HOSPITALITY TRENDS
prnewswire | June 01, 2023
GetYourGuide, the leading global platform for discovering and booking travel experiences, announced today the closing of $194 million in equity and credit financing. The round represents a valuation increase for the company and solidifies its leadership position in the industry. The strategic investment will be deployed to expand GetYourGuide's marketplace in key geographies such as North America and accelerate product innovation for both travelers and experience creators globally.
Blue Pool Capital led the $85 million Series F funding round, with participation from KKR and Temasek. UniCredit led the Revolving Credit Facility (RCF) of $109 million, with participation from BNP Paribas, Citi and KfW.
"In the current market, we view this as a vote of confidence from our investors who believe passionately in unlocking unforgettable experiences for travelers around the globe," said Johannes Reck, CEO and co-founder of GetYourGuide. "We are still early in the transformation of our category and the larger $300 billion category and the even larger $1.5 trillion experiences market. And our technology is poised to help drive innovation and growth for our partners and customers alike," Reck added.
Consumers are continuing to spend on experiences over traditional retail goods. GetYourGuide's data confirms this trend: booking volumes in the first quarter of 2023 are four times higher than the first quarter of 2019. The travel experiences category is quickly growing, benefiting from a generational shift in consumer spending habits. According to the U.S. Bureau of Economic Analysis, American consumer spending on experiences grew twice as fast as spending on goods between 2000 and 2019.
"There is immense opportunity in the digitization of the experiences industry, and we believe GetYourGuide's global leadership and market-leading customer-centricity in the category stems from its deep expertise in this complex space," said Oliver Weisberg, CEO of Blue Pool Capital. "We believe GetYourGuide is uniquely positioned to be the global leader in the category; we are pleased to lead the equity financing given the strength of the business," added Weisberg.
The investment will help increase the pace of innovation for travelers and supply partners, leveraging the rapidly progressing capabilities of AI and Large Language Models (LLMs). The acceleration of product investment will not only help travelers make the most of their travels, but also empower supply partners to manage and grow their businesses on the platform with intuitive tools.
The funding comes in time to kick off peak travel season, where record-breaking engagement is expected on GetYourGuide's platform. Part of driving this increased engagement are Originals by GetYourGuide, the company's signature co-created tours with exclusive activities and access, such as NYC: MoMA Before Hours Tour with Art Expert; London: Coronation Tour; Milan Cathedral & Terraces Exclusive After-Hours Tour; and Turning the Lights on at the Vatican Museums.
J.P. Morgan acted as exclusive financial advisor to GetYourGuide on the transaction. For more information about GetYourGuide, please visit getyourguide.press.
About GetYourGuide
Headquartered in Berlin, Germany, GetYourGuide, a travel booking platform, specializes in online travel, tours, attractions and local activities, tourism, e-commerce, technology, the hospitality industry, engineering, sales management, account management, marketing, and travel experiences. It has been transforming travel experiences for explorers since 2009. It accelerates growth for experience creators through access to data-driven insights, technology and a market expert. It focuses on simplifying the digital travel reality. It provides meaningful moments of discovery for travelers. It has leading venture capital investors for funding and support and various local offices worldwide.
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HOSPITALITY TRENDS
businesswire | June 02, 2023
Sonder Holdings Inc, a leading next-generation hospitality company that is redefining the guest experience through technology and design, today opened The Arcadian, its sixth live property in Greater Boston. It becomes the largest hotel in Sonder’s portfolio, and one of its highest key-count properties alongside Battery Park in New York City and Business Bay in Dubai.
Sonder is now operating The Arcadian hotel, which has 264 rooms and occupies a prime location in Brookline. The property is close to Boston University and Fenway Park stadium, with easy access to Harvard University, Boston College, and several leading medical institutions. It is the perfect base for exploring the city and discovering hidden local spots.
“We’re excited to operate this large hotel in an unbeatable location, more than doubling our key count in Greater Boston. Our signature design-forward, tech-enabled experience appeals to the next generation of travelers, and will help us maximize the potential of this incredible asset. We bring deep operating experience with over 40 markets worldwide, and look forward to welcoming business and leisure guests in the heart of Brookline,” said Gregg Klein, Regional General Manager at Sonder.
The Arcadian features food and beverage on site, parking, and a fitness center. It joins Sonder’s five existing properties in Greater Boston, including the 907 Main hotel in Cambridge and The Pierce serviced apartments in the Fenway-Kenmore neighborhood.
“Sonder leases, manages and operates hotel and multi-unit apartment buildings in prime locations. Properties which already align with Sonder’s brand can be quickly and efficiently integrated into Sonder’s portfolio. This enables property owners to start benefiting from Sonder’s operational expertise, brand and distribution, revenue management technology, and RevPAR initiatives to maximize NOI. Additionally, Sonder works with property owners on ground-up new developments, as well as conversions from office to hospitality use,” said Jenna Jacobson, Regional Director of Real Estate at Sonder.
Sonder operates in 40+ cities across ten countries and has approximately 18,200 live and contracted units worldwide as of Q1 2023. The company distinguishes itself in the hospitality industry through modern design and by infusing technology into its guest experience. This app-driven experience puts guests in full control of their stay. They can access everything they need – from booking, to interacting with guest services, to check-out – via their own mobile device from anywhere and at any time, using the Sonder app.
In Q1 2023 Sonder reported 50% year-over-year revenue growth, as the company continued on its path to achieving sustainable cash flow positivity. Sonder continued to expand its corporate travel business, including signing new GDS partnerships and working with leading travel management companies. The company rolled out improved pricing algorithms allowing it to better capture demand throughout the booking window, and continued to implement its elevated merchandising strategy with a reimagined art direction and photography leading to a conversion uplift.
About Sonder
Sonder is revolutionizing hospitality through innovative, tech-enabled service and inspiring, thoughtfully designed accommodations combined into one seamless experience. Launched in 2014 and headquartered in San Francisco, Sonder provides a variety of accommodation options from spacious rooms to fully-equipped suites and apartments found in over 40 markets spanning ten countries and three continents. The Sonder app gives guests full control over their stay. Complete with self-service features, simple check-in and 24/7 on-the-ground support, amenities and services at Sonder are just a tap away, making a world of better stays open to all.
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TRAVEL TECHNOLOGY
prnewswire | June 02, 2023
Today, Travelex Insurance Services Inc., launched its new line of travel protection plans with an enhanced cancel-for-any-reason (CFAR) upgrade covering up to 75% of trip cost, competitive age-band pricing, and additional coverage benefits. Travelex's previous travel protection plans officially retired at 11:59 p.m. May 31.
"We really took some time and put a lot of thought into these products as we've designed them," said Shannon Lofdahl, President and CEO at Travelex. "The resulting plans offer enhanced benefits, coverages and age-band pricing. We're responding to the coverage and benefits our partners and travelers want — there's only good news here."
Enhanced plan highlights
Travelex's Travel Select plan's CFAR upgrade1 now covers up to 75% of the trip cost if travelers have to cancel their trips.
The Travel Select plan provides new trip-cancelation and trip-interruption coverage options, including adoption, attending childbirth, cancel for business reasons2, organ donor, theft of travel documents and school extension.
Competitive age-band pricing bases plan rates on each traveler's risk level.
"I truly believe travel insurance is crucial to travel today," Lofdahl said. "Travelex is committed to protecting you and your trip investment when the unexpected happens."
About Travelex Insurance Services
Travelex Insurance Services has been a leading U.S. provider of travel insurance. As a premier partner to the travel industry, Travelex offers an array of products designed to help travelers create and protect the moments that matter most while they explore the world. We are part of the Zurich family of global brands and a woman-led organization that appreciates diversity. Guided by our values, we are optimistic, caring and reliable. With forward thinking, determination and a sense of togetherness, we help travelers dream, explore, and travel on.
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