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Online Group Booking Platforms Take Center Stage
This week’s update prominently features news related to online group booking platforms in the hospitality industry. Wyndham is the latest major hotel chain to adopt Groups360’s GroupSync booking platform. Marriott previously made a similar announcement. The platform allows users to view, select, and book blocks of guest rooms and meeting spaces online or via Groups360’s “Smart RFP.” Wyndham properties will soon be available via Smart RFP and later this year via GroupSync’s online platform.
In other news, CVENT, a group booking lead generator and booking platform, is set to go private with Blackstone’s acquisition for approximately $4.6 billion. The purchase provides another example of Blackstone’s continued belief in and investment focus on the recovery of the events and travel industries. It remains to be seen whether this change in ownership will result in any meaningful improvements in CVENT’s relationship with its largest hotel operator customers, particularly as Groups360 continues to announce corporate-wide partnerships with the industry’s largest players.
Social Media Influencers and the Importance of Direct-to-Consumer Relationships
An interesting report on the growing importance of social media and travel influencers was published on phocuswire.com. The goal of travel industry marketers has always been to build efficient direct-to-consumer relationships by cost-effectively expanding brand reach, enhancing traveler engagement, and maximizing customer lifetime value. However, the disruption of data privacy regulation is impairing digital advertising’s relevance, which further elevates the importance of direct consumer relationships. As a result, the report highlights the growing importance of social media and influencers in the travel industry, and how marketers must adapt their strategies and prioritize building these relationships in the new landscape.
Wyndham Hotels and Resorts Brings Multi-Room Bookings Online
Wyndham Hotels & Resorts announced a new agreement with Groups360 to bring online multi-room bookings to Wyndham hotels in 2023. Powered by GroupSync, Wyndham hotels will have the opportunity to integrate the platform with their hotel reservation systems. This move further expands Wyndham’s commitment to an enhanced guest experience and improved efficiency for their guests and hotel operators.
Cvent Agrees to be Acquired by Blackstone
Meetings technology company Cvent has agreed to be acquired by an affiliate managed by private investment firm Blackstone for approximately $4.6 billion. Once completed, Cvent will become a privately held company again, and its common stock will no longer be publicly listed. This acquisition is another example of Blackstone’s continued investment in the events and travel industries, and the future growth potential of these sectors.
Welcome to Our Newest Team Member
We are proud to announce Erin Snodgrass as the newest member of our hospitality team. Erin brings over 20 years of experience from forming and leading her own women-owned law firm, representing a number of hospitality and travel industry clients, including Starwood, Expedia, Egencia, Amex GBT, and technology clients such as Microsoft and Amazon. Her expertise and experience will be a valuable addition to the team and enhance our capacity in areas such as privacy, sales and marketing, distribution, and procurement.
