Skift Travel News Blog

Short stories and posts about the daily news happenings around the travel industry.

Short-Term Rentals

Short-Term Rental Firm RedAwning Bought Channel Manager Lexicon Travel Technologies

3 weeks ago

California-based RedAwning announced it acquired channel manager Lexicon Travel Technologies. Terms of the deal were not disclosed.

redawning vacation rentals
A vacation rental in the RedAwning portfolio. Source: RedAwning

Channel managers have tech systems to assist accommodations in distributing their properties to websites such as Airbnb, Vrbo and Booking, and sometimes to global distribution systems, among other outlets.

“After we made the decision to sell our business, we looked for a company that would create true synergies with our existing value proposition,” said Joel Inman, CEO and founder of Lexicon. “As I got to know the RedAwning platform, I realized they have already solved many of the technical challenges Lexicon has been facing. RedAwning brings true technology and automation to channel management that delivers value through higher conversion with essentially zero manual work.”

RedAwning has a portfolio of some 15,000 managed and independent short-term rentals in North America, and already provides channel management services as it places them on websites such as Vrbo, Booking.com, Expedia, Homes & Villas by Marriott International, and Google Travel.

RedAwning hopes to pick up the channel management client roster of Lexicon Travel Technologies, which is headquartered in Park City, Utah. RedAwning is buying Lexicon’s channel management tech.

RedAwning said most of Lexicon’s clients have already related their intentions to use Red Awning for channel management.

“The transitions will be seamless for all of our new clients, as RedAwning already supports all of the same PMS (Property Management System) platforms as Lexicon and all of the channels too, as well as many more for Lexicon clients to join,” said RedAwning CEO Tim Choate in the announcement.

Earlier this week, property management tech company TravelNet Solutions said it acquired Rented, a revenue management company focusing on short-term rentals.

Startups

Guesty Buys YieldPlanet as Startups Serving Short-Term Rentals and Hotels  Consolidate

3 months ago

Guesty has acquired Yield Planet, a hotel-focused revenue and distribution management platform.

The companies didn’t disclose the deal terms.

Guesty’s software helps property managers operate and market their short-term rentals for travelers. In August, the U.S. and Israel-based firm said it had closed a $170 million Series E funding round. YieldPlanet, based in Bellevue, Washington, had raised an undisclosed amount of Series A funding from Giza Polish Ventures, according to Crunchbase.

Guesty will integrate YieldPlanet’s tools for hospitality distribution, revenue management, and other functions for full-time property managers of short-term rentals, hostels, and hotels.

Guesty announced the news on Wednesday at a conference on short-term rentals it is running in Austin, Texas. The company also announced direct integrations with HopperTrip.comMarriott Homes & Villas, and Google’s Hotel and Vacation Rental Search Products

Hotels

SiteMinder Buys Hotel Tech Firm GuestJoy and Reports a Revenue Recovery

4 months ago

SiteMinder, a hotel commerce services company, said on Tuesday it had acquired GuestJoy, a provider of tools to help hotels communicate digitally with travelers. The Sydney-based SiteMinder also reported its latest financial performance, showing that its revenue is recovering though it continues to suffer net losses.

The companies didn’t disclose the transaction details.

“GuestJoy’s capability to automate and personalize guest communications will allow SiteMinder to offer a fully integrated user experience for our hoteliers,” said SiteMinder CEO Sankar Narayan.

GuestJoy offers a mobile app that lets hoteliers use chatbots to streamline some communications with guests before, during, and after stays.

SiteMinder went public last November in Australia. As of Tuesday, it had a market capitalization of about $703 million ($1 billion Australian). Its flagship service is channel management, but the company also offers products and services for distribution, taking direct reservations, and business intelligence.

For the year ended June 30, SiteMinder suffered a net loss of about $76 million ($110 Australian) on revenue of $80 million ($116 million Australian). It now has 34,700 customers, which represents growth over the pre-pandemic period.


Filters

Tags

channel-managers

Clear Filters