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Barry Sternlicht To Invest Both His Time And His Money In HotelTonight

Sternlicht, will be investing in the company, operators of a  mobile-phone app for booking same-day hotel rooms and will be joining them as a strategic advisor.

Opening of the W Hotel in NYC Barry Sternlicht

Barry Sternlicht / Getty

Barry Sternlicht, regarded as being among the most influential people in the hotel industry, currently chief executive of Starwood Capital Group, has reportedly made a considerable personal investment in the startup HotelTonight.

San Francisco  based HotelTonight was  co-founded  by Sam Shank and Jared Simon in 2011, with both Shank and Simon bringing considerable experience as online entrepreneurs to the company.

As well as his investment, Barry Sternlicht will also be taking on a role as strategic adviser for the company whose mobile-phone app specially developed  to source availability of “same-day” hotel rooms and facilitate them at a significant discount has allowed them to gain significant impetus in the market.

Among the hotel chains that have discovered the benefits of HotelTonight are the Best Western International Inc., the  Hyatt Hotels Corp., InterContinental Hotels Group, Kimpton Hotels & Restaurants, La Quinta Inn & Suites, Barcelo Hotels & Resorts and the  Steigenberger Hotel Group, with plans in the offing to add more hotel chains to their list.

According to Sam Shank, HotelTonight are well on target to reach their goal of having a list of  at least  10, 000  hotels featured on their app in the very near future, eventually spreading outside of the United States to across the World.  To date, the HotelTonight app has been downloaded over nine million times.

HotelTonight2

Confirming his appointment as strategic advisor for HotelTonight Barry Sternlicht pointed out that booking windows within the hotel industry  are constantly  shrinking with potential customers increasingly becoming mobile- a  trend which positions Hotel Tonight perfectly for the future.  “HotelTonight is a refreshing alternative that should become a major participant in the future of hotel distribution.” Sternlicht concluded his statement.

HotelTonight COO and co-founder Jared Simon, in a  reciprocal statement stated that to have a visionary of the calibre of  Barry Sternlicht both  backing and advising the company  is a powerful validation of the work the Hotel Tonight team and our top tier network of hotel partners have put into revolutionizing the travel industry. . “With his support, we are  proving that the hotelier-distributor relationship doesn’t need to be adversarial, but can actually be mutually beneficial.” Simon summed up.

 

Since their founding  in 2011, HotelTonight has  succeeded in raising  more than $80 million  in venture capitol, from Battery Ventures, US Venture Partners, Accel Partners and First Round Capital  among others. Their largest and most recent round of funding, came in September of last year, with  the company raising $45 million in Series D  funding.

 

Barry Sternlicht graduated magna cum laude, with honors, from Brown University, going on to receive his MBA with distinction from Harvard Business School.

After graduation, Barry  began his professional career working with Chicago based JMB Realty, a real estate investment company.

In 1989, Sternlicht  established his first business venture, which led to the launch of  Starwood Capital Group two years later, with their principal activity being the acquisition of domestic properties, particularly apartment buildings with the company eventually diversifying into the purchase of  hotel sites, focusing on combining his passions of architecture and real estate finance. In the space of twenty years, the Starwood Capital Group  has completed  transactions with an asset value exceeding $40 billion.

The Starwood Capital Group  announced they will begin implementing  a major construction project in 2012,   which will see them complete a chain of luxury  hotels. Under the name of Baccarat Hotels and Resorts, the group’s  flagship hotel to be situated  in the heart of Manhattan,   New York City is due to open shortly,   with other hotels scheduled to open in Dubai in the United Arab Emirates, in Foshan, Shanghai and Tianjin in  China among a number of other locations  will be opening their doors during the next two years.

 

 

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