Innovation

📍 Travel Tech Essentialist introduced "Deep Dives," a new series focusing on influential travel tech companies, with Dharma being the first featured company. Dharma, a travel company that curates passion-led journeys, was established in Abu Dhabi and joined Mubadala’s Hub71 program. Charaf El Mansouri, Dharma's founder, aims to offer unique travel experiences, transforming travel into secular pilgrimages, a concept which allows non-travel professionals to plan and sell trips. Dharma's strategy includes creating 'unique content' with over $10.5 million in funding, $5 million in listed supply, growing at 25% per month, and partnering with more than 150 hosts. By 2026, Dharma aims to build a $1 billion inventory of unique travel content. A Thrillist survey found that 72% of Gen Z and Millennials consider travel core to their identity, and 88% view it as essential for personal growth. Dharma targets $6 million in revenue for 2024, leveraging influencers and creators to expand into new markets. They charge an 18%-25% commission on bookings, focusing on trust with creators, guests, and operators.

💻 A study by Hospitality Technology found 68% of hoteliers see digital transformation as essential for growth. Unplanned downtime costs average $5,600 per minute, with hospitality breaches reaching $3.86 million per incident. By 2025, IDC predicts 80% of hospitality businesses will use cloud-based systems. 76% of hoteliers intend to invest more in integrations, and frequent software deployments are linked to a 40% higher likelihood of achieving business goals. Mews deployed 150 product releases in 2023.

💸 IDeaS G3 RMS Certified User credential introduced in 2021 for users with six months of IDeaS G3 RMS experience. The certification process, no longer requiring proctored exams or three-year renewals, involves a 110-minute exam within a 24-hour period. Benefits for certified individuals and companies include maximizing system value, validating expertise, proving credibility, efficiency improvement, problem-solving enhancement, data-driven decision-making, and recognition. IDeaS offers ongoing learning opportunities to stay current with evolving revenue management practices. Ready to stand out in revenue management? Embrace the IDeaS G3 RMS certification.

📊 Cloudbeds Insights, a hospitality-focused business intelligence (BI) solution, addresses the inefficiencies of generic BI tools. It is integrated into the property management system for real-time data access, custom reports, and multi-property performance analysis. Jackson Chin, Senior Product Manager at Cloudbeds, highlights the in-house development and robust data strategy of Cloudbeds Insights that prioritizes hotelier needs. Features include open API, customizable dashboards, collaborative capabilities without per-user pricing, and native multi-property reporting, making it a unique offering for hotel management.

💸 Cendyn, a hospitality cloud-based tech firm, acquired Knowland, a leading U.S. meetings/events data service provider. Knowland's intelligence covers over 7,500 hotels in the USA and some international markets. The deal, supported by Haveli Investments and Accel-KKR, aims to boost MICE bookings and streamline sales. The acquisition pairs Knowland's data with Cendyn's Sales CRM, Proposals, and Grouprev platforms, promising a complete booking solution for hoteliers. U.S. Travel Association forecasts business travel to regain 95% of its 2019 level by 2024, aligning with Cendyn's growth strategy.

🏢 Cendyn, a hospitality cloud-based technology company, acquired US-based Knowland, a leader in meetings and events intelligence. Knowland offers data from over 7,500 US hotels and select international markets, enhancing hotel sales prospecting and group bookings. Earlier this year, Cendyn welcomed Haveli Investments, focusing on technology firms, to its private equity portfolio. The acquisition promises innovation for the hospitality industry, uniting Knowland's data with Cendyn's Sales CRM, Proposals, and Grouprev platforms. US Travel Association predicts business travel will reach 95% of its 2019 peak by 2024.

📣 Cloudbeds, based in San Diego, CA, partners with Mirai to enhance hotel bookings and marketing. This strategic collaboration combines Cloudbeds' global hospitality network with Mirai's technology, potentially driving higher revenue for hoteliers. Cloudbeds, founded in 2012, has been honored by Hotel Tech Report and World Travel Awards, and recognized in Deloitte’s Technology Fast 500 in 2023. Mirai, with 25+ years in the industry, serves over 3,900 hotels worldwide, focusing on maximizing direct sales.

📈 Condor Ferries’ stats show 82% of 2018 travel bookings were online. In 2023, 72% of travelers preferred online booking. Statista forecasts that by 2026, online sales will constitute 73% of travel and tourism revenue. Annually, 148.3 million travel reservations are made online. Social media influences 75% of travelers. 90% of travelers are swayed by online reviews, with 95% of those being positive. AI's importance in travel is recognized by 97.8% of executives, with 33% of consumers using virtual travel assistants.

📆 Encora, a leading technology solutions provider, sponsors the 2024 Hotel Visionary Awards. The 19th annual awards celebrate innovation and leadership in hotel technology. Winners will be honored at the HTF event, Nov. 18-20 at the Terranea Resort, Calif. Hospitality Technology’s VP, Abigail Lorden, aligns Encora's innovation commitment with their goals. Encora's President, Roberto Martinez, sees the partnership as a motivator for industry excellence and collaboration. The event addresses technological evolution in the hospitality customer journey.