Travel Technology, Hospitality Management
Virgin Voyages | September 08, 2023
Virgin Voyages announced a $550 million funding round led by Ares Management for global expansion.
Founder Tom McAlpin transitions to Chairman of the Board, while Nirmal Saverimuttu takes over as CEO, bringing extensive experience from Virgin Voyages' early days.
Virgin Voyages looks forward to continued success and collaboration with investors, including Ares Management, to drive future growth and innovation.
Virgin Voyages, the award-winning cruise brand backed by Richard Branson's Virgin Group, has announced the completion of a $550 million fundraise led by Ares Management's Private Equity Group. This funding, including contributions from existing investors such as Virgin Group and Bain Capital, is poised to propel Virgin Voyages into international markets while enhancing the overall customer experience.
Partner and Co-Portfolio Manager of Special Opportunities in the Ares Private Equity Group, Aaron Rosen, remarked,
With this new investment alongside our partners at Virgin Group and Bain Capital, we believe the company is on strong footing to capitalize on its differentiated product and value proposition in the growing cruise industry.
[Source - Cision PR Newswire]
Established as a leading player in the industry, Virgin Voyages has swiftly gained recognition and accolades with a fleet serving various destinations and recent wins like topping the mega-ship category in Travel + Leisure's 2023 World's Best Awards and sweeping all five cruise categories in the 2023 Cruise Critic Cruisers' Choice Awards.
Alongside this development, Tom McAlpin, the founding CEO, is transitioning to the role of Chairman of the Board. Nirmal Saverimuttu is taking the reins as the new Chief Executive Officer, having formerly served as President and Chief Experience Officer. In addition, Nirmal Saverimuttu has been a foundational figure at Virgin Voyages since 2014, when he joined as Chief Commercial Officer after securing initial investments from the Virgin Group. His role expanded in 2021 to President and Chief Experience Officer, making him well-prepared to guide the brand into its next phase of growth and innovation.
Nirmal Saverimuttu, CEO of Virgin Voyages, said,
I want to send our deepest thanks, on behalf of all our Crew and the Board, to Tom for his leadership and passion for the business. We are so grateful for all he has done and are thrilled to continue to partner with him as our Chairman.
[Source – Cision PR Newswire]
Virgin Voyages is a trusted brand due to its crew's dedication and passion for offering remarkable experiences for its guests. Nirmal also expressed his anticipation of collaborating with the Ares team and Virgin Voyages' current investors to execute growth and expansion plans as the company contemplates its promising future.
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Travel Technology
Marriott International | October 09, 2023
Marriott International launches the Hospitality Alliance for Responsible Procurement to drive sustainability and supplier engagement in collaboration with EcoVadis.
HARP focuses on achieving Net Zero targets and sustainability goals by pooling resources and expertise to address common challenges in the hospitality sector.
The initiative utilizes EcoVadis' sustainability rating methodology and platform to increase supplier visibility and accelerate supplier performance improvement.
Marriott International, along with Accor, Hilton, IHG Hotels & Resorts, Radisson Hotel Group, Avendra, and Entegra, has launched the Hospitality Alliance for Responsible Procurement (HARP) in collaboration with EcoVadis.
HARP aims to accelerate sustainability practices within the hospitality sector by fostering collaboration among trading partners. By utilizing EcoVadis' sustainability rating methodology and platform, HARP seeks to enhance supplier engagement, drive performance improvement, and focus on key industry categories.
Chief Customer Officer at EcoVadis, Richard Eyram, stated that as companies aim to involve their value chain partners in sustainability initiatives, they come to understand the intricate nature and shared difficulties within their sector. The hospitality industry can maximize its collective influence through partnerships and collaboration across the industry. Through the consolidation of efforts, alignment of priorities, and the exchange of best practices, members of HARP can attain favorable results, leading the way toward achieving Net Zero targets and a more sustainable future for everyone.
The alliance addresses common challenges faced by the industry in achieving sustainability goals, with a particular focus on increasing supplier engagement and performance. By pooling resources and expertise, HARP members aim to work collectively toward Net Zero targets and a more sustainable future. It addresses these fundamental challenges confronted by its collective supplier sustainability programs, such as:
Increasing supplier engagement rate to increase supplier visibility, beginning with the supplier assessment.
Accelerating the performance improvement curve of suppliers.
Increasing the relevancy of those engagements by concentrating on the industry's most important categories.
HARP has implemented EcoVadis's sustainability rating proven methodology, scorecards, and improvement platform to attain these objectives. The EcoVadis Sector Initiative features are designed as a network compliant with antitrust laws and enable more efficient supplier enrollment, transparency, collaboration, and analytics. Together, these capabilities provide HARP with visibility over the sustainability performance of the hospitality supply chain and enable HARP members to align on the industry's top priorities. This results in a positive message to the supplier community and a more cohesive direction that allows targeted improvement.
HARP member suppliers will have access to additional capacity-building and engagement activities, as well as tools and best practices, in order to achieve this targeted development and meet the needs of the hospitality industry. Marriott and the seven HARP founding members collectively rated more than 2,000 suppliers upon the initiative's foundation. HARP intends to increase this number in order to obtain a deeper understanding of the sustainability performance of its supply chain and to maximize improvement.
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Travel Technology, Business Travel
Business Wire | November 01, 2023
PriceTravel Holdings, a global distribution company with a stronghold in Latin America and The Caribbean, has announced a strategic technology collaboration with Vervotech, a renowned B2B accommodation data management brand offering AI-driven mapping solutions to online travel companies worldwide.
PriceTravel Holdings has been providing top-quality travel services for over 20 years, cementing its position in the travel industry.
With this new alliance, all travel agencies partnered with PriceTravel Holdings will now have access to impeccably mapped, deduplicated, and enriched accommodation data with over 40 unique attributes, ensuring unparalleled accuracy through Vervotech's AI-based mapping products.
This collaboration further empowers Vervotech with access to PriceTravel Holdings' expansive static content, expanding its already extensive network of 400+ large suppliers.
Ivonne Arriola, Wholesale Director, PriceTravel Connect, commented on the affiliation, “We are extremely pleased to join hands with Vervotech to offer a more integrated technological platform for over 300 clients worldwide working with us. This collaboration will benefit both our prospective and existing customers by providing them with access to Vervotech's modern AI-based mapping technology. With this partnership, we reaffirm our commitment to delivering exceptional travel solutions to our clients.”
Sanjay Ghare, CEO of Vervotech, added, “Partnering with PriceTravel Holdings presents exciting opportunities for both of our organizations. We are eager to leverage PriceTravel Holdings' expertise to enhance our offerings with their high-quality content. I'm incredibly bullish about this partnership and confident that together, we can offer more advanced travel technology products for our respective customers.”
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