With technology providing the impetus, one platform is offering a timely win-win-win proposition in the inflation-ridden travel and hospitality industries
In a case study of tech startups attempting to reshape the hospitality and travel sector, consider how a firm has capitalized on offering “microstays” — bookings of hotel rooms in multiples of three, six and 12 hours with optional flexible check-in time — using technology to make such disruptions worthwhile.
BYHOURS has already established deals with 4,000 hotels (main international hotel chains and also independent hotels) in 25 countries to offer such pay-per-use room bookings that target specific needs.
Beyond offering flexible bookings the firm’s microstay guests can enjoy full access to hotel facilities and lifestyle inclusions such as the gym or pool. For the hotels, the allure is in the technological ease and flexibility that BYHOURs has to offer to offset additional administrative and labor considerations.
The firm’s CEO and co-founder Guillermo Gaspart said he prioritizes collaboration with travel agencies, corporations, and online travel agencies to establish symbiotic relationships as a “bed-bank for microstays”: “By extending our channel distribution with business-to-business partners that want to cross-sell micro stays with their own offerings, we can optimize revenue for our hotel partners.”
Hotels that participate can benefit from the additional revenue stream, as BYHOURS serves as a valuable alternative platform for them to set rates that align with their offerings and yield management optimization targets.
One tech investment firm that is supporting BYHOURS’s expansion into the Asian market is Velocity Ventures. Its Partner & Investment Director, Bennett Lee, said: “One of the key challenges that hotels face is the number of intermediaries involved in transactions between users and hotels. BYHOURS presents an unparalleled proposition to help hoteliers reduce their operating costs while optimizing their resources where they can resell their room once a microstay guest has checked out. The rising demand for microstays and the unique appeal of the three-hour pack signify not just a trend but a redefinition of consumer expectations.”