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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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.
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BUSINESS TRAVEL
prnewswire | April 12, 2023
Whimstay, Inc., the marketplace leader for last-minute vacation rental bookings, announces today that it has secured $10 million in equity financing. The investment will fund key new hires and the development of new products and features focused on search experience, guest engagement, more integrated dynamic pricing, flexibility for guests, loyalty and rewards programs, ancillary fintech products, and multiple conversion initiatives that will generate more bookings for property managers during periods that typically experience lower occupancy rates and RevPAR. Roughly 50 percent of vacation rental nights stay vacant every year. Whimstay is uniquely positioned to book nights that would have otherwise gone unrented. This lost revenue for property managers and owners represents a $60 billion market opportunity.
Whimstay offers travelers the best deals and significant savings on last-minute vacation rentals across North America. For property managers and owners, the company offers better economics, more control over the customer experience, robust reporting and reconciliation, reduced dependency on larger, less user-friendly, and more expensive channels, and, most importantly, generates incremental bookings, revenue, and profitability above and beyond the property manager's direct bookings and those from other channels.
"Closing our financing amidst a myriad of extremely challenging market conditions is a testament to the caliber of our amazing team, our differentiated product offering, the quality of our partner and customer relationships, the size of our market opportunity, and the confidence our investors have in our ability to strengthen our position as the leading vacation rental marketplace focused on booking last-minute stays," said Whimstay's CEO David Weiss.
"Propelled by our proprietary marketing engine, product features and functionality, and unique go-to-market strategy, we're able to attract incremental guests and generate incremental bookings for property managers and owners. We complement a property manager's overall distribution strategy by providing specific capabilities and conducting specific types of missions, all focused on booking last-minute stays. As a result, bookings on Whimstay are up 7x YTD vs. the same period last year, and March was our highest booking month in the company's history. Guest traffic and bookings are further accelerating due to our recent integration into Google Vacation Rentals, giving us access to millions of potential guests."
About Whimstay
Whimstay is a vacation rental marketplace that offers travelers the best deals on vacation rentals across North America. For property managers and owners, Whimstay books nights last-minute that would have otherwise gone un-rented, and certain property managers are now utilizing the company to fill vacancies during shoulder seasons, off-seasons, and other booking windows throughout the year that typically experience lower occupancy rates and RevPAR. From beautiful beach homes to the world's best ski retreats to cozy mountain cabins and more, Whimstay currently offers vacation rental homes and condos in the U.S., Canada, and Mexico and is adding new properties and destinations daily.
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