News Briefs
- 12/17/2024
Hostaway Announces $365 Million Strategic Growth Investment Led by General Atlantic
Hostaway, an all-in-one vacation rental software and management system, announced it has secured a $365 million strategic growth investment led by General Atlantic, a leading global growth investor, with participation from existing investor PSG Equity. Hostaway plans to partner with General Atlantic and PSG Equity to further propel its growth strategy, including international expansion, product development, and AI initiatives. Upon completion of the transaction, General Atlantic and PSG Equity will both be significant minority shareholders in Hostaway, and the investment will mark the largest transaction to date in Hostaway’s market segment.Founded in 2015 by Marcus Räder, Saber Kordestanchi, and Mikko Nurminen, Hostaway enables short-term rental owners and managers to automate and simplify property management. The company helps property managers scale and grow their businesses through one platform with hundreds of API connections and integrations. General Atlantic’s investment follows a period of significant company growth, with Hostaway benefitting from PSG Equity’s backing since 2023. Today, the company’s integrated marketplace boasts over 200 marketplace partners, curating premier vacation rental software and tools within the industry for customers with properties in over 90 countries. Hostaway’s fully remote workforce includes over 230 employees across 44 countries.As a comprehensive vacation rental software and management system, Hostaway allows short-term rental property owners and managers to manage all aspects of their vacation rental business, including across:- Property Management: Easy-to-use property management system for vacation rentals to measure performance and manage inquiries, recurring guests, distribution channels, owners and staff in one place.
- Channel Management: Hostaway's proprietary channel manager is the core of the platform, providing sophisticated two-way API connection to all major online travel agencies, including Airbnb, VRBO, Booking.com, Expedia, TripAdvisor, Marriott, and Google Travel.
- AI: Powerful tools that enhance your listings and guest communications - includes AI suggested message responses, enhanced listing descriptions for SEO, and more.
- Automation Tools: Automates repetitive tasks with automated messages, reviews, tasks and payments.
- Analytics & Reporting: Customizable reports give property managers valuable insights into their business.
- Communication: All the communication tools a property manager needs, with an industry-leading unified inbox with support for email, text messages, and WhatsApp.
- Marketing: Market properties with easy booking website set up, WordPress plugin, coupon management, website builder, and direct booking tools.
- Operations: Supports daily operations with automation and features such as guest invoicing, flexible payment processing, and task management services.
Hostaway became the first property management and channel management software company to earn the highest partnership designations from the three leading online travel agencies – Airbnb, VRBO and Booking.com – and it also currently has preferred relationships with Google, Expedia, and Homes & Villas by Marriott.The company has recently launched a range of tools and add-ons to further address customer needs, including Dynamic Pricing by Hostaway, an automated solution to help customers maximize revenue; Hostaway Capital, to provide flexible loans specially catered to the property management sector; Hostaway Insurance, to provide coverage for property damage during a rental period; and Smart Lock integration to further streamline the property management and guest experience. Hostaway has also integrated AI in its automation tools to support property owners and managers across guest messaging, content creation, and language translation.The short-term rental sector is a $133 billion GMV market that has grown at 12% CAGR over the last decade and currently serves over 21 million short-term rental properties globally¹. The market continues to professionalize with a growing number of property managers seeking software solutions to help expand and manage their increasingly complex businesses. Hostaway continues to capitalize on these global tailwinds and demand through geographic expansion to key markets – including building upon its presence in France, Italy, and Spain – and intends to leverage General Atlantic’s expertise in scaling companies at the intersection of vertical software, integrated payments, and the travel and hospitality sector globally.“We are excited to partner with General Atlantic, a firm with deep global experience in our sector,” said Marcus Räder, CEO and Co-Founder of Hostaway. “This transaction is a critical milestone that will enable Hostaway to expand our commitment to delivering continued product innovation and invest further in AI-driven tools as we support our customers in growing and managing their businesses. Also, we are excited to leverage this investment to further expand our footprint across the world, especially in key markets like France, Spain, and Italy. We have identified like-minded and decisive partners in General Atlantic and PSG Equity and are thrilled to collaborate with them on the next stage of our journey.”“Hostaway has emerged as a category leader with a differentiated product addressing the distinct needs of short-term rental property managers, a dynamic and growing industry,” said Raph Osnoss, Managing Director at General Atlantic. “We greatly admire the company’s high velocity of innovation and dedication to supporting its customers, and we look forward to working with this impressive team.” Matthew Dorr, Principal at General Atlantic, added, “We believe Hostaway is poised for continued growth, and we are thrilled to work alongside PSG to support the company across a number of value creation initiatives.”“Our journey with Marcus and the wider Hostaway team began in 2023 and we have continued to be impressed with the quality, offering and strong growth of the platform,” said Edward Hughes, Managing Director at PSG. “Hostaway has already grown three-fold since making our investment, which is a testament to the company’s deep expertise in the short-term rental property space and the strong global customer demand for its products. There is a lot to be proud of and we are excited to continue to support Hostaway in this next chapter alongside General Atlantic.”William Blair and Cambon Partners acted as financial advisors to Hostaway. - 12/17/2024
Visito Surpasses 2 Million Guest Interactions
Visito, a leading conversational AI platform for independent hotels, today announced that its comprehensive guest communication platform has facilitated over two million interactions in 2024.
The company’s AI-powered messaging tools enable independent hotels to boost guest engagement and provide real-time assistance with minimal human intervention. Launched with the mission to streamline guest communication, the platform helps hoteliers manage high message volumes, automate repetitive responses, and overcome language barriers.
Pormer Sarram, CEO of Visito, said: “Reaching two million guest interactions this year is a testament to the value we bring to independent hotels. Through conversational AI, we’re equipping hoteliers with fully automated tools to improve guest engagement and scale their operations. This milestone reflects both the demand for cutting-edge AI solutions in hospitality and the trust our partners have in Visito.”
Visito empowers hotels to resolve 97% of guest messages across popular channels such as WhatsApp, Instagram, and Messenger. By reducing manual effort and operational costs, the platform delivers substantial efficiency gains while elevating guest satisfaction.
With customers in 15+ countries, Visito now serves more than 150,000 guests globally. The platform integrates seamlessly with leading property management systems, helping hotels to minimize support costs, increase direct bookings, and enhance the overall guest experience.
- 12/17/2024
AiPMS Now Available to Boutique Hotels
Boom, an AI Property Management Software (AiPMS), announced its expansion into the boutique hotels sector.The entry marks the first time an entirely AI-powered platform has been made available to boutique hoteliers, unlocking unparalleled efficiency, cost savings, and guest experience enhancements.Combining fully integrated operational software and a completely autonomous AI workforce, Boom now enables small to medium-sized hotels to offload repetitive tasks, allowing staff to focus on delivering a best-in-class guest experience.From an AI sales agent capable of negotiating on rates to automated room allocation; from maintenance dispatching to guest communication when something goes wrong, Boom is equipped to handle any situation faster than a human agent.The platform's far-reaching automation also means boutique hotels are better able to compete with larger chain operators. With tools that eliminate the need for multiple third-party applications and automate labor-intensive tasks, Boom’s AiPMS allows boutique hoteliers to focus on delivering exceptional service while keeping overheads low.The capabilities of Boom’s AiPMS include:- Guest messaging 24 hours a day: a lifesaver for boutique hotels without a 24-hour front desk — and connected to your central PMS to create maintenance tasks, staff follow-ups, and personalization for guests.
- AI sales agent: an AI trained on your policies and room information capable of selling to and negotiating with guests in any language, increasing occupancy at the best rates.
- Maintenance and scheduling: removing the headaches of manually working out the best times to perform tasks.
- AI-powered reporting: AI can process information much faster than a human, allowing hoteliers to pull out the most important data on their performance in an instant.
- Review summaries and follow-up: Boom reads and summarizes reviews, creating follow-up tasks for the relevant staff and responding to guests.
Boom was founded by Shahar Goldboim, an experienced property manager who draws on his experience managing a 150-strong rental portfolio to revolutionize the hospitality sector using AI.Shahar Goldboim, CEO and founder of Boom, commented:“The boutique hotel industry thrives on its ability to deliver personalized, human experiences and technology should amplify that strength, not complicate it.“An AI revolution is already underway in the short-term rental sector, which has embraced the tech with open arms. Now, boutique hoteliers have the opportunity to harness the same cutting-edge tools that have transformed operations, streamlined operations, and elevated the guest experiences in other areas of hospitality.“Boom’s entry into the sector means we can now empower boutique hotels to focus on what they do best: creating unforgettable stays.” - 12/17/2024
HBX Group launches an AI ‘Trainer’ to Streamline and Optimize Training for Customer Service Professionals
HBX Group, an independent B2B TravelTech company, has launched an artificial intelligence (AI) solution designed to improve the training of customer service agents. The system simulates conversations with customers, allowing them to practice in realistic environments and prepare more effectively for real interactions.
The AI trainer can generate conversations in 13 languages and adapt to hundreds of different customer service scenarios. In addition, it offers a choice of four levels of difficulty, from beginner to experienced agents, providing personalized and scalable training. Not only does this facilitate self-paced training, but it also reduces the need for trainer supervision, allowing trainers to focus on valuable tasks such as data analysis and improving team performance.
‘The AI ‘trainer’ is a game-changer for customer service,” says Xabi Zabala, Chief Operations Officer of HBX Group. “It helps agents simulate a multitude of realistic situations and gain confidence much faster. They are better prepared to deliver excellent service, which improves customer experience.”
HBX Group plans to expand the use of this technology to other operational and commercial areas, with a secure and efficient deployment to lead the forefront of innovation in the TravelTech sector.
- 12/17/2024
Americans Set Their Sights on Travel in 2025 as Budgets and Loyalty Soar
Accentuated by upticks in brand loyalty and outbound tourism, Americans expressed their strong appetite for travel in the “Winter Edition” of MMGY’s Portrait of American Travelers® study released today. A quarterly examination of the evolving habits, preferences and behaviors of today’s U.S. travel consumers, the survey found that nearly 8 in 10 U.S. adults plan to take a vacation in the next 12 months, a 7% increase since winter 2023.
Americans are eager to explore in 2025, with plans to spend significantly more and take more trips in the year ahead as the average vacation budget climbs to $5,051 and travel frequency rises to 4.1 trips per person.
“Americans’ intent to travel is reaching its highest level in almost four years, eclipsing even the spikes we saw in the immediate post-pandemic surge,” said Simon Moriarty, MMGY Travel Intelligence’s Vice President of Research and Analytics. “Our survey found that Americans are increasingly devoting larger portions of their disposable incomes to vacations, signaling a conscious choice to prioritize experiences and a robust commitment to travel in 2025."
Additional highlights from the report follow.
Brand Loyalty: Signaling the rising importance of driving repeat business, the survey identified a significant increase in brand loyalty across all sectors – with airlines and hotels witnessing extensive growth in their loyalty program memberships. Hotel loyalty program members grew 6% since 2023, while airlines observed an even larger growth of 8%.
Shifting Influences: Though their perceived authenticity may be waning over time, social media content creators and influencers were found to be more influential than celebrities when it comes to travel decisions. More than half (51%) of respondents said that they had been influenced “somewhat” or “a great deal” by influencers, compared to 41% by celebrities.
Traveling Abroad: Interest in international travel over the next six months is at its highest level since 2020, with far more travelers than in previous years planning trips between November and April. The low-cost and less-crowded nature of off-peak vacations continues to be alluring to American travelers.
Featuring these findings and more, the “Winter Edition” of Portrait of American Travelers® is now available for purchase or as part of an all-access subscription to MMGY’s Intel Library. To learn more, visit store.mmgyintel.com.
- 12/17/2024
AI-Powered Hotel to Debut at CES 2025
Otonomus, an AI-driven technology and hospitality company, announces its flagship Otonomus Hotel in Las Vegas will exhibit at CES 2025, showcasing what it believes to be the first AI-powered hotel. The company will demonstrate how they blend AI, attribute-based booking, and personalized guest services to CES attendees at their booth in Tech East, LVCC, North Hall, Grand Lobby, and Level 1 Meeting Rooms — 8543.Otonomus’ presence at CES 2025 highlights the growing importance of AI in the hospitality sector and its potential to address long-standing industry challenges. Philippe Ziade’s approach as the Founder and CEO of Otonomus combines the flexibility of short-term rental platforms with the impeccable service of luxury hotels, all driven by AI technology to deliver unparalleled personalized guest experiences.The Otonomus booth will showcase FIRO and KEE by Otonomus Technology, the company's proprietary AI systems:- FIRO is an advanced management dashboard and AI-powered booking engine, featuring smart booking that optimizes operations through dynamic room allocations and pricing to maximize revenue and deliver tailored experiences.
- KEE is an AI-powered mobile app that serves as a digital key and personal concierge, managing guests' entire stay while adapting to individual preferences for a personalized experience.
"CES has always been at the forefront of technological innovation, and we're honored to bring the future of hospitality back to this prestigious event," said Philippe Ziade, Founder and CEO of Otonomus. "Our AI-powered hotel concept represents a paradigm shift in how travelers experience accommodations, setting a new standard for guest satisfaction and operational efficiency in the hospitality industry."With Otonomus Technology, guests can personalize their stay by customizing room configurations, selecting amenities, and enjoying real-time services tailored to their preferences. Through KEE, they can also track energy usage, participate in a rewarding loyalty program, and reduce their environmental footprint."We're not just showcasing a hotel; we're presenting a vision for the future of travel," explained Ziade. "Our exhibition at CES 2025 will demonstrate how Otonomus is reinventing hospitality by delivering exactly what each guest wants, every time they stay with us."Otonomus invites all CES attendees to visit their booth and experience the future of hospitality firsthand.
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