Travel & Hospitality

Technology

Q3 2023 Market Update

Executive Summary: Q3 2023 Travel & Hospitality Tech Market Update

Market Observations Capital Markets Activity in Travel & Hospitality Tech

• Through Q3 2023, the travel & hospitality tech sector has seen significant Peak volume aligned with public
software valuation highs.
improvement in both capital investment and M&A activity, with M&A Financings Volume rebounding
in 2H 2023.
volumes recovering from 2022 lows.
115 118
112 114
• Core travel & hospitality markets are approaching a full recovery as both 108 106 103 103
98 100 101
leisure and business travel spending continues to increase, with air traffic 97
91
95

outpacing pre-COVID-19 levels and Hotel RevPAR predicted to 78

82 80
75
continue its upward trajectory through 2024; we expect these tailwinds 61 71 72 73 63 62
77 68
63 62
61
will drive further investment activity going forward. 66
64
60 72
46 56
41 63
• There is a significant opportunity for further tech adoption across the 61
travel & hospitality sector as operators look to improve efficiency and
47 44 43
optimize the traveler experience. 37 31
40
32 27
41 40 41 41 35
27
38
29
19 24
14

~$1.7 Trillion Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2019 2020 2021 2022 2023

2023E Travel & Hospitality Revenue(1)

Industry Commentary Recent Notable Transactions

Date Company Investor(s)/Acquirer Transaction
“We are, and always will be, a people-focused industry…Technology should be a tool
that we can use to monitor, measure, and enhance our service levels, and we shouldn’t
Sep-23 $59M Series C
treat is as a means of removing the personal touch and the mark of human hospitality.”
—Richard Valtr, Founder, February 2023
Sep-23 $313M Acquisition

Jul-23 $500M Acquisition(2)

“AI has enriched many aspects of our lives, much like the internet did in its early days, and travel
is no different. Simplifying the complex world of travel…requires three critical elements to be
successful: a solid tech platform, high-quality data, and an AI-first culture.” Jun-23 $485M Acquisition
—Rathi Murthy, CTO, July 2023

Jun-23 $194M Financing(3)

Sources: S&P Capital IQ, PitchBook, 451 Research, and company press releases as of September 29, 2023.
(1) Skift Research Global Travel Outlook 2023; revenue forecast represents the sum of hotel, airline, short-term rental, online travel agency, and cruise line 2023 revenue forecasts.
(2) Vitruvian Partners made a follow-on investment in OAG as part of the transaction, which values the combined company at $500 million.
(3) Comprised of $85 million of equity and $109 million of debt.

2
Travel & Hospitality Tech Recent Notable Transaction Activity

Jul-21: Yanolja raised
$1.7B of funding led by
SoftBank and Hexagon
Ventures.
Jan-22: TravelPerk raised May-23: IBS Software sold
Sep-22: Traveloka raised
$115M of funding led by Mar-23: Cvent acquired by a 35% minority equity Jul-23: Guestline acquired
$300M of funding led by
General Catalyst and Blackstone for $4.6B. stake to Apax Partners for by The Access Group.
BlackRock.
Kinnevik. $450M.

Jun-22: Mews raised Mar-23: Travelport raised Jun-23: GetYourGuide

Jan-21: Klook raised
$200M of funding led by
Aspex Management.
Nov-21: Egencia acquired Oct-22: Holidu raised
$185M of funding led by $200M of funding from raised $194M of funding
by Amex Global Business $102M of funding led by
Goldman Sachs and Elliott Management and led by Blue Pool Capital
Travel for $750M. 83north.
Kinnevik. Siris Capital. and Unicredit.

2021 2022 2023

Dec-21: Getaroom
Mar-21: Turnkey acquired
acquired by Booking.com
by Vacasa for $619M.
for $1.2B.
Aug-22: Guesty raised
$170M of funding led by
Apax, MSD, and Sixth Street.
Nov-22: Hopper raised
$96M of funding led by
Capital One Financial.
Apr-23: Tripleseat
Jun-23: Airplus acquired
acquired by General
by SEB for $485M.
Atlantic for $500M.

Aug-21: Hopin raised Feb-22: Avantstay raised Oct-22: Navan raised Mar-23: Placemakr raised May-23: Hostaway raised Jul-23: Infare acquired by
$450M of funding led by $500M of funding led by $304M of funding led by $65M of funding led by a $175M of funding led by OAG (Vitruvian) at $500M
Altimeter Capital and Saluda Grade Ventures. Group 11. consortium of investors. PSG. combined EV.(1)
Arena Holdings.

Sources: PitchBook, CB Insights, company filings, company websites, and company press releases.
(1) Vitruvian Partners made a follow-on investment in OAG as part of the transaction, which values the combined company at $500 million.

3
Outsized Public Market Performance Aided by Broader Tech Market Rebound
Fueled by continued improvement in the broader travel and tech markets, travel & hospitality tech stocks have significantly
outperformed major indices.

• Houlihan Lokey’s travel & hospitality tech index outperformed the S&P 500 in both the YTD and the LTM period, up 32% and 38%,
respectively.(1)

September 2023 YTD Performance(1) Top Performers: Sep-23 YTD(1)(2)

Travel & Hospitality FTSE Global All Cap

S&P 500 Nasdaq
Tech Index(2) Index
108% 91%
32%
26%
85% 63%

12%
8%
60% 53%

LTM Performance(1) Top Performers: Sep-23 LTM(1)(2)

Travel & Hospitality FTSE Global All Cap

S&P 500 Nasdaq
Tech Index(2) Index
121% 84%
38%

25% 60% 56%

20% 18%

47% 42%

Source: S&P Capital IQ.

(1) Based on stock price performance as of September 29, 2023.
(2) Includes all companies shown on pages 13 and 14 except for Global Hospitality Brands, Airlines, AMEX Global Business Travel, and Selina and is weighted on a market-capitalization basis.

4
What Houlihan Lokey Is Following in the Market
Global travel has returned to 2019 levels, with the outlook continuing to improve as business travel makes a comeback.

1 Global Travel Reaches Post-Pandemic Inflection Point

After surpassing pre-pandemic levels in April 2023, the global travel market has continued to improve across both business and leisure travel.

Skift Global Travel Health Index Score(1)

125

100 2019

75

50

25

0
Jan-20 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23
Total Aviation Hotels

2 Shifting Expectations Indicate Optimistic Outlook for Business Travel Recovery

Business Traveler Outlook on Return to 2019 Spending Levels
• The increasing importance of face-to- (Q1 2023 vs. Q3 2023)
face interactions has quickly changed Business traveler expectations
shifting toward a near-term
the outlook for business travel
recovery
recovery: 71% of U.S. companies +32%
expect a full recovery in travel
47%
spend by the end of 2024.(2) 43% 42%
36%
• As of Q3 2023, 42% of business 28% 29%
travelers expect spend to return to
2019 levels in the next 12 months, 10% 11%
compared to only 10% in Q1 2023.(3)

(1) Skift Travel Health Index as of September 30, 2023.

(2) 2023 Deloitte Corporate Travel Study. Q1 2023 Q3 2023
(3) Skift Research.
In < 1 year 1 - 3 years 3+ years Unlikely

5
What Houlihan Lokey Is Following in the Market (cont.)
Hotel metrics continue to trend upwards, as vacation rentals show some softness in the post-pandemic era.

3 Hotel Recovery Led by Increased Pricing Highlights Importance of Technology

Hotel RevPAR has surpassed 2019 levels even as occupancy remains lower.
• While hotel occupancy is trending upwards, increased ADR is the primary
2019(1) Sep-23(1) driver behind RevPAR recovery.

• While 91% of hotel companies leverage PMS solutions to manage operations,

Occupancy 66.6% 66.2% RMS solutions are still vastly underutilized with only 28% market
penetration.(2)
Average
$130.22 $160.18
Daily Rate

Revenue management systems are the primary investment focus for hotels,
RevPAR $86.77 $106.07 with 45% reporting they expect to invest in an RMS as maintaining ADRs
becomes increasingly important for growth.(2)

4 Vacation Rental Market Experiencing Relative Headwinds

Vacation rental market share remains above pre-pandemic trend; however, occupancy and pricing premium metrics are waning as consumers return to hotels.

15% U.S. Vacation Rental Occupancy vs. 2019(3) Vacation Rental Unit Revenue Premiums Shrinking(4)
180%

10% Vacation rental occupancy dipped below 2019 150%

levels as travelers began to return to hotels
5% given easing of hotel COVID-19 protocols. 120%

0% 90%
Peak pricing reached during the end of
(5%) 60%
pandemic lockdowns, driven by
(10%) 30% extremely high interest in travel and
social-distancing-friendly options.
(15%) 0%
Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Dec-19 Apr-20 Aug-20 Dec-20 May-21 Sep-21 Jan-22 May-22 Oct-22 Feb-23

(1) STR. (3) Transparent.

(2) Hotel Tech Benchmark. (4) Beyond and STR.

6
Attractive Market Dynamics Powering Interest in Sector Post Pandemic
Investor interest is growing in the travel & hospitality sector, driven by strong financial recovery and a shift towards
technology and automation.

1 Massive Market 2 Digital Transformation

• Providing a seamless travel experience is an inherently complex problem: ~80%

• The travel & hospitality market has rebounded and continues to expand,
of U.S. travelers experienced at least one travel-related problem in 1H
driven by pent-up demand from both business and leisure travelers.
2023.(2)
• In 2023, revenue across air travel, hotels, vacation rentals, OTAs, and cruises is
• Travel operators are increasing investment in technology to streamline
expected to reach $1.7 trillion+.(1)
operations, improve worker productivity, and meet changing consumer demands

~$585B ~$840B ~$145B $1.8B 73%

2023E Global Airline 2023E Global Hotel 2023E Global STR Estimated Addressable Market for AI-Powered Travelers Who Are “Likely or Very Likely” to Return
Passenger Revenue(1) Room Revenue(1) Gross Bookings(1) Chatbots in the Travel Industry(2) to a Hotel That Meets Their Technology
Expectations(2)

3 Sustainability Drivers 4 Highly Fragmented Market

• The impact of climate change has driven increased demand for more • The massive addressable market for travel & hospitality technology has created
sustainable travel options, with more travelers prioritizing sustainability over a fragmented landscape of innovative point solutions that is ripe for
cost than ever before. consolidation.

• Travel & hospitality operators are increasingly focused on investing in • Large, public players and sponsor-backed platforms have begun opportunistic
technology solutions that unlock premium pricing of sustainable offerings. acquisitions to further build out end-to-end solutions.

42% 63% Leading Strategic Consolidators

*
Travelers Who Paid Extra for a More Sustainable Global Companies Interested in Increasing
Option in the Past 12 Months(3) Sustainable Travel, Even if Costs Increase(3) * *

(1) Skift Research Global Travel Outlook 2023. (3) Skift U.S. Travel Tracker Research. *Sponsor-Backed Companies
(2) Skift Research and McKinsey & Co., “The promise of travel in the age of AI.”

7
 To view the full market map, please contact:
Subsector Spotlight: Hotel Software Landscape Pat.Hagerty@HL.com

Core Operations
End-to-End Suites
Enterprise Independent & Boutique

Property Management Systems

Channel Manager + Booking Engine

Revenue Management Systems Central Reservation Systems Booking Engine Point Solutions

Sales & Marketing Back-Office

CRM & Marketing Guest Engagement & Upselling Reputation Mgmt. Finance & Accounting

BI & Rate Intelligence

Workforce Management

Guest Experience

Indicates an operating subsidiary

8
Travel & Hospitality Tech Private Capital Deal Dashboard

Travel & Hospitality Tech Financing Activity Featured Sep-23 YTD Travel & Hospitality Tech Financings
($M)

Q3 2023 financing activity has risen relative to 2022, reflecting continued Equity Latest
Selected Equity
interest in the travel & hospitality tech space. Date Company Funding to Reported
Investor(s) Invested
Date Valuation

9/27 $59 $182 NA

77
72
7/7 $23 $43 NA

62 63 62
60 6/29 $33 $54 NA

56
6/1 $85 NA $2,000

5/31 $175 NA NA
41

5/15 $450 $680 NA

5/11 $27 $27 $96

3/31 $200 NA NA

3/21 $65 $350 NA

and others

3/16 $25 NA NA

Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23

1/31 $15 NA NA

Sources: PitchBook, CB Insights, company filings, company websites, and company press releases.

9
Highlighted Travel & Hospitality Tech Financings
A consortium led by Blue Pool and UniCredit has invested in GetYourGuide. | Announced June 1, 2023

• GetYourGuide is a travel booking platform designed to help travelers find and book tours and activities around GetYourGuide Profile:
the world. The platform offers ticket and excursion booking services for culture, sports, food, and nature-related • Founded 2009
activities, including skip-the-line tickets and last-minute booking ideas. • $194M Series F ($85M equity,
Series F led by $109M debt)
• The funds will be used to expand into new markets, add more activities and experiential events to the platform,
and boost AI and other technology capabilities to improve discovery and personalization on the platform. • ~$2B post-money valuation
• Blue Pool Capital led the equity round with participation from existing investors KKR and Temasek. The debt • 950+ employees
financing was led by UniCredit with participation from BNP Paribas, Citibank, and KfW. • Berlin, Germany

A consortium led by PSG has invested in Hostaway. | Announced May 31, 2023

• Hostaway is an all-in-one vacation rental software and management platform. The platform offers property Hostaway Profile:
management, channel management, operations, automation tools, analytics, reporting, and communication • Founded 2015
tools for property managers. • $175M financing
Investment led by
• The company plans to use the proceeds to expand globally, grow headcount, strengthen customer service and • 1,000+ vacation rental
onboarding processes, and pursue both organic and inorganic opportunities to expand market share. property managers across the
• The round was led by PSG with participation from Vendep Capital, Leap, and Business Finland. platform
• Helsinki, Finland

Apax Partners has acquired a 35% stake in IBS Software. | Announced May 15, 2023

• IBS Software is an operations management software platform for the aviation, tour and cruise, hospitality, and IBS Software Profile:
energy resources industries. • Founded 1997
• The platform offers operations, loyalty management, consulting, solutions engineering, cargo, transformation, • Acquisition of 35% stake for
35% acquisition by $450M (~$1.3B EV) from
quality, and product implementation solutions for airlines, cruises, airports, and hotel chains.
• With its partnership with Apax, IBS Software will continue operating on its mission to transform how travel Blackstone
companies operate in a digital world. • 4,000+ employees
• Apax acquired a minority stake from Blackstone, which acquired a 35% stake in 2015. • Trivandrum, India

Siris Capital Group and Elliot Management have invested in Travelport. | Announced March 31, 2023

• Travelport is a retail platform for the travel and tourism industry. The platform offers distribution and payment Travelport Profile:
solutions to power travel bookings for travel suppliers and connects travel suppliers with travel buyers. • Founded 1971
• The funds will be used to help the company execute its growth strategy, which includes pursuing M&A • $200M investment from
Investment by existing owners
opportunities.
• The financing is a follow-on investment from Elliott Investment Management and Siris Capital Group, both of • 4,100+ employees
which originally acquired Travelport for $4.4 billion in a take-private transaction in 2019. • Langley, United Kingdom

Sources: PitchBook, company filings, company websites, and company press releases.

10
Travel & Hospitality Tech M&A Deal Dashboard

Travel & Hospitality Tech M&A Activity Featured Sep-23 YTD Travel & Hospitality Tech M&A Deals
($M)

Q3 2023 M&A activity has pulled back a bit compared to the prior Announced Enterprise
Acquirer Target
quarter but was higher compared to Q3 2022. Date Value

41 41 9/6 $313

38 (1)
7/28 $500
35
7/13 NA

29
27 7/11 NA

24
6/21 $70

19
6/21 $485

6/2 $66

4/27 $500

3/14 $4,600

2/1 $40

Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23

1/30 $150
Sources: PitchBook, CB Insights, company filings, company websites, and company press releases.
(1) Vitruvian Partners made a follow-on investment in OAG as part of the transaction, which values the combined company at $500 million.

11
Highlighted Travel & Hospitality Tech M&A
Infare has been acquired by OAG, a portfolio company of Vitruvian Partners. | Announced July 28, 2023

• Infare is a provider of competitor air travel data, empowering airlines to make effective pricing decisions. The Infare Profile:
platform offers analytics tools for day-to-day and long-term strategic revenue management, pricing and • Founded 2000
network decisions, in-depth airfare observations, and analysis of current and historic competitor pricing. • ~100 employees
Acquired by
• The acquisition enables OAG to deliver consistent and accurate information across the wider supply and • ~$500M combined EV
demand value chain and will allow the combined company to deliver new product innovation for customers • Luton, United Kingdom
• Vitruvian Partners made a follow-on investment in OAG as part of the transaction, which values the combined
company at $500 million.

SequoiaSoft has been acquired by Septeo, a portfolio company of Hg Capital. | Announced July 13, 2023

• SequoiaSoft is a developer of business management software for the hospitality, restaurant, outdoor SequoiaSoft Profile:
accommodation, and wellness industries. The platform offers a central reservation system, bookings • Founded 2010
management, marketing campaign management, guest relations, inventory, and billing software. • 400+ employees
Acquired by
• The acquisition will allow SequoiaSoft to pursue additional M&A opportunities in the European market, boost • Valbonne, France
customer relationships, and offer additional services.
• Hg Capital acquired Septeo in 2020 for an undisclosed amount.

Guestline has been acquired by The Access Group, a portfolio company of Hg Capital and TA Associates. | Announced July 11, 2023

• Guestline is a developer of hospitality software designed to offer administration management assistance. The Guestline Profile:
platform offers property and payment management, channel distribution, and digital marketing for independent • Founded 1991
hotels, hotel chains, pub companies, and serviced apartments. • 240+ employees
Acquired by
• The acquisition will allow The Access Group to expand the range of products that it can offer hotel operators, • Shrewsbury, United Kingdom
who will benefit from a greater range of solutions that best suit their requirements.
• TA Associates acquired The Access Group in 2015. TA Associates and Hg Capital led follow-on investments in
The Access Group in 2018, 2020, and 2022.

Tripleseat Software (Tripleseat) has been acquired by General Atlantic. | Announced April 27, 2023

• Tripleseat is a developer of cloud- and mobile-based event management software intended for fine and casual Tripleseat Profile:
dining, hotels, catering, bars, restaurants, and other industries. The platform offers options such as instant lead • Founded 2008
alerts, e-signatures, online payments, synced calendars, and automatic exporting. • ~$500M valuation
Acquired by
• In partnering with General Atlantic, Tripleseat will focus on expanding market reach, product, and technology • 200+ employees
development, pursuing strategic M&A and scaling into additional markets. • Concord, Massachusetts

Sources: PitchBook, company filings, company websites, and company press releases.

12
Travel & Hospitality Tech Public Trading Metrics

LTM Share Price Performance

100%
Hospitality Operations & Distribution OTAs & Metasearch
Global Hospitality Brands Airlines
Corporate Travel Management Alternative Accomodations
50% 41%
25%
25%
21%
16%
0% 5%

(50%)
Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23

Public Travel & Hospitality Tech Ecosystem

Hospitality Global
OTAs & Alternative Corporate Travel
Operations & Hospitality Airlines
Metasearch Accommodations Management
Distribution Brands
(1)

(2)

25% 41% 5% 16% 25% 21%

LTM Share Price Performance

Source: S&P Capital IQ as of September 29, 2023.
(1) Excluded from chart and figures due to corporate structure changes.
(2) Excluded from chart and figures due to IPO in LTM period.

13
Travel & Hospitality Tech Public Trading Metrics (cont.)

Enterprise Value/2023E Revenue Enterprise Value/2023E EBITDA

6.4x 14.2x 13.6x 13.4x

12.2x
4.7x

2.7x 2.7x
2.1x 4.5x

0.6x
NM
Hospitality Global Hospitality Alternative OTAs & Corporate Travel Airlines OTAs & Global Hospitality Hospitality Corporate Travel Airlines Alternative
Operations & Brands Accomodations Metasearch Management Metasearch Brands Operations & Management Accomodations
Distribution Distribution

Public Travel & Hospitality Tech Ecosystem

Hospitality Global
OTAs & Alternative Corporate Travel
Operations & Hospitality Airlines
Metasearch Accommodations Management
Distribution Brands

6.4x/13.4x 2.7x/14.2x 2.7x/NM 2.1x/12.2x 4.7x/13.6x 0.6x/4.5x

2023E Revenue/2023E EBITDA Multiple

Source: S&P Capital IQ as of September 29, 2023.
Note: Multiples shown represent median value of sector group.

14
Highly Active Global Travel & Hospitality Tech Team
U.S. Travel & Hospitality Leader in Travel & Hospitality Tech Advisory
Tech Team

Chris Gough a portfolio company of

Managing Director
has been acquired by a portfolio company of
a wholly-owned subsidiary of
has completed a pre-packaged
+1 415.273.3696 Chapter 11 Plan of Reorganization

Chris.Gough@HL.com
has been acquired by
has received a capital injection and
has been acquired by
a portfolio company of has been acquired by sold a majority stake to

Kevin Walsh
Managing Director Sellside Advisor Sellside Advisor Sellside Advisor Sellside Advisor Sellside Advisor Company Advisor

+1 415.273.3664
Kevin.Walsh@HL.com

Pat Hagerty has been acquired by has received a $100M+ investment has been acquired by has been acquired by has been acquired by

Vice President
has been acquired by led by

+1 646.259.7528
Pat.Hagerty@HL.com

European Travel & Hospitality Sellside Advisor* Sellside Advisor Financial Advisor* Sellside Advisor* Sellside Advisor* Sellside Advisor*

Tech Team

James Craven a portfolio company of

has been acquired by
a portfolio company of

Managing Director has been acquired by has sold

has been acquired by

+44 (0) 20 7484 4083
has been acquired by

James.Craven@HL.com
has sold its North American a wholly-owned subsidiary of
Experience Education brands to to
a portfolio company of
Revolver, Term Loan & DDTL

Acquisition Financing

Raymond Fröjd Sellside Advisor*

Managing Director
Exclusive Placement Agent Sellside Advisor* Sellside Advisor Sellside Advisor Sellside Advisor*

+46 (0) 70 747 25 17

Raymond.Frojd@HL.com
has merged with has received a significant investment a portfolio company of
from

Jaimee Gilbertson
has received a growth investment majority sold to
has been acquired by from

Associate
in an investment backed by
has been acquired by

+46 (0) 72 032 58 91

Jaimee.Gilbertson@HL.com

Financial Advisor Sellside Advisor Sellside Advisor* Sellside Advisor* Sellside Advisor* Sellside Advisor*

Tombstones included herein represent transactions closed from 2016 forward.

*Selected
transactions were executed by Houlihan Lokey professionals while at other firms acquired by Houlihan Lokey or by professionals from a Houlihan Lokey joint venture company.

15
Disclaimer

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16
CORPORATE FINANCE
FINANCIAL RESTRUCTURING
FINANCIAL AND VALUATION ADVISORY

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