Heavily funded hotel review site Oyster puts itself up for sale
Skift Take
Oyster has great content, but will potential buyers, such as media companies or hotel sites, really be brave enough to accommodate a business that bills itself as "The Hotel Tell-All?" Many will shy away from this candor because they don't want to offend hotel partners. That being said, critics said from day one that the Oyster's premise of professional reviews was unsustainable, and so far that is turning out to be true.
Hotel review site Oyster, funded with more than $18 million by backers such as Bain and the Travel Channel, is shopping for a banker so it can put itself up for sale, Skift has learned.
The search is in its final stages and Oyster, which offers professional hotel reviews from journalists on staff and from freelancers, has already been discussing its status with potential buyers, we have confirmed.
Oyster co-founder and CEO Elie Seidman declined to comment on the issue.
Lots of funding but not enough traction
Founded in 2008 and having raised more $18.4 million in funding from the Travel Channel, Bain Capital Ventures and Accelerator Ventures, Oyster has a decent product, but has long struggled with developing a sustainable business model. Our understanding is Travel Channel owns the largest share in Oyster, post the $7.5 million funding it put in, as part of the $10 million Series C round in April 2011.
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