Innovation

💾 Hostaway, a vacation rental software company, secured a $365 million investment led by General Atlantic with PSG Equity participation. Founded in 2015, the company serves properties in over 90 countries with over 230 employees from 44 countries. Hostaway's marketplace includes over 200 partners. The investment, the largest in its segment to date, aims to fund international expansion, product development, and AI initiatives. The short-term rental sector is a $133 billion market, growing at 12% CAGR, serving over 21 million properties globally. Hostaway is also expanding in France, Italy, and Spain.

💸 Author: Vanshikha Dhar. Published on: December 19, 2024. Hotel business intelligence tools help hotels transform complex data into actionable insights, aiming to boost revenue, enhance guest experience, and optimize operations.

🏨 Mews focuses on enhancing hospitality by allowing staff to create meaningful moments with guests through technology that supports operational efficiency and human connection. Mews Kiosk simplifies check-ins/out, while automation captures guest preferences. Mews for Salesforce integrates PMS with CRM for personalized experiences. AI chatbots offer 24/7 support, maintaining brand voice warmth. Mews streamlines operations, improving time management and payment success. Mews supports sustainability through efficient data reporting, aligning with guest demands for eco-conscious stays.

🏨 Boom, an AI Property Management Software, announced on 17 December 2024, in Miami, FL, that it is expanding into the boutique hotel sector. The platform offers far-reaching automation allowing small to medium-sized hotels to compete with larger chains by streamlining operations and focusing on guest experience. Features include 24-hour guest messaging, negotiations by an AI sales agent, maintenance scheduling, AI-powered reporting, and review management. Founded by Shahar Goldboim, Boom aims to revolutionize hospitality using AI. Press contact: Madeleine Parkin (+34 684 218 737) and Stewart Paterson (+44 7387 314249). For more info, visit www.boomnow.com.

🏨 Mews experienced a 51% increase in monthly recurring revenue (MRR) from November 2023 to November 2024, processing over €10 billion in payments. The company secured $110 million in funding, reaching a valuation of over $1.2 billion, attaining unicorn status. Thousands of new hoteliers joined Mews, including major brands like BWH Hotels and Staypineapple. The Mews team grew to 1,217 employees and completed four major acquisitions. Mews also made its presence felt at numerous events, including the largest Unfold ever in Amsterdam, and celebrated multiple industry awards in 2024.

🏗 Hostaway, a vacation rental software platform, announced a strategic growth investment of $365 million led by General Atlantic and PSG Equity on December 17, 2024. With properties across 90 countries, the investment follows Hostaway's $175 million fundraise in 2023, marking the segment's largest capital raise. The company, founded in 2015 and managing over 230 employees in 44 countries, aims to use the investment for international expansion, product development, and AI initiatives. Hostaway has also secured high partnership designations with Airbnb, VRBO, and Booking.com, and offers a fully remote workforce. The short-term rental sector is valued at $133 billion GMV and has grown at a 12% CAGR over the last decade.

📱 Danica Smith, Founder of MorningStar GX, discussed enhancing the guest experience using technology in hospitality on Dec. 19, 2024. Key insights include focusing on guest satisfaction, the importance of simplicity in tech adoption, the value of beta testing, viewing tech providers as partners, the impact of industry acquisitions on integration, and advice on evaluating tech partners. 🏨

🏨 Nearly 65% of hotel guests feel digital signage solutions enhance their stay, prompting hoteliers to consider updating these technologies. Digital signage, equipped with various sizes and features, ensures consistent staff service and entertains guests. Optimal placement for staff communication includes areas where employees convene. For guests, large dVLED displays in lobbies or restaurants provide information and ambiance, elevating the experience and potentially increasing revenue by keeping guests on-site.

💻 When pitching IT projects, Tudgay and Li emphasize understanding the audience; owners care about different aspects like innovation, security, or profitability. Li's approach at JC Resorts, learned from a 20-year tenure, stresses instilling confidence by demonstrating immediate tech improvements, like upgrading to Outlook. Previously, the company had zero tolerance for wasting money on technology, but Li's success led to significant trust and million-dollar IT project budgets. Presenting ROI and thorough preparation are crucial to secure leadership and operations buy-in before budget meetings.

🚀 beOnd, the first premium leisure airline, has partnered with ZYTLYN Technologies to accelerate growth via AI-driven marketing, which could boost ROI by up to 350%. The technology provides predictive analytics for strategic planning and autonomous marketing orchestration. Dhaz Hunjan, CCO of beOnd, emphasizes innovation for customer experience, while ZYTLYN's Houman Goudarzi notes AI's revolutionary role in the industry. The platform allows integration with revenue management for enhanced control.