TRAVEL TECHNOLOGY
businesswire | May 04, 2023
Sphere Entertainment Co. (NYSE: SPHR) (the “Company” or “Sphere Entertainment”) today announced it has completed the sale of its 66.9% majority interest in Tao Group Hospitality to Mohari Hospitality, a global investment company focused on the luxury lifestyle and hospitality sectors.
The completion of the sale follows a successful bidding process with multiple parties, which reflects that since the Company acquired a majority interest in 2017, Tao Group Hospitality has transformed into a global powerhouse in entertainment dining and hospitality. As previously disclosed, in connection with the sale, Sphere Entertainment has also entered into a multi-year agreement with Tao Group Hospitality for ongoing consulting, marketing, and support services.
About Sphere Entertainment Co
Sphere Entertainment Co. is a premier live entertainment and media company. The Company includes Sphere, a next-generation entertainment medium powered by cutting-edge technologies to redefine the future of entertainment. The first Sphere venue is currently under construction in Las Vegas. In addition, the Company includes MSG Networks, which operates two regional sports and entertainment networks, MSG Network and MSG Sportsnet, as well as a companion streaming service, MSG GO, delivering a wide range of live sports content and other programming.
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TRAVEL TECHNOLOGY
businesswire | May 29, 2023
Interval International, a leading worldwide provider of vacation services, welcomes Multivacaciones Decameron to its coveted collection of affiliated hospitality brands. The agreement introduces 27 hotels and resorts across Colombia, Ecuador, Peru, Panama, El Salvador, Jamaica, and Mexico to Interval’s growing exchange network of over 3,200 properties. Nearly 200,000 Multivacaciones Decameron members will have the opportunity to access Interval’s numerous travel and leisure benefits, including the ability to exchange for stays at resorts in more than 90 countries and territories.
Decameron’s hotels are located in the region’s alluring beaches, jungles, mountains and cities. Its vacation club, with members in Latin America and abroad, provides memorable experiences along with the relaxation that comes with its attractive all-inclusive concept.
In a recent survey, over two-thirds of Interval’s Latin America-based members stated they are likely to book an all-inclusive vacation, making the addition of Decameron’s hotels and resorts an exciting opportunity for vacationers seeking the perfect balance of comfort and entertainment in their own region.
“Multivacaciones Decameron is pleased to work with Interval to offer even more flexibility to our members,” says Fabio Villegas, president of Decameron Hotels and Resorts. “Interval’s elevated standards and commitment to quality meet our members’ expectations for their well-deserved vacations. Additionally, Interval’s network of resorts in the world’s most desirable destinations aligns perfectly with their travel goals. We are excited to continue our collaborations as we further strengthen the value proposition for our members through new exceptional benefits.”
“We are thrilled to welcome Multivacaciones Decameron to the Interval portfolio. Their strong presence and solid reputation in the region make them a standout in our network,” says Marcos Agostini, Interval’s senior vice president of global sales and business development. “Not only does affiliating with Interval provide an enhanced vacation experience with exchange and year-round lifestyle and leisure benefits, but it also creates an incredible opportunity for Interval’s worldwide members to discover Decameron resorts.”
New Multivacaciones Decameron purchasers will be enrolled as Interval Gold® or Interval Platinum® members with access to several upgraded benefits including Interval Options®; the ability to use points toward a hotel stay, cruise or experiential travel; ShortStay Exchange® for long weekends and midweek resort vacations; savings on Getaway vacation rentals; dining and leisure discounts, special deals on select hotel bookings, and VIP ConciergeSM, for personal assistance, 24/7.
About Interval International
Interval International operates membership programs for vacationers and provides value-added services to its developer clients worldwide. Based in Miami, Florida, the company has been a pioneer and innovator in serving the vacation ownership market since 1976. Today, Interval's exchange network comprises over 3,200 resorts in more than 90 countries and territories. Through offices in 12 countries, Interval offers world-class products and benefits to resort clients and nearly 1.6-million-member families who are enrolled in various membership programs. Interval is an operating business of Marriott Vacations Worldwide Corporation (NYSE: VAC), a leading global vacation company that offers vacation ownership, exchange, rental and resort and property management, along with related businesses, products, and services.
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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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