Porter & Sail Acquires Competitor Futurekey
Consolidation in Hotel Credits Sector Demonstrates Strength of Concept
Porter & Sail, the trailblazing company that widely introduced the concept of purchasing future hotel credits at deep discounts, has acquired competitor, FutureKey for an undisclosed amount.
According to Porter & Sail CEO Caitlin Zaino von During, the opportunity to acquire FutureKey is an important driver for both hotel partners and travelers as the industry moves into a new era. "We are excited to welcome FutureKey's platform to the Porter & Sail family as we continue to future-proof the travel industry. With their existing partnerships with leaders like Ace Hotel and Salt Hotels, travelers seeking the best in independent hotel accommodations now have more choice when they book their future hotel stays through Porter & Sail," said Zaino von During.
In addition to traveler benefits, Zaino von During believes the acquisition may be an even more important development for hoteliers reevaluating traditional distribution models. "This inconceivable year has forced hotels to reimagine their future in a travel environment that has become unpredictable and volatile. With credits, hotels can generate revenue while providing significant consumer value," said Zaino von During. "This is a guest-centric approach that resonates with hesitant travelers, building trust while giving hoteliers an opportunity to meet customers where they are and provide ultimate flexibility."
Like Hotel Credits by Porter & Sail, FutureKey was born in response to Covid-19 and both companies are equally focused on using this new platform to sustain the hotel industry and the professionals who work in it. "We aim to be a force for good," said FutureKey Co-Founder Chris Waskom. "In addition to giving travelers the assurance and flexibility they seek, FutureKey sales contributed over $100k to employee relief funds to help hospitality workers impacted by Covid-19 shutdowns," he said.
"Consumer behavior has changed as a result of the pandemic, and travelers are demanding new ways of discovering and booking travel purpose-built for today's landscape, and it's clear this concept is resonating," says Zaino von During. Since launching over a short time span of 48 hours in mid-March with just three hotels, Porter & Sail has rapidly grown its hotel portfolio nearly 30% week-over-week with over 120 hotels currently in the industry-leading program, a number that will significantly expand when the FutureKey deal is finalized this week.
For more information about Porter & Sail visit to hotelcredits.porterandsail.com.