Travel Technology

Xeniapp Inc. Announces Partnership With CTW

Xeniapp Inc. Announces Partnership
Xeniapp, Inc., the travel technology company, announced  that it has partnered with CTW to build the most sophisticated flight shopping engine in the world for Xeniapp's unique travel operating system.

Xeniapp is transforming the travel industry with its web 3.0 operating system built on a blockchain network. Today, corporate and leisure travel professionals can launch their full-service, web-based travel agency complete with custom booking engine, traveler web portal, CRM, and payment settlement engine. Xeniapp offers a full suite of bookable wholesale travel inventory, including flights, hotels, car rentals, airport transfers, and activities.

"Flight booking is the most complex issue in travel today, with heavy regulation and millions of potential booking configurations. Servicing cancellations and rescheduling of flights is the most time-consuming, costly, and complex problem that the industry faces. By partnering with CTW, our operating system can automate flight reshopping, resolving one of the key pain points for travelers and travel professionals," 

-Sachin Narode, CEO of Xeniapp. 

The CTW platform is the most accurate airline pricing system on the market as evidenced by ATPCo's ratings. It is also the only platform to offer customers two years of historical flight schedules and fares with up-to-the-minute accuracy, a crucial necessity for post-ticketing servicing. CTW offers cost-effective technology, ticket exchange and refund management. CTW enables Xeniapp to automate even the most complex transactions and itineraries that previously required painstaking manual calculations and long customer service calls.

"Partnering with Xeniapp - one of the most innovative travel companies in the world - is extremely rewarding for us. It demonstrates the value that the CTW platform can add for clients who are willing to innovate around the powerful functionalities that we offer. This partnership underscores our belief that future growth in the industry will come from companies that invest in continually improving the user experience and simplifying self-management of even the most complex trips,"

-Andrew Cuomo, Chief Commercial Officer of CTW.

About Xeniapp, Inc.
Xeniapp, Inc., the travel technology company, is based in New York City. Xeniapp's mission is to transform the travel industry by bringing travel software into the 21st century. The company was co-founded by Sachin Narode and Rachel Obenshain.Xeniapp Contact: Rachel Obenshain, President, Xeniapp; email: rachel@xeniapp.com. For more information about Xeniapp, visit https://xeniapp.com.

About CTW
CTW has developed several generations of airline shopping and pricing systems. The CTW Platform provides complete shopping, fares and pricing, reshopping, and ancillaries. CTW connects content providers and retailers worldwide. CTW Platform provides final pricing and repricing for 20% of all ARC/BSP-issued airline tickets in the world and has operations in Europe, North America, Asia and Oceania.For more information about CTW, visit https://ctw.travel.

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Choice Hotels Proposes to Acquire Wyndham Hotels & Resorts for $90.00 per Share in Cash-and-Stock Transaction

PR Newswire | October 18, 2023

Choice Hotels International, Inc. announced a proposal to acquire all the outstanding shares of Wyndham Hotels & Resorts, Inc. at a price of $90.00 per share, payable in a mix of cash and stock. Under Choice's proposal, the $90.00 per share to be received by Wyndham shareholders would consist of $49.50 in cash and 0.324 shares of Choice common stock for each Wyndham share they own. Choice's proposal represents a 26% premium to Wyndham's 30-day volume-weighted average closing price ending on October 16, 2023, an 11% premium to Wyndham's 52-week high, and a 30% premium to Wyndham's latest closing price. In addition, Choice's proposal includes a cash or stock election mechanism, which would provide Wyndham shareholders with the ability to choose either cash, stock, or a combination of cash and stock consideration, subject to a customary proration mechanism. The proposal implies a total equity value for Wyndham of approximately $7.8 billion on a fully diluted basis. With the assumption of Wyndham's net debt, the proposed transaction is valued at approximately $9.8 billion. Choice is making its latest proposal public following Wyndham's decision to disengage from further discussions with Choice, following nearly six months of dialogue. Patrick Pacious, President and Chief Executive Officer of Choice Hotels, said, "We have long respected Wyndham's business and are confident that this combination would significantly accelerate both Choice's and Wyndham's long-term organic growth strategy for the benefit of all stakeholders. For franchisees, the transaction would bring Choice's proven franchisee success system to a broader set of owners, enabling them to benefit from Choice's world-class reservation platform and proprietary technology to drive cost savings and greater investment returns. Additionally, the value-driven leisure and business traveler would benefit from the combined company's rewards program, which would be on par with the top two global hotel rewards programs, enabling them to receive greater value and access to a broader selection of options across stay occasions and price points." "A few weeks ago, Choice and Wyndham were in a negotiable range on price and consideration, and both parties have a shared recognition of the value opportunity this potential transaction represents. We were therefore surprised and disappointed that Wyndham decided to disengage. While we would have preferred to continue discussions with Wyndham in private, following their unwillingness to proceed, we feel there is too much value for both companies' franchisees, shareholders, associates, and guests to not continue pursuing this transaction. Importantly, we remain convinced of both the many benefits of the combination and our ability to complete it," concluded Pacious. STAKEHOLDER BENEFITS The proposed transaction is expected to provide important benefits for both companies' stakeholders – franchisees, shareholders, associates, and guests – that will be particularly significant in the current uncertain economic climate: Franchisees Win with Lower Total Cost of Ownership and Increased Hotel Profitability. Capitalizes on Choice's proven franchisee success system, dedicated to driving incremental topline reservation delivery to hotel owners' properties, while lowering the total cost of hotel operations. Nearly doubles the resources available to spend on marketing and driving direct bookings to franchisees' hotels, lowering the cost of customer acquisition. Establishes an even larger rewards member base on par with the top two global programs in hospitality. Drives more business to franchisees through lower cost direct booking channels, lower customer acquisition commissions and fees, and lower hotel operating costs and technology-driven labor efficiencies, while continuing to determine their own commercial and pricing strategy. Improves the value of franchisees' real estate assets by enhancing applicable cap rates and cash flows resulting from affiliation with the proforma company. Reduces friction by offering guests a broad portfolio of brands across segments, no matter their stay occasions, within a single system. Promotes increased investment and innovation in proprietary technology systems, processes, and training at the hotel and corporate level, which drives returns for Choice franchisees. Creates an opportunity to replicate the tremendous success of Choice's recent acquisition of Radisson Hotel Group Americas. During the integration of the nearly 600 Radisson Americas hotels into the Choice platform, Radisson's franchisees have already meaningfully benefited from increased guest traffic to direct and digital channels, improvement in conversion rates, and access to more corporate accounts, among other benefits. Shareholders Win with Superior Value Creation. Represents a 26% premium to Wyndham's 30-day volume-weighted average closing price ending on October 16, 2023, an 11% premium to the 52-week high, and a 30% premium to the latest closing price. Anticipates meaningful annual run-rate synergies, estimated at approximately $150 million, through the rationalization of operational redundancies, duplicate public company costs, and topline growth potential. Enables Wyndham shareholders to benefit from Choice's historically 3x higher EBITDA multiple on a go-forward basis and receive deferred tax treatment on their stock consideration. Creates additional capacity to further support Choice's revenue intense strategy, ultimately helping drive growth across its organic revenue levers. Generates predictable high free cash flow through an asset-light, fee-for-service model, providing resiliency through all economic cycles and enabling additional investments for future growth. Offers Wyndham two seats on the combined company's board and Wyndham shareholders the opportunity to participate in the significant upside potential of the combined company. Cash/stock consideration mechanism enables Wyndham shareholders to choose between immediate upfront proceeds or long-term value creation, subject to a customary proration mechanism. Guests Win with More Lodging Options and Value. Creates a combined rewards program on par with the top two global programs in hospitality and will offer best-in-class program benefits through partnerships and compelling hotel redemption options. Builds a global network of brands and hotels that meets the needs of the value-driven traveler across geographies, stay occasions and price points, supported by a seamless reservation system that provides guests with a more effective and efficient booking and shopping experience. Improves data analytics, enabling the combined company to personalize communications and tailor recommendations to best meet the needs of the up to 160 million combined rewards program members. Associates Win with Expanded Opportunities and Increased Stability. Offers the ability to retain and attract "best-in-class" talent to one of the world's premier hotel companies focused on employee well-being, bringing together a wide range of experience and deep industry expertise. Provides more opportunities for advancement and career growth as part of a larger, more diversified organization. Combines two performance-driven cultures with a continued emphasis on associate development and growth. RECENT ENGAGEMENT OVERTURES Choice has been engaging with Wyndham for nearly six months. In April 2023, Choice sent its initial letter to Wyndham regarding a potential transaction, proposing to acquire Wyndham for $80.00 per share, comprising 40% cash and 60% Choice stock. The proposal represented a 20% premium to the closing price of Wyndham common stock on April 27, 2023, and a 19% premium over Wyndham's 30-day volume-weighted average share price as of such date. Wyndham rejected the proposal and refused to engage in further discussions. In the days and weeks thereafter, Choice continued to attempt engagement with Wyndham, increasing its proposal to $85.00 per share, comprising 55% cash and 45% Choice stock, explaining that further discussions could clarify Wyndham's hesitation to proceed with negotiations. The companies' respective Board Chairs and CEOs then met in person, and following that meeting, Choice improved its proposal yet again. Choice made its best and final offer which represented an increase of the per-share consideration to $90.00, comprising 55% cash and 45% Choice stock. In September 2023, the Choice and Wyndham Board Chairs continued engagement, along with each of their respective financial and legal advisors. Wyndham acknowledged the strategic rationale of the proposal and that terms were within a negotiable range but raised questions regarding the value of Choice stock and timing for obtaining regulatory approvals. In response, Choice proposed to enter into a one-way, short-term non-disclosure agreement to facilitate Choice providing information that would address Wyndham's concerns (a draft of which was subsequently sent to Wyndham) and made its external counsel available for several discussions. However, during a follow-up call between the Chair of each company's Board and their respective advisors, Wyndham made clear their unwillingness to proceed with further discussions. FINANCING, CONDITIONS AND APPROVALS Closing of the contemplated transaction would be subject to satisfaction of customary closing conditions, including receipt of required shareholder and regulatory approvals. Choice would not make this offer if it were not confident that its franchisees and guests would embrace the proposed combination and that the transaction would receive applicable regulatory approvals in due course. The cash portion of the purchase price is expected to be funded with a combination of cash on hand, as well as proceeds from the issuance of debt securities. Choice is highly confident in its ability to obtain fully committed financing based on indications from two separate bulge bracket global banks for the entire cash portion of our proposal. Strong free cash flows will allow for continued investments in the proforma business and rapid deleveraging of the balance sheet. About Choice Hotels Choice Hotels International, Inc. is one of the leading lodging franchisors in the world. Choice® has nearly 7,500 hotels, representing almost 630,000 rooms, in 46 countries and territories. A diverse portfolio of 22 brands that range from full-service upper upscale properties to midscale, extended stay and economy enables Choice® to meet travelers' needs in more places and for more occasions while driving more value for franchise owners and shareholders. The award-winning Choice Privileges® loyalty program and co-brand credit card options provide members with a fast and easy way to earn reward nights and personalized perks.

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Travel Technology

Hyatt Expands Luxury and Lifestyle Portfolio Across the Americas

Hyatt Hotels | September 22, 2023

Hyatt Hotels Corporation embarks on a strategic expansion journey with over 30 luxury and lifestyle hotels planned for the Americas by 2025. The brand's rapid growth includes doubling luxury room inventory and increasing lifestyle rooms, making it a premier choice for high-end travelers. The strategic acquisitions of Mr & Mrs Smith and Dream Hotel Group enhance Hyatt's offerings for members of the World of Hyatt. The Hyatt Hotels Corporation has strengthened the brand with ambitious plans to expand its luxury and lifestyle presence throughout the Americas. With a robust development pipeline encompassing more than 30 planned hotels and resorts slated for completion by 2025, Hyatt is poised to make a significant impact. This strategic initiative includes venturing into new markets, reflecting the company's unwavering commitment to enhancing its brand offerings. Over the past half-decade, Hyatt has achieved remarkable milestones on a global scale, including doubling luxury room inventory, tripling the number of resort rooms, and quadrupling the availability of lifestyle rooms. The momentum behind this growth shows no signs of abating. Hyatt now proudly stands as the fastest-growing luxury portfolio, with luxury, lifestyle, and resort properties constituting over 40% of its extensive portfolio. This success solidifies Hyatt's position as the ultimate choice for discerning high-end travelers seeking unparalleled experiences. This brand expansion has new properties in sought-after destinations, including the Hyatt Centric Santo Domingo in the Dominican Republic, Cas en Bas Beach Resort in Saint Lucia, and Hyatt Centric Querétaro in Mexico. Additionally, Hyatt is introducing Boundless Collection hotels, featuring Thompson Hotels in various U.S. and Mexican locations. Timeless Collection hotels will offer a home away from home experience, with Park Hyatt Los Cabos in Mexico and Grand Hyatt Scottsdale in Arizona among the highlights. The Inclusive Collection will welcome new resorts in the Caribbean and Mexico, including Secrets St. Lucia Resort & Spa and more. Several luxury and lifestyle Hyatt hotels have recently opened in the Americas, with exciting additions like Andaz Mexico City Condesa and Dreams Flora Resort & Spa in Punta Cana. The Fordson Hotel in Oklahoma City will soon join The Unbound Collection by Hyatt. Hyatt's transformative growth journey extends further through strategic acquisitions that enhance the offerings for its valued guests and members. The recent acquisition of Mr & Mrs Smith, a global travel platform renowned for its curated collection of boutique and luxury properties, is a testament to Hyatt's commitment to delivering exceptional experiences. This move significantly enriches the choices available to World of Hyatt members, providing them with an even more comprehensive array of rewarding stays and memorable experiences. In addition to this, Hyatt's earlier acquisition of Dream Hotel Group in early 2023 has opened up new horizons for World of Hyatt members, enabling them to access an expanded portfolio of stay options and lifestyle experiences in vibrant destinations like Nashville, Hollywood, South Beach, and New York City. Additionally, this acquisition catalyzes Hyatt's brand expansion into an emerging leisure market in Mexico, with the upcoming Dream Valle de Guadalupe (slated for 2024). Nestled across 35 sprawling acres in the picturesque Baja California region, this property will feature a sprawling vineyard, 61 well-appointed guestrooms and villas, a luxurious spa and wellness facility, and a trio of vibrant dining and nightlife venues, including an exclusive tasting room and pool bar.

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Travel + Leisure Co. and Sports Hospitality Unveil Sports-themed Resorts

Travel + Leisure Co | September 25, 2023

Travel + Leisure Co. collaborates with Sports Hospitality Ventures to launch sports-themed resort complexes near college towns. Introducing the Sports Illustrated Resorts vacation club, uniting sports enthusiasts and offering flexible bookings and amenities. Sports Illustrated Resorts unveils residences, with fractional and wholly owned condominiums managed professionally. Expansion plans include chic beach clubs and experience parks, with a Tuscaloosa resort expected to open in late 2025. Travel + Leisure Co, a membership and leisure travel company, has partnered with Sports Hospitality Ventures, LLC, the hotel and resorts licensee for the esteemed Sports Illustrated brand in North America and the Caribbean. Together, they introduce an innovative vision for a series of sports-themed resort and lifestyle complexes strategically situated in vibrant college towns catering to passionate fan communities. A novel addition to the Sports Illustrated Resorts portfolio is the vacation club. This innovative concept aims to unite fervent sports fans, friends, and families by elevating their accommodation experience. Club members will enjoy the flexibility to make repeat resort reservations and access a variety of amenities across the expanding Sports Illustrated Resorts portfolio. This endeavor is made possible through the partnership of Travel + Leisure Co., leveraging its expertise in managing brand collaborations. Additionally, Sports Illustrated Resorts introduces residences, offering fractional and wholly owned condominiums managed professionally through the collaboration. The residences promise a range of signature services and amenities in line with the active lifestyle theme of Sports Illustrated Resorts. The inaugural college town resort in Tuscaloosa, Alabama, is just the beginning, with plans for further expansion fueled by the collaboration between Sports Hospitality Ventures, Authentic Brands Group, and Kituwah LLC, representing the Eastern Band of Cherokee Indians, who have committed $320 million to propel the growth of the Sports Illustrated Resorts brand. With a vision to deliver immersive experiences celebrating the iconic moments of Sports Illustrated's outstanding history, Sports Illustrated Resorts has become a destination beyond conventional lodging. The resorts' unique design will transport guests and owners into the heart of sports culture, with diverse attractions, live sports and entertainment, fine dining, and wellness facilities. While the initial focus is on university locations, the broader portfolio will extend to chic beach clubs and experience parks in prime leisure destinations. Sports Illustrated Resorts is adopting an asset-light development financing model for its expansion, with the Tuscaloosa resort anticipated to welcome guests in late 2025. While Travel + Leisure Co. foresees no immediate earnings impact, it anticipates this venture will drive incremental growth from the latter half of 2025 onwards.

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