Vacasa expands with acquisition of Resort Lodging Company

PhocusWire | December 19, 2019

Vacation rental management platform Vacasa is acquiring Colorado-based Resort Lodging Company for an undisclosed sum. According to the company, the integration of Resort Lodging Company's inventory of about 250 properties in the Steamboat Springs area will be completed in the spring of 2020. Vacasa also adds 11 homeowner associations (HOAs) through the acquisition, a statement says. Resort Lodging Company’s employees and the leadership team are expected to remain with the company after the acquisition. Vacasa says homeowners stand to benefit from its dynamic pricing, marketing and booking expertize.

Spotlight

International online travel agencies provide benefits to many parties – travelers, accommodation providers, and local economies. This paper seeks to explain how this industry works, clarify its benefits, and provide advice on how regulators can work with the industry to ensure the best outcomes for all.

Spotlight

International online travel agencies provide benefits to many parties – travelers, accommodation providers, and local economies. This paper seeks to explain how this industry works, clarify its benefits, and provide advice on how regulators can work with the industry to ensure the best outcomes for all.

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TRAVEL TECHNOLOGY

SKT and Joby Join Forces to Bring Air Taxi Service to South Korea

Joby | February 07, 2022

SK Telecom (NYSE:SKM, “SKT”), South Korea’s leading telecommunications company, and Joby Aviation (NYSE:JOBY, “Joby”), a California-based company developing an all-electric, five-seat aircraft that can take off and land vertically (eVTOL), today announced they will work together to introduce emissions-free aerial ridesharing services to cities and communities across South Korea.SKT’s CEO Ryu Young-sang and Joby’s founder and CEO JoeBen Bevirt signed a strategic collaboration agreement at Joby’s manufacturing facility in Marina, California. The agreement will see the two companies work closely on introducing this revolutionary form of transportation in support of the South Korean Ministry of Land, Infrastructure, and Transport’s “K-UAM” (Korean Urban Air Mobility) Roadmap, first announced in 2020. With a maximum range of 150 miles (241 kilometers), a top speed of 200 mph (321 km/h), and a low noise profile that will allow it to access built-up areas, Joby's piloted aircraft is designed to make convenient, emissions-free air travel an everyday reality. SKT has been promoting the development of urban air mobility by leveraging its expertise in telecommunications, autonomous driving, precise positioning, and security to become a leading company in connected intelligence. As a member of the “UAM Team Korea”, SKT is also working together with other major Korean companies to enhance the nation’s competitiveness in the field. The partners intend to leverage SK’s T Map mobility platform, Korea’s largest mobility platform, and UT ride hailing service to provide multi-modal journeys to customers seamlessly integrating both ground and air travel. UT was established as a joint venture between SKT and Uber in 2021, bringing together SK’s T Map platform and Uber’s ride sharing technology. Joby and Uber have been collaborating since 2019. “By joining forces with Joby, a global leader in this field, we expect to accelerate our journey towards the era of Urban Air Mobility and lead the way on introducing this exciting new technology,” said Ryu Young-sang, CEO of SKT. Collaborating with leading global companies is essential to securing leadership in future industries, which we are confident will be driven by the growth of UAM, autonomous driving, and robots. Joby has spent more than a decade developing the technology behind its aircraft, completing more than 1,000 test flights and becoming the first, and only, eVTOL company to sign a G-1 (stage 4) Certification Basis for their aircraft with the Federal Aviation Administration (FAA). Commenting on the partnership and the opportunity presented by the South Korean market, "We are thrilled to be partnering with the team at SKT who bring a wealth of relevant experience and technology to the table." -JoeBen Bevirt, founder and CEO of Joby With more than 42 million people living in urban areas, South Korea offers a remarkable opportunity for Joby to make air travel a part of daily life, helping people to save time while reducing their carbon footprint. While Joby’s aerial ridesharing service will be operated directly by the company and offered to passengers via the Joby app or the Uber app in core U.S. markets, this announcement reflects Joby’s strategy to partner with local companies committed to delivering exceptional customer service and operational excellence to launch its service in select markets outside the U.S. Images of the signing ceremony are available here. Photos and video footage of the Joby aircraft are available in Joby's Media Kit. About Joby Aviation Joby Aviation, Inc. (NYSE:JOBY) is a California-headquartered transportation company developing an all-electric vertical take-off and landing aircraft which it intends to operate as part of a fast, quiet, and convenient air taxi service beginning in 2024. The aircraft, which has a maximum range of 150 miles (241 kilometers) on a single charge, can transport a pilot and four passengers at speeds of up to 200 mph (321 km/h). It is designed to help reduce urban congestion and accelerate the shift to sustainable modes of transit. Founded in 2009, Joby employs around 1,000 people, with offices in Santa Cruz, San Carlos, and Marina, California, as well as Washington, D.C. and Munich, Germany. To learn more, visit www.jobyaviation.com. About SK Telecom SK Telecom (NYSE:SKM) is Korea’s leading ICT company, driving innovations in fixed & wireless telecommunications, AI service, and digital infrastructure service. Armed with cutting-edge ICT including AI and 5G, the company is ushering in a new level of convergence to deliver unprecedented value to customers. As the global 5G pioneer, SKT is committed to realizing the full potential of 5G through ground-breaking services that can improve people's lives, transform businesses, and lead to a better society. SKT boasts unrivaled leadership in the Korean mobile market with over 30 million subscribers, which account for nearly 50 percent of the market.

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HOSPITALITY TRENDS

A luxury Collection Hotel DiamondRock Hospitality Debuts Hotel Clio in Denver Cherry Creek

diamondrock hospitality | March 17, 2022

DiamondRock Hospitality Company has opened Hotel Clio, a luxury Collection Hotel in Cherry Creek, Denver. DiamonRock's third Luxury Collection hotel is Hotel Clio. As a result, DiamondRock now owns the most Luxury Collection properties in North America. Wilson Ishihara Design, an award-winning studio, was responsible for the design. "Hotel Clio is now the most luxurious hotel in the affluent Cherry Creek community and this repositioning further enhances the strong return on our investment." -Mark W. Brugger, President and Chief Executive Officer of DiamondRock Hospitality Company DiamondRock acquired the hotel, formerly branded a J.W. Marriott, in 2011 for $74 million ($372,000 per key). The $3.6 million of incremental capital to reposition the property into a luxury hotel is expected to generate over a 70% internal rate of return for DiamondRock shareholders. Hotel Clio is projected to generate a stabilized 10.5% yield on our total investment. Importantly, the repositioning is another step forward in DiamondRock's strategic initiative to assemble an exceptional collection of urban lifestyle hotels and experiential resorts.

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TRAVEL TECHNOLOGY

Travel companies ask European regulators to enforce Google dominance decision

Google | November 18, 2020

Travel innovation organizations are pushing for the European Commission to address Google's act of presenting its own administrations as a rule search. In a letter to Margrethe Vestager, magistrate for rivalry, 130 organizations and 28 industry associations, over various areas, request that the Commission "enforce its 2017 abuse of dominance decision." The letter says that Google doesn't contend reasonably in search and has not accomplished by "competing on the merit." The letter proceeds to state that despite the fact that the impending recommendations on the guideline of computerized watchmen may support longer term, the Commission should act currently, utilizing the current system, to address the circumstance. "Many of us may not have the strength and resources to wait until such regulation really takes effect."

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