Considering that the Global Business Travel Association estimates the American business travel industry alone is worth over $300 billion, the travel sharing economy is being perceived as quite a threat. However, not all major hotel chains are out to shut down competitors, as the Hyatt Regency London has proven in a partnership with Onefinestay, a start-up that lets upscale homeowners temporarily rent out their properties.
The collaboration between the five-star Hyatt Regency London's The Churchill and Onefinestay allows travelers much more flexibility. For instance, Onefinestay guests en route to London have the option to store their bags or freshen up at one of the hotel's guest rooms while waiting for a Onefinestay property to become available for check-in.
Since those who travel for business often occupy hotels for an average of 20 to 100 nights on average per year, this is set to provide guests with more options without taking away business from either company.
Split Hospitality Programs
Hyatt and Onefinestay Developed a Unique Travel Sharing Partnership
Trend Themes
1. Hospitality Sharing Economy - Opportunity for major hotel chains to collaborate with start-ups in the sharing economy to offer more flexible and personalized travel experiences.
2. Integrated Travel Services - Integration of hotel and alternative accommodation services to provide seamless experiences for travelers.
3. Business Travel Flexibility - Opportunity to provide business travellers with greater flexibility and convenience by partnering with sharing economy platforms.
Industry Implications
1. Hotels - Hotels can benefit from partnering with sharing economy platforms to expand their offerings and cater to the changing travel preferences of consumers.
2. Start-ups - Start-ups in the sharing economy can collaborate with established hotel chains to gain access to their resources and customer base.
3. Travel Services - Opportunity for travel services companies to integrate hotel and alternative accommodation options to provide comprehensive travel solutions.