What Happened to Hotels By Day After the Shark Tank Pitch?
What is Hotels By Day?
Hotels by Day is a one-of-a-kind hotel management company. When they make their reservation, they make no promise to remain overnight. They may, in fact, secure their lodging for just one day.
Rates are far lower, and the service is suitable for business travelers as well as individuals looking for a “daycation” away from home.
Who Founded Hotels By Day?
Yannis Moati, the founder and owner, was born in Tunisia. While still in his teens, he began working as a tour guide in Europe, particularly in Italy.
He went on to co-found a worldwide travel firm before becoming a director for another New York-based travel company.
For his services to the hotel industry, he earned the prestigious American Society of Travel Advisors award.
His worldwide business experience gave him the skills he needed to launch his new Hotels By Day venture.
Yannis Moati’s youth in Greece instilled in him a love of history, which fuelled his interest in the travel and tourism industries.
Moati saw that his guests just needed a day room at a hotel and did not want to spend the money or trouble of booking an overnight stay.
Hotels all across the world were losing money because rooms sat unused for days at a time, and he planned to change that.
His goal was to develop a business strategy that was both straightforward and convenient for the client and the hotel.
He saw that clients would benefit from the convenience of renting throughout the day, but he also recognized that the new model would allow hotels to gain more business and money.
Travel and tourism have certainly improved as a result of his ingenuity and dedication.
Customers who download the Hotels by Day app on their smartphone may secure a hotel room for a morning, midday, or afternoon stay.
Both travellers and hotel owners benefit from this arrangement. Travelers can utilize a room for a short period of time without incurring the expense or commitment of an overnight stay, while hotels may increase their revenue by selling more room space.
The service is intended for both business travellers who need to relax for a few hours after a long flight and holidaymakers who want a “home base” for a “daycation.”
Hotels By Day began with 30 properties in New York and Chicago. The network included over 500 hotels in 270 locations throughout the world as of December 2016.
Hotels By Day debuted FlexBook, a sister app and website aimed to provide overnight hotel room stays with extended check in/out options, in an attempt to avoid the need to book extra nights to accommodate an early or late check in, in March 2016.
Travelers may also be able to use a hotel pool or spa for a fraction of the cost of an overnight stay.
What Happened to Hotels By Day at the Shark Tank Pitch?
Brian and Yannis made an appearance on Shark Tank season 8 episode 17 in quest of $750,000 for a 10% ownership in Hotels by Day. This works out to a $7.5 million valuation.
They begin by discussing business, and Mark thinks they sound like a Saturday Night Live sketch. Robert begins crunching the numbers right away, and they notify him that a six-hour “day stay” costs $90.
Kevin is perplexed as to why other hotel reservation systems do not provide this as an extra feature. Yannis claims that owing to technological restrictions, the major hotel chains are no longer able to provide that noon discount.
When Yannis and Brian describe their “channel management” strategy to the Sharks, they aren’t convinced.
They have more questions for each other than Brian and Yannis. Chris is intrigued by how their technology, as opposed to conventional technology, allows their system to function.
Yannis and Brian’s replies puzzle and irritate him.
They’ve completed 6500 bookings for a total of $127,000 in revenue. Yannis admits that it is small, but sees it as a good beginning point.
Chris remains confused. Yannis underlines that they are not competing with hotels, but rather with the present booking software.
Chris departs because he feels they did an inadequate job of expressing themselves. Mark has also withdrawn because he feels their numbers are “insufficient.”
Robert likes the idea, but he fears that the major hotel chains will copy it, so he’s out.
Lori compared their offering to a huge puzzle with a few missing pieces. She had walked away.
Kevin believes that by demanding $750,000, they have made investment impossible; he is the final Shark to depart. Before leaving the stage, they thanked the Sharks.
What Happened to Hotels By Day After the Shark Tank Pitch?
The company is still in business and currently has over 450 locations.
In 2020, the global Covid-19 outbreak wiped off their business. Bookings were dropped by an incredible 82 %. It turned out to be a blessing in disguise.
The New York Times and the Chicago Tribune have both written on them. They’ve also announced on Twitter the formation of a subsidiary called Flexbook.co.
As a result of the “work from hotel” trend, they were only down 30% by May 2021. With approximately 1500 participating hotels, they are the market’s leading participant.
What is the Net Worth of Hotels by Day?
Brian and Yannis made an appearance on Shark Tank season 8 episode 17 in quest of $750,000 for a 10% ownership in Hotels by Day. This works out to a $7.5 million valuation.
Who are the Competitors of Hotels by Day?
Hotels By Day’s key competitors include Recharge Labs, Inc., HotelTonight, and Stayful.
What Happened to Edn Wallgarden After the Shark Tank Pitch?
What Happened to XTorch After the Shark Tank Pitch?
Hotels by Day FAQS
How Much Does Hotels by Day Cost?
A six-hour “day stay” costs $90.
How Many Hotels Does Hotels by Day Have?
There are currently over 450 locations.
Who founded Hotels by Day?
Hotels by Day was founded by Yannis Moati.
How much money was Yannis Moati seeking in the Shark Tank?
He was seeking $750,000 for a 10% ownership in Hotels by Day.
How much did he received from the Sharks?
He did not receive any money from the Sharks.
What happened to Hotels by Day after the Shark Tank?
Hotels by Day is still in business, and currently has over 450 locations. In 2020, the global Covid-19 outbreak wiped off their business.
Bookings were dropped by an incredible 82 %. It turned out to be a blessing in disguise.
As a result of the “work from hotel” trend, they were only down 30% by May 2021.
Is Hotels by Day still in business?
Yes, with approximately 1500 participating hotels, they are the market’s leading participant.
Where are Hotels By Day based?
Hotels By Day is a start-up based in New York.
Is the cost of a Hotels By Day inclusive of amenities?
Most hotels provide all accessible amenities to Hotels By Day visitors.
However, some hotels may have limits on some facilities (for example, complimentary breakfast), which are at the discretion of the particular property.
Please verify with the front desk of their hotel.
