Innovation

📱 A Skift study shows that 73% of travelers prefer hotels with self-service tech. Independently owned hotels are facing occupancy rate dips not just due to economic factors but also due to a lack of automation affecting guest satisfaction. Mews is a robust hospitality ecosystem aiding these establishments in automating operations, enhancing guest experience, and increasing operational efficiency. Hotel Technology News reports that 78% of hoteliers plan to boost their hotel tech investment in the next three years, emphasizing the urgency for small inns and B&Bs to modernize.

🚗 Uber partners with WeRide for autonomous robotaxi service in UAE, set to launch initially in Abu Dhabi before 2023 end. Customers can opt for WeRide robotaxis via the Uber app. WeRide, which already operates the largest robotaxi fleet in UAE and received the country's first national licence for self-driving vehicles in July 2023, will not expand this service to the US or China. Uber and WeRide aim to provide affordable, sustainable, and safe mobility solutions globally.

🏖️ Elastos' public blockchain project partners with BukProtocol to bring decentralization to the travel industry using native Bitcoin tokenization. BukProtocol has tokenized over 2.2 million properties, including brands like Hilton, Marriott, and Wyndham. The BeL2 protocol enables this without network congestion or additional fees. The partnership aims to enhance liquidity and trade of assets, eliminating the need for intermediaries in the travel sector.

🏠 Travel Tech Association sponsors the newsletter discussing scarcity in customer behavior and startups seeking product-market fit. The Travel Tech's Passport Newsletter, delivered every Wednesday, offers news on travel, technology, and policy for industry leaders. The most clicked link in the previous newsletter was an AI-generated deep-dive podcast on Travel Tech Essentialist. The travel experience market, valued over $1 trillion with $250-310 billion in structured activities, presents digital growth opportunities. GetYourGuide partners with the Brooklyn Nets to offer exclusive experiences, tapping into the sports tourism market, valued at more than $500 billion. Andrew Chen advises startups on common pivots that don't work and suggests focusing on specific user segments that love the product. Air France plans to introduce Starlink's high-speed Wi-Fi starting summer 2025, joining other airlines with over 2,500 aircraft offering this service. Sales & Business Development roles account for 24% of job applications on the Travel Tech Essentialist Job Board, with Marketing & Communications at 15% and Product roles at 13%. Amsterdam-based Mews raises $100 million led by Vista Credit Partners, while Berlin-based Distribusion secures an $80 million Series C round.

🏝 Mandarin Oriental Hotel Group announces the opening of Mandarin Oriental Kanai, Riviera Maya in 2028, located on Mexico's Yucatan Peninsula. The resort will feature 120 rooms and suites with private pools, 50 residences, a spa, three pools, a beach club, dining venues, a kid’s club, and event spaces. The property is designed by Migdal Arquitectos and William Gray, with art curated by Bosco Sodi. GIM Desarrollos is developing the resort, set within a jungle and mangrove reserve with 9% land coverage for buildings and roads. Mandarin Oriental has 41 hotels and 12 residences in 26 countries. ???? Highgate rebrands four hotels in Algarve, Portugal under the Marriott International brand, with renovations starting later this year and opening scheduled for 2025. ????️ Ciel, Vignette Collection in Dubai aims to be the tallest hotel tower globally by 2025, with over 80 floors, 1,000 rooms, and features including restaurants, infinity pool, and an observation bar. IHG operates 117 hotels in the Middle East, with 83 in the pipeline. 💰 Turneo raises €2 million in seed funding to expand and enhance its AI-driven experiential hospitality platform, with plans to establish partnerships with global hoteliers.

🏢 Internships or entry-level positions in real estate firms, banks, or financial institutions provide practical experience in property valuation, risk assessment, and investment analysis. Developing analytical skills is crucial for evaluating real estate investments, involving financial modeling and understanding metrics like net present value and internal rate of return. Networking through professional associations, staying updated on regulations and trends, utilizing technology and financial tools, building a strategic mindset, and seeking mentorship are key recommendations for success in real estate financing.

🏨 Hotel execs and industry experts discuss the potential impact of generative AI at the Destination AI summit in Washington, D.C. Hilton's SVP Jess Petitt highlights that AI's current role in hotel bookings is minimal but expects a significant change within five years. Concerns are raised about tech giants like Apple using AI to provide personalized travel recommendations, possibly challenging online travel agencies (OTAs) and hotels by leveraging personal data. Banks with travel credit cards may also disrupt the market using customer spending data. Some envision an internet where consumers control their data, sharing it selectively via digital wallets to enhance travel experiences. Hoteliers like Petitt are wary of potential middleman fees in future AI interactions. The Skift Travel 200 (ST200) tracks financial performance of travel companies, including the accommodations sector, with an aim to provide a comprehensive overview.

🌍 Snowflake launched AI Data Cloud for Travel and Hospitality, enhancing data insights for the industry. Focusing on dynamic pricing, sustainability tracking, and developer efficiencies, it aims to bolster success in the competitive sector. Snowflake’s platform is utilized by major businesses like Hyatt and Tripadvisor to improve decision-making and guest experiences. The new system fosters data-driven innovation, operational excellence, and secure data sharing for collaboration in the travel industry.

💸 Cheshire-based Inspire Group expanded across Europe with transactional website platforms in Germany, France, Poland, Spain, and Italy to support rising sales of TravelCard by Inspire. These platforms are localized in language and currency, offering holidays from local airports with attractive deals tailored to each market. The growth in TravelCard sales is attributed to its popularity as a corporate reward and recognition tool, with no booking restrictions, and the ability to stack cards for bookings. Inspire ensures 100% financial protection for its cardholders through an independent trust account model.