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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TRAVEL TECHNOLOGY
businesswire | April 24, 2023
National Restaurant Association Show, Visit Booth #2784--DTG, the leading provider of industrial-strength power systems and mobile workstation solutions, today launched a new generation of its popular mobile Chef PowerStation. The next-generation carts offer increased power and output capacity, as well as features and functionality that accommodate the needs of mobile food and beverage operations in hospitality markets, such as sports stadiums, clubs and resorts, and other event venues, where the ability to untether concessions from fixed locations can drive a better patron experience, reduce wait times and boost profitability.
DTG’s new generation of battery-powered mobile Chef PowerStations now feature increased power capacity leveraging new models of DTG’s Lithium Iron Phosphate (LFP) batteries, which offer advanced power to mobilize food and beverage operations for up to 18 hours. The new models also provide improved ergonomics for food preparation, and additional options for refrigeration, heating and storage.
“A new wave of challenges is forcing hospitality businesses such as restaurants, resorts and event venues to find new ways to reach more customers with innovative offerings,” said Steve Shaheen, DTG CEO and co-founder. “Our mobile hospitality workstations are helping businesses differentiate themselves and elevate their food and beverage services at a time when consumers are becoming more discerning with their discretionary food and entertainment spending and their time.”
DTG’s Chef PowerStations were recently featured at the Chef-to-Chef event, a premier conference by Club + Resort Chef, where some of the nation’s leading chefs used the new workstations in a variety of formats including a culinary competition in front of a live audience. According to Kevin Silk, Executive Chef, Savannah Yacht Club, “The DTG workstation was a great tool for the competition; it had plenty of power for the oven and my other electric appliances and had a lot of tabletop space for me to utilize for prep. I could definitely see my club using these for action stations during events or for cooking classes! I would recommend these carts to all of my colleagues.”
The Chef PowerStations have also been used to meet the food and beverage needs at Texas A&M football games at Kyle Field in College Station, Texas, a venue that seats more than 100,00 fans. In partnership with the Levy Group, the mobile workstations were employed to reduce customer wait times, increase profitability, and address critical staffing shortages.
About DTG
DTG is the global leader in the design and delivery of mobilized battery powered workstations and advanced Uninterruptible Battery Systems (UBS) for industries such as industrial materials handling & logistics, healthcare, commercial food services and manufacturing. The company brings workforce automation and unrivaled battery system power to the point of task. DTG is privately held and based in Wilmington, Mass.
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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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