DESTINATION AND TOURISM
geekwire | April 06, 2023
For many travelers, technology long ago supplanted travel agents for the basic booking of flights, hotels, and excursions. But how quickly will artificial intelligence replace humans for trusted travel advice?
That’s the larger question behind Expedia’s announcement this morning that it will offer a new “travel planning experience” powered by OpenAI’s ChatGPT. Debuting today on Expedia’s iOS app, it’s part of a growing wave of AI-powered travel- and trip-planning technologies from a variety of startups and app developers.
Travel advice is already one of the most commonly cited scenarios for people using ChatGPT in its raw form or in Microsoft’s Bing search engine, for example. However, Expedia’s significant presence in travel makes this rollout especially interesting as a gauge of AI’s potential to serve in a role traditionally left to human expertise.
One of the ways Expedia is trying to differentiate its ChatGPT implementation is by automatically saving hotels discussed during a chat session to a “trip” in the app to make it easier to book a stay.
This capability will expand later to other forms of reservations, including flights and rental cars, Expedia CTO Rathi Murthy told the Wall Street Journal.
On the topic of privacy, Expedia won’t share customer data with OpenAI from ChatGPT searches in the app, but it may use the data in the future to further personalize the experience, Expedia Group CEO Peter Kern told the WSJ.
For now, Expedia is classifying the initial feature on iOS as a beta, which means it’s not necessarily ready for prime time.
For example, Lance Ulanoff reports on TechRadar this morning that he encountered a bug in which the app didn’t save his preferred hotel after he tested the chat function to plan a hypothetical family vacation.
Expedia says it will “rapidly evolve the experience” based on how people use it.
“It’s also important to remember that while many measures have been taken to limit inaccurate results and inappropriate responses, at times the experience may not work exactly as expected,” the company adds. “Feedback from both our employees and all those using the experience will be continually looked at to make sure responses meet our standards.”
In other words, your mileage may vary, perhaps literally.
Ultimately, this rollout promises to be an important test for this emerging era of generative AI. Just be sure to double-check its accuracy in the meantime before spending thousands on a trip to Europe.
About Expedia Group
At Expedia Group we believe that travel is a force for good it opens minds, builds connections, and bridges divides. We create transformative tech that fuels partner growth while enabling unforgettable experiences for all travelers, everywhere. Our trusted family of brands are known and loved by millions, and we power more trips than anyone else. To learn more about our vision of a more open world through travel, visit www.expediagroup.com.
businesswire | April 17, 2023
Harvest Portfolios Group Inc. is pleased to announce the completion of the initial offering of Class A Units of the Harvest Travel & Leisure Income ETF pursuant to a prospectus dated April 4, 2023, filed with the securities regulatory authorities in all of the Canadian provinces and territories. The Class A Units of the Harvest Travel & Leisure Income ETF will commence trading on the TSX today under the following ticker symbol: TRVI:TSX.
TRVI captures the travel & leisure industry through a diversified index portfolio of Airlines, Cruise Lines, Hotels, Resorts, Casinos, and Online Booking Services. It earns a high monthly income distribution through the application of an active & flexible covered call option writing strategy.
The ETF is launching with an initial target yield of 10.4%. The first monthly distribution will have a record date of May 31, 2023 with a payable date of June 9, 2023.
TRVI tracks the Solactive Travel & Leisure Index GTR which encompasses the 30 largest travel & leisure related companies listed in North America by market cap. It is the same index tracked by the Harvest Travel & Leisure Index ETF, which was launched in 2021 as the first Canadian ETF to exclusively capture the travel & leisure industry.
“TRVI like TRVL is a first in Canada, offering exposure to the lucrative Travel and Leisure market with the addition of an attractive monthly income generating portfolio” said Michael Kovacs, President and CEO of Harvest ETFs. “The Travel & Leisure industry has long-term structural demand drivers, such as retiring baby boomers, and millennials that are entering their peak earnings years. We saw those when we launched TRVL in 2021. Now TRVI offers investors access to those same tailwinds, with the addition of high monthly income earned through Harvest ETFs’ active & flexible covered call option strategy.”
About Harvest Portfolios Group Inc
Founded in 2009, Harvest is an independent Canadian Investment Fund Manager managing $3.3 billion in assets for Canadian Investors. At Harvest ETFs, our guiding principles are premised on building wealth for our clients through ownership of strong businesses that have the potential to grow & generate steady income over time. Harvest ETFs offers an innovative suite of exchange traded funds, mutual funds and publicly-listed structured fund products designed to satisfy the long-term growth and income needs of investors. We pride ourselves in creating trusted investment solutions that meet the expectations of our investors.
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.