Hotelplanner, the leading event and hotel booking platform for group travel, recently acquired Lucid Travel, an innovative US-based travel management platform and booking engine for sports and tournament lodging.
The amount of acquisition was not disclosed.
With this acquisition, HotelPlanner will implement Lucid Travel's software suite to boost conversions and automate manual tasks, with a strong focus on sports tournaments and team travel, implementing shared knowledge and operational advantages for growth.
HotelPlanner provides group hotel booking solutions by offering an online platform that allows event planners, businesses, families, and individuals to efficiently arrange accommodations for group events, meetings, or travel. The company earns revenue through commissions from hotels for bringing them group bookings, as well as through fees charged to customers for their booking services. Their platform simplifies the group booking process, negotiates favorable rates with hotels, and offers a user-friendly interface, making it a convenient choice for those organizing group travel or events.
"Partnering with Lucid Travel is very smart for our business and well-timed with the return of group and sports travel. This partnership plays to our mutual strengths, and it provides a runway for future growth. A Win-Win!" said Tim Hentschel, Co-founder and CEO of HotelPlanner.
Lucid Travel's business model focuses on simplifying travel and expense management for organizations by offering a platform that enables sports teams, event directors, universities, and businesses to efficiently manage their travel bookings and expenses. It generates revenue through subscription fees, where organizations pay for access to their platform and services, alongside earning a percentage of the savings they help clients achieve through negotiated travel discounts. Additionally, Lucid Travel charges fees for premium features or integrations with other software systems.
"We’re proud to join the HotelPlanner team to supercharge growth across the sports, events, and university markets. With HotelPlanner’s vast network in sports and worldclass technology, we’re perfectly positioned to expand our reach and continue making sports team travel better," said Ben Knosby and Nick Karagiannis, Co-founders of Lucid Travel.
HotelPlanner has emerged as a leading travel tech company that uses smart technology including AI and machine learning, as well as a 24/7 global gig-based reservation and customer service network, to help any kind of travellers find hotels according to their requirements.
A few months ago, the company had announced the integration of ChatGPT, a chat generative AI model by OpenAI, into its new loyalty programme, Hotel Buyers Club. This has helped the members of the Hotel Buyers Club to receive personalized search and booking assistance from ChatGPT, enhancing their hotel booking experience.
HotelPlanner's projected gross bookings valued at over USD 1 Billion for 2022, along with a projected CAGR of 42% (2020 to 2023).
Based on data from Zoominfo and Growjo, Lucid Travel's estimated annual revenue is less than USD 5 million, while HotelPlanner's estimated annual revenue is USD 20.2 million. HotelPlanner also has approximately 130 employees.
About Lucid Travel
Co-founded in 2016 by Ben Knosby and Nick Karagiannis, Lucid Travel is a renowned US-based TravelTech platform for sports teams, universities, event directors, and other group travel organizers. Its platform's advanced software allows its users to easily access, book, track, and manage their travel and lodging completely, all at one place. The company has served more than 150 universities, 1000+ events, and 10,000+ teams, and prioritizes providing excellent service above all.
About HotelPlanner
HotelPlanner was co-founded in 2003 by Tim Hentschel and John Prince, to provide group hotel booking services for all kinds of travellers. It has partnered up with reputed hotel chains, world’s largest Online Travel Agencies (OTA's), online wedding providers, lodging providers, corporations, sports franchises, universities and government agencies, to simplify the process of booking accommodations for large groups, alongside offering lowest hotel rates for its users.
References:
https://www.lucidtravel.us/services https://www.lucidtravel.us/about-us https://www.hotelplanner.com/AboutUs.htm https://www.hotelplanner.com/ https://www.hotelplanner.com/Investors/ https://www.cbinsights.com/company/lucid-travel https://www.zoominfo.com/c/lucid-travel-llc/450631502 https://growjo.com/company/HotelPlanner