Meetings, events and travel technology specialist Lanyon, has acquired Passkey, the group reservation technology provider.
The acquisition, for an undisclosed amount, means that Lanyon now offers a comprehensive suite of cloud-based software for meetings, events and travel, as well as what it claims is the only unified group reservation and corporate transient technology platform for hotels.
“This acquisition propels us several steps forward in providing a unified technology platform for managing all aspects of Meetings and Events, while enabling hotels to drive more revenue from corporate travel, and now group bookings,” said David Bonnette, Chief Executive Officer of Lanyon. Bonnette noted that a raft of industry research indicated that US$100bn per year in hotel revenue is associated with group business and room blocks. Much of this business is managed via manual tasks so there is a clear opportunity for technology that automates these processes.
“As the hospitality industry’s leading group reservation technology provider, Passkey is a natural complement to our solutions that increase revenue for hotels while making Meeting and Event planners’ lives easier,” Bonnette added.
Passkey’s GroupMAX? technology is the most widely deployed group reservation and optimisation technology in the hospitality industry, according to Lanyon. The corporation claims hotels and Convention and Visitors’ Bureaus can use the technology to generate more group demand and greater revenues per group while capturing savings, improving group profits, and elevating customer loyalty.
Steve Enselein, Vice-President of Catering and Convention Services, Americas Sales, Hyatt Hotels and Resorts said: “We are pleased that Lanyon and Passkey have combined and look forward to the even greater benefits and efficiencies this new partnership will bring to Hyatt, and to the industry.”
With offices in the US, the UK and Singapore, the Passkey global network now includes over 90 per cent of major US and UK Convention and Visitors Bureaus, as well as a range of hotels, casinos, resorts, meeting planners, corporations and meeting management companies.
Pacific Crest Securities was the exclusive financial advisor to Passkey in this transaction.
Lanyon’s clients include 70 per cent of the Fortune 500 and 100,000 hospitality suppliers. The company recently also acquired Active Networks’ Business Solutions division.
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