INDUSTRY OUTLOOK, HOSPITALITY TRENDS
PRnewswire | May 16, 2023
Artificial intelligence tools are spreading to every industry, including the hospitality industry, and Tripleseat is putting this technology into the hands of restaurants and hotels that provide catering and events.
Tripleseat, the leading web-based sales and event management platform for restaurants, hotels, and unique venues, announced the launch of ChatGPT artificial intelligence to enable venues to enhance their online presence with EventUp and food and beverage sales with Tripleseat's direct event booking and reservation platform TripleseatDirect.
Integrated into the text editor in Tripleseat's EventUp and enabled on TripleseatDirect forms, venues can receive AI powered by ChatGPT recommendations for updating their venue and room descriptions to better appeal to guests, boosting Search Engine Optimization (SEO) and adding creative event details to attract more planners on EventUp and TripleseatDirect. This not only improves the overall guest experience but also helps venues attract more business.
"At Tripleseat, we believe that incorporating cutting-edge technology into our platform is key to driving success for our customers in the ever-evolving hospitality industry," said Jonathan Morse, CEO of Tripleseat. "With the launch of ChatGPT features, we're excited to offer our customers access to the latest in artificial intelligence, providing them with personalized recommendations to enhance their venue listings and ultimately attract more business. We're proud to be at the forefront of this technology and look forward to continuing to innovate and provide top-notch solutions for our customers."
About Tripleseat
Tripleseat is a catering and event management platform used by more than 15,000 venues each day, enabling them to streamline the planning process and increase sales. To date, the Tripleseat platform has helped venues book over 10 million events and capture $15 billion in event leads. EventUp powered by Tripleseat allows event planners to browse thousands of venues to book the perfect place for their event.
Read More
COMMERCIAL TRAVEL
Sabre Corporation | May 17, 2023
Sabre Corporation, a leading software and technology provider that powers the global travel industry, today announced a long-term technology renewal with one of Taiwan's biggest travel agencies. The agreement means that South East Travel will continue to benefit from advanced Sabre solutions to support business expansion.
South East Travel has chosen to continue to deploy an extensive suite of Sabre products, including Sabre Red 360, which unlocks a full spectrum of bookable content to enable agents to create, sell, and service tailored trip experiences. The Taipei-headquartered agency is also using Sabre's Ticket Express, Automated Exchanges, Automated Refunds, and Bargain Finder Max. It will continue to use Sabre technology to automate repetitive tasks, increase productivity, reduce operational costs, understand customer preferences, and help agents to create optimum offers for both leisure and corporate travelers.
"We're delighted to extend and expand upon our strategic technology agreement with Sabre," said Joe Huang, General Manager, Ticketing Division of South East Travel. "Sabre has been our valued travel technology provider for more than 30 years, and we've already seen the benefits to our own business, and to our travelers, brought by a combination of technology and local support. It is essential for us to have continued seamless access to the advanced Sabre solutions we need to support our business expansion plans."
South East Travel was established more than 60 years ago. The group's services include domestic and international group travel, independent travel, air tickets, cruises, and business travel. It has more than 70 outlets across Taiwan, China, Japan and the United States.
"As Taiwan accelerates its recovery to pre-pandemic levels, we're thrilled that Sabre products will continue to support South East Travel so it can play an important role in the recovery and growth of the travel ecosystem in Taiwan, and beyond," said Brett Thorstad, vice president, Sabre Travel Solutions, agency sales - Asia Pacific. "This strategic agreement will support South East Travel to meet its diverse customer needs while scaling its business, and is a testament to its confidence in Sabre, and the ability of our advanced technology and our team to drive agency growth."
"Given the long-term relationship between South East Travel and Sabre Taiwan, we are incredibly excited by this expanded cooperation between the two companies. Sabre Taiwan will continue to work with South East Travel to optimize their operational efficiency and business growth with Sabre's automation solutions and localized products as well as our rapid and high quality service level," added Simon Lee, General Manager, Sabre Taiwan.
About Sabre Corporation
Sabre Corporation is a leading software and technology company that powers the global travel industry, serving a wide range of travel companies including airlines, hoteliers, travel agencies and other suppliers. The company provides retailing, distribution and fulfilment solutions that help its customers operate more efficiently, drive revenue and offer personalized traveler experiences. Through its leading travel marketplace, Sabre connects travel suppliers with buyers from around the globe. Sabre's technology platform manages more than $260B worth of global travel spend annually. Headquartered in Southlake, Texas, USA, Sabre serves customers in more than 160 countries around the world.
Read More
TRAVEL TECHNOLOGY
businesswire | April 21, 2023
Madison Square Garden Entertainment Corp. (NYSE: MSGE) (“MSG Entertainment” or “Company”) today announced that it has agreed to sell its 66.9% majority interest in Tao Group Hospitality to Mohari Hospitality, a global investment company focused on the luxury lifestyle and hospitality sectors, in a transaction that values Tao Group Hospitality at $550 million. The transaction is expected to close in May.
Upon completion of the sale of its majority interest, MSG Entertainment expects to receive net cash proceeds of approximately $300 million.
Today’s announcement follows a successful bidding process with multiple parties. Since MSG Entertainment acquired a majority interest in 2017, Tao Group Hospitality has transformed into a global powerhouse in entertainment dining and hospitality, with a portfolio of over 80 branded locations in over 20 markets across four continents. In fiscal 2022, Tao Group Hospitality generated approximately $485 million in revenue, $37 million in operating income, and $67 million in adjusted operating income.(
Completion of the sale is subject to customary closing conditions. The closing of the transaction is not conditioned on the receipt of financing. Effective as of the closing of the sale, the Company will enter into multi-year agreements with Tao Group Hospitality for ongoing consulting, marketing, and support services at Madison Square Garden and Sphere in Las Vegas.
For Tao Group Hospitality, equity holders of which include MSG Entertainment, Goldman Sachs & Co. LLC served as financial advisor and Hughes Hubbard & Reed LLP served as legal advisor.
For Mohari Hospitality, Moelis & Company LLC served as financial advisor and Kirkland & Ellis LLP served as legal advisor.
See below for the definition of adjusted operating income included in the discussion of non-GAAP financial measures and a reconciliation of operating income to adjusted operating income.
About Tao Group Hospitality
Tao Group Hospitality delivers distinctive culinary and premium entertainment experiences through its portfolio of restaurants, nightclubs, lounges, and daylife venues. Tao Group Hospitality acquired Hakkasan Group in April 2021. The combined company operates more than 70 branded locations in over 20 markets across five continents and features a collection of widely recognized hospitality brands. These include TAO, Hakkasan, OMNIA, Marquee, LAVO, Beauty & Essex, Wet Republic, Yauatcha, Ling Ling, Cathédrale, Little Sister, The Highlight Room, Sake No Hana, Jewel, and more. Tao Group Hospitality is part of Madison Square Garden Entertainment Corp. (MSG Entertainment) (NYSE: MSGE), a leader in live experiences.
Read More