one of the newest franchises in the United States Premier Hockey League (USPHL)'s Tier 3 Mountain Division, and is minutes from Mountain America Center, where the Spud Kings play. "We were very excited to see My Place Hotels-Idaho Falls officially open its doors at the end of 2023," stated Ryan Rivett, co-founder and CEO of My Place Hotels. "This property boasts an incredible location, and we are confident that our robust offerings will distinguish us in this dynamic market. As we look forward to additional openings in 2024, we are eager to leverage our momentum to expand our presence with a focus on strategic growth."

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Sonesta Announces First Sonesta Es Suites Ground Up Development

PR Newswire | January 24, 2024

Sonesta International Hotels Corporation (Sonesta) today announced plans for the construction of a new Sonesta ES Suites in Port Charlotte, Florida. This new property, expected to open in Spring 2025, marks the first Sonesta ES Suites brand project developed from the ground up. "We are excited that Sonesta ES Suites Port Charlotte will be our first purpose-built location for the brand," said Brian Quinn, Sonesta's Chief Development Officer. "The Sonesta ES Suites brand stands out as an attractive choice for franchisees looking for an upscale option to capitalize on the continued dependable performance of extended stay hotels." "Sonesta ES Suites Port Charlotte will benefit business travelers and tourists who are looking for accommodations near the beaches, golf courses, parks and other attractions that Port Charlotte has to offer," said Alan Lane, one of Sonesta ES Suites Port Charlotte's owners. "The addition of Sonesta ES Suites Port Charlotte to our diverse portfolio reflects Commonwealth Hotels' unwavering commitment to providing an unparalleled guest experience through visionary development, ethical practices and a steadfast dedication to superior service," said Jennifer Porter, President of Commonwealth Hotels, the hotel's management company. To be located at 1321 Claburn Circle in Port Charlotte, Florida, the Sonesta ES Suites Port Charlotte will be an upscale extended-stay hotel spanning four floors and offering 117 rooms with amenities including breakfast and dining services, an outdoor pool, fitness room, market pantry, guest laundry, onsite parking and more. The location of the new hotel is close to over 20 colleges and universities, two hospitals, more than 70 parks and recreational spaces, more than 12 miles of beaches, 14 golf courses and numerous other attractions. Guests of this location will be able to earn or redeem points in the award winning Sonesta Travel Pass loyalty program.

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Auberge Resorts Collection Announces Strategic Partnership with Bdt & Msd Partners

PR Newswire | February 02, 2024

The Friedkin Group announced today that the company has entered into a strategic partnership with BDT & MSD Partners ("BDT & MSD"), a merchant bank built to serve the distinct needs of business owners and strategic, long-term investors. BDT & MSD, through its affiliated hospitality investment vehicle, will make a minority investment in Auberge Resorts Collection, the manager of the award-winning portfolio of luxury hotels, resorts, residences and private clubs set in some of the world's most desirable locations. In addition, BDT & MSD's hospitality vehicle intends to invest significant capital towards acquiring and developing luxury hotel and residential assets that will be branded and managed by Auberge Resorts Collection. The partnership reflects BDT & MSD's belief in Auberge Resorts Collection's unique brand positioning and focus on creating one-of-a-kind luxury hospitality experiences. The investment will support Auberge's continued strategic growth in the Americas, Europe and beyond, with a focus on gateway urban markets and high-profile experiential destinations. "This partnership further solidifies Auberge Resorts Collection's position as the leading name in boutique luxury hospitality and marks a new and exciting era for our world-class portfolio," said Dan Friedkin, chairman of Auberge Resorts Collection and chairman and CEO of The Friedkin Group. "BDT & MSD's differentiated, long-term capital and expertise in luxury hospitality investments makes them a perfect strategic partner and will allow us to further grow the strength of the Auberge brand." "Auberge is a world-class manager of distinctive luxury hotel properties, with an exceptional track record of delivering curated guest experiences in the world's leading hospitality markets. We are excited to be a part of its future and look forward to partnering with Auberge's talented team to build on its differentiated strengths and accelerate further growth," said Coburn Packard, partner & head of real estate at BDT & MSD. Since becoming part of The Friedkin Group in 2013, Auberge Resorts Collection has grown into the leading name in boutique luxury hospitality, comprising 27 unparalleled properties across the U.S., Latin America and Europe, with a development pipeline of over a dozen hotels and two additional hotels planned to open in Florence and South Carolina this year. While each property is unique, all share a crafted approach to luxury and bring the essence of the location to life through one-of-a-kind design that reflects the destination, exceptional cuisine and dining experiences that attract both the local community and global traveler, innovative spas and wellness retreats and highly personalized service.

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My Place Hotels of America Opens My Place Hotels-Idaho Falls, ID

PR Newswire | January 25, 2024

My Place Hotels of America has officially opened My Place Hotels-Idaho Falls, ID, in Idaho Falls, ID. This marks the 70th open and operating My Place property nationally. Guard Hospitality manages the property, which is owned by MP Idaho Falls and was developed by Legacy Builders. The 64-key property is pet-friendly and offers many amenities, including complimentary high-speed Wi-Fi, onsite laundry, a grilling station, and a 24-hour grab-and-go store stocked with food, beverages, and other necessities. Each guestroom includes a full kitchen and coffee maker. The property sits just minutes from the heart of historic downtown Idaho Falls and is adjacent to the new Snake River Landing Development. Idaho Falls is the largest city East of Idaho's capital, with an estimated population of approximately 64,000 people. The city serves as the commercial, cultural, and healthcare hub for Eastern Idaho, Western Wyoming, and Southern Montana. Idaho Falls' location in the greater Bonneville County is often referred to as the "Gateway to Yellowstone Park" due to its proximity to one of the nation's most popular national parks and its own recreational activities. My Place Hotels-Idaho Falls is also the official hotel partner of the Idaho Falls Spud Kings, one of the newest franchises in the United States Premier Hockey League (USPHL)'s Tier 3 Mountain Division, and is minutes from Mountain America Center, where the Spud Kings play. "We were very excited to see My Place Hotels-Idaho Falls officially open its doors at the end of 2023," stated Ryan Rivett, co-founder and CEO of My Place Hotels. "This property boasts an incredible location, and we are confident that our robust offerings will distinguish us in this dynamic market. As we look forward to additional openings in 2024, we are eager to leverage our momentum to expand our presence with a focus on strategic growth."

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Sonesta Announces First Sonesta Es Suites Ground Up Development

PR Newswire | January 24, 2024

Sonesta International Hotels Corporation (Sonesta) today announced plans for the construction of a new Sonesta ES Suites in Port Charlotte, Florida. This new property, expected to open in Spring 2025, marks the first Sonesta ES Suites brand project developed from the ground up. "We are excited that Sonesta ES Suites Port Charlotte will be our first purpose-built location for the brand," said Brian Quinn, Sonesta's Chief Development Officer. "The Sonesta ES Suites brand stands out as an attractive choice for franchisees looking for an upscale option to capitalize on the continued dependable performance of extended stay hotels." "Sonesta ES Suites Port Charlotte will benefit business travelers and tourists who are looking for accommodations near the beaches, golf courses, parks and other attractions that Port Charlotte has to offer," said Alan Lane, one of Sonesta ES Suites Port Charlotte's owners. "The addition of Sonesta ES Suites Port Charlotte to our diverse portfolio reflects Commonwealth Hotels' unwavering commitment to providing an unparalleled guest experience through visionary development, ethical practices and a steadfast dedication to superior service," said Jennifer Porter, President of Commonwealth Hotels, the hotel's management company. To be located at 1321 Claburn Circle in Port Charlotte, Florida, the Sonesta ES Suites Port Charlotte will be an upscale extended-stay hotel spanning four floors and offering 117 rooms with amenities including breakfast and dining services, an outdoor pool, fitness room, market pantry, guest laundry, onsite parking and more. The location of the new hotel is close to over 20 colleges and universities, two hospitals, more than 70 parks and recreational spaces, more than 12 miles of beaches, 14 golf courses and numerous other attractions. Guests of this location will be able to earn or redeem points in the award winning Sonesta Travel Pass loyalty program.

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