BTA partners with Global Secure Accreditation

Buying Business Travel | December 09, 2019

BTA partners with Global Secure Accreditation
The Business Travel Association (BTA) has announced a partnership with Global Secure Accreditation (GSA), an independent system of hotel security certification. GSA uses an independent assessment process established and operated by experienced security experts and created in partnership with SFJ Awards, a UK government global approved standards awarding organisation. BTA says its partnership with GSA will help TMCs to provide a higher level of safety for travellers when selecting accommodation partners. The assessment process enables travel managers to provide enhanced duty of care and allows business travellers to make more informed choices concerning safety and security within hotels internationally.

Spotlight

Tourism suffered the greatest crisis on record in 2020. International arrivals plunged by 73% as the COVID-19 pandemic prompted nearly all governments around the world to introduce a range of measures to restrict travel, including border closures to tourists.

Related News

P&O Cruises Extends Sailing Suspension Through October

P&O Cruises | June 03, 2020

British-headquartered P&O Cruises today announced its extension of paused operations, canceling all of its scheduled sailings through mid-October. In the interim, the cruise line is continuing to work with all relevant public health authorities to further enhance its already strict health and safety practices. Via a video presentation, P&O Cruises’ president, Paul Ludlow, said: "Unfortunately, as the world continues to adapt to this global crisis, we have made the decision, difficult as it is, to extend our pause in operations for all sailings up to and including October 15, 2020. We are so sorry for the disappointment this will cause to so many of our guests."

Read More

TRAVEL TECHNOLOGY

RateGain enters into agreement to acquire myhotelshop to help hotels optimize guest acquisition

RateGain, myhotelshop | September 23, 2021

RateGain Travel Technologies Limited, a provider of SaaS solutions for travel and hospitality, announced that it has entered into a definitive agreement for the acquisition of myhotelshop, a company incorporated in Germany, which provides a platform to help hotels improve direct guest acquisition. Together, myhotelshop and RateGain will now offer hotels the ability to reach more customers at higher returns. The agreement is in line with RateGain's mission to become the leading revenue maximization platform for the hospitality and travel industry. As COVID-19 accelerated digitization of customer interactions, according to Phocuswright 9 out of 10 travelers engage with travel online. The research also shows that most travelers do not shop and book from the same source with a majority of online shoppers searching on OTAs and booking on hotel websites. In the midst of multiple channels including intermediaries, metasearch and OTAs hotels are struggling to create the optimum distribution strategy that helps them drive more bookings and lower acquisition costs. This increases the need for hotels to move away from disparate systems and have a single provider that can help them get better control on guest acquisition and reduce dependency on one channel. myhotelshop offers reporting, bid management and campaign intelligence platform for metasearch publishers and other travel products that enables hotel suppliers, OTAs, and agency clients to reach more customers at higher returns. Commenting on the agreement Bhanu Chopra, Founder, RateGain said, "We are delighted to welcome Ullrich and the myhotelshop team to the RateGain family. The merger will help in addressing a key challenge that the industry is facing in the post-COVID world that is witnessing increased digitization. The need to become digital first is increasingly becoming chaotic and we aim to make it simpler for hotels to manage their acquisition strategy and enable them to unlock new revenue." Ullrich Kastner, CEO & Founder, myhotelshop added, "With RateGain we found a partner that helps us scale our technology and business model globally and at the same time keep our company brand and culture as it is. Our people, customers and partners rely on the fact that we stay who we are. Just as much it is important for them that we keep our growth path, to stay ahead in the meta and online marketing space for hotels. We aspire to be the leading marketing software for individual hotels and medium sized chains and the merger with RateGain will help us further enhance this vision within a strong technology framework." About RateGain: RateGain is a global provider of SaaS solutions for the hospitality and travel industry, offering travel and hospitality solutions that unlock new revenue every day. We are one of the largest aggregators of data points in the world for the hospitality and travel industry. About myhotelshop Established in January 2012, headquartered in Leipzig, Germany, myhotelshop provides solutions to increase direct sales of hotels and make it a profitable distribution channel by optimizing, managing and distributing hotel content and campaigns to demand partners and driving the online success of its hotel partners.

Read More

BUSINESS TRAVEL

CWT Enters into Agreement with Financial Partners to Recapitalize Business as Business Travel Recovery Gains Momentum

CWT | September 16, 2021

CWT, the Business-to-Business-for-Employees travel management platform, announced that it has entered into an agreement with financial stakeholders representing over 90% of the Company’s outstanding debt to recapitalize the business and further strengthen CWT’s financial position as the recovery in business travel continues to gain momentum in key markets around the world. CWT expects to begin soliciting formal approval of the plan from its existing financial stakeholders in the next few weeks and to finalize implementation of the plan later this year. Key terms of the agreement, entered into with financial stakeholder Barings LLC, among others, include: Adding $350 million of new equity capital into the business; Eliminating almost $900 million of debt by replacing CWT’s existing $1.5 billion in debt with new first lien debt of $625 million issued at market rates and a new undrawn revolving credit facility; Providing CWT with substantial long-term liquidity through the resulting balance sheet cash and new revolving credit facility; and Providing for all business partners and other providers of goods and services to CWT to be paid in full. CWT expects to begin soliciting formal approval of the plan from its existing financial stakeholders in the next few weeks and to finalize implementation of the plan later this year. “This is great news for CWT and our stakeholders, highlighting the progress we have made to position CWT for long-term success and providing significant financial resources to further grow and develop our business,” said Michelle McKinney Frymire, CWT’s Chief Executive Officer. “This is an important and exciting time for travel, as the industry is seeing meaningful increases in demand for the first time since the start of the pandemic. As we ramp up operational capacity to continue serving our customers through the recovery, we are continuing to advance our strategic objectives, including driving innovation and delivering industry-leading solutions. We are pleased to be moving ahead with overwhelming support from our financial partners, who will become CWT’s new majority owners, underscoring their confidence in the market, CWT and our strategy and services.” Ms. McKinney Frymire added, “Implementation of this agreement will enable us to move beyond the pandemic, accelerate investments that create industry-leading experiences for our clients and travelers, and position CWT to benefit from the recovery already underway. Our teams have risen to the occasion and continued to meet high customer expectations at every turn despite the pandemic’s outsized impact on the travel industry. Looking ahead, our focus remains on providing best-in-class travel experiences for our customers and travelers while maintaining strong relationships with our partners, suppliers and other stakeholders. At the same time, we are excited to accelerate our strategic priorities. With travel demand now increasing, the actions we are taking will enable us to build on our industry-leading position.” Advancing CWT’s Strategy and Business Momentum CWT entered the pandemic with a track record of strong growth and delivering on its strategic priorities. Building on this success, CWT has used the period of COVID-related travel restrictions and related demand reductions to accelerate many of its strategic development plans and investments across its innovative products, program delivery and travel services. As the recovery in business travel, meetings and events gains momentum, CWT’s customer proposition is fundamentally stronger, broader and more robust. Among others, CWT’s many improvements to benefit travelers include: Patented algorithm search applications; A true omni-channel experience; More efficient follow-the-sun servicing capabilities; An enhanced digital hotel booking experience; Refined data analytics for greater insight and improving ROI; and Dedicated resources and services to enable a safe and secure return to travel. Since its inception, CWT has successfully delivered efficient, safe and connected travel programs from city centers to some of the most remote and hard-to-reach corners of the world, maximizing the potential of technological advancements and human ingenuity. Importantly, CWT believes that a true omni-channel experience brings together people and technology, and is essential for business travel and meetings & events now, and in the future, which is why the Company has been enabling solutions for the E in its B2B4E strategy. CWT’s early positioning as a platform business, enhanced by strategic physical operations, underscores the Company’s commitment to developing the next generation of skills, closing the gap between talent supply and demand, and future-proofing not only its own, but also its customers’ potential. As a result of this differentiated approach, CWT’s global connections, coupled with local knowledge and the application of innovative, patented platform technology, continue to benefit customers while enabling CWT to deliver unparalleled, valuable and seamless travel experiences. CWT is committed to remaining at the forefront of innovation, exceeding customer expectations long into the future, connecting people and helping businesses grow. About Barings Barings is a $382+ billion (as of 6/30/2021) global investment manager sourcing differentiated opportunities and building long-term portfolios across public and private fixed income, real estate, and specialist equity markets. With investment professionals based in North America, Europe and Asia Pacific, the firm, a subsidiary of MassMutual, aims to serve its clients, communities and employees, and is committed to sustainable practices and responsible investment. About CWT CWT is a Business-to-Business-for-Employees travel management platform. Companies and governments rely on us to keep their people connected – anywhere, anytime, anyhow – and, across six continents, we provide their employees with innovative technology and an efficient, safe, and secure travel experience.

Read More

Spotlight

Tourism suffered the greatest crisis on record in 2020. International arrivals plunged by 73% as the COVID-19 pandemic prompted nearly all governments around the world to introduce a range of measures to restrict travel, including border closures to tourists.