This deal undoubtedly won't go down as one of the largest of 2022, but it shows the continued interest in investing in hospitality technology. Even Jerry Jones can recognize an interesting deal.
An investment fund tied to Dallas Cowboys owner Jerry Jones made a significant investment in a property management system for independent hotels and vacation rentals, TravelNet Solutions, Skift has learned.
The firm, Blue Star Innovation Partners, which has made recent investments in payment systems and counts the Cowboys owner, as well as Jerry Jones Jr. among its leadership, is based at Cowboy World Headquarters in Frisco, Texas.
Reached by phone, TravelNet Solutions CEO Ryan Bailey declined to detail the terms of the deal, but added: “It was a very large investment at a large valuation.”
In an email obtained by Skift that informed customers of the deal, Bailey, who founded the company with his brother Charles in 2002, wrote that TravelNet’s estimated 2022 revenue would be around $27.5 million. Based in Cottage Grove, Minnesota, the company has 120 employees and 36 contractors.
Bailey wrote the ‘significant investment” would speed product development, enhance the onboarding of new customers, and improve technical and account support.
Customers listed on the TravelNet Solutions homepage include Atlantic Vacation Homes, The Peaks Resort & Spa, Southern Rentals and Real Estate, Sage Hospitality Group, and many others.
Ryan Bailey wrote that he stay in his CEO role “and the rest of my leadership team stays in place.”
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Photo credit: Dallas Cowboys owner Jerry Jones' family fund invested in a property management system. Creative Commons Attribution-Share Alike 2.0 / Wikimedia