The World Tourism Organization (UNWTO) is joining with Infecar (Feria de Gran Canaria) to identify entrepreneurs playing a key role in reshaping the hotel and new business model landscapes.
17.11.2023 - 23:41 / skift.com / Justin Dawes / Jason Calacanis
Cabana, a startup platform for booking camper vans as vacation rentals, is seeking buyers to avoid shutting down.
“Without an acquirer, we’re not in a position where we can continue operations,” said Cabana CEO Scott Kubly, in an interview with Skift. “So we do need an acquirer, but somebody that acquires us will acquire a business that is poised to scale.”
Besides camper van bookings, the Cabana platform includes tools for trip planning and itinerary building, and there’s contactless check-in and check-out.
Cabana started by owning the vans — and still owns several dozen — but has been transitioning to a model where Cabana rents vans on behalf of owners. Cabana’s long-term goal has been to manage bookings marketing and offer the back-office software to van owners.
Users can book trips in Seattle and Minneapolis – it has cut its three other locations, Los Angeles, San Francisco, and Austin.
Kubly said demand has been growing and revenue is up this year, and he expects an average daily rental rate of $245 by the end of the year.
The problem now is that the company needs capital to scale and achieve profitability.
The first option was to look for another round of venture capital, but that did not work out. Cabana has previously raised a total of $16 million, including a $10 million series A round in 2021. Investors have included Craft Ventures, Goldcrest Capital, Nordic Eye, and entrepreneur Jason Calacanis.
“The venture markets are really, really tight right now, particularly for companies that are at our stage,” Kubly said. “I think more importantly, what we realized is that in order to really scale, finding a good strategic acquirer would create way more value for everyone. Finding that partner will allow us to scale much more rapidly and cost effectively.”
The sales memo drafted by a financial advisor says that Cabana “is facing financial challenges and therefore seeking an acquirer to purchase the Company or substantially all of its assets.”
But Kubly emphasized that the preference is for someone to acquire the company, not just the assets. He is open to a number of buyer options, such as a car rental company that wants to open a new line of business or a hotel operator that wants to add more rooms without developing property.
“We’re looking for an acquirer for sure, and I think right acquirer will have a chance to create a lot of value for their core business.”
Cabana is looking to close the deal by November 30, with a letter of intent from the potential buyer by November 21.
When Cabana raised $10 million in 2021, it was a time when interest rates were low, and that led to high valuations.
“And now that interest rates are going up and the market is pulled back quite a bit, it’s really
The World Tourism Organization (UNWTO) is joining with Infecar (Feria de Gran Canaria) to identify entrepreneurs playing a key role in reshaping the hotel and new business model landscapes.
A few years ago, at a reception at the Polish embassy in Bern, Switzerland, an elderly Jewish man pulled the ambassador aside and relayed an unbelievable story. They were standing on holy ground, the man said, a place where near-secret acts of heroism played out during World War II. Intrigued, the ambassador, Jakob Kumoch, tasked his staff with looking into the man’s claims. Soon, an incredible history emerged.
For travelers dreaming of being home for Christmas without airplane delays, a new study has helpful data points that can potentially make your holiday travels hassle-free.
Happy hump day! And we continue to discuss the housing market and mortgages.
Each December, visitors from around the world descend upon South Florida for the annual Miami Art Week. Over the past few years, the region has also had an influx of new residents. An array of restaurants, boutiques and other businesses have opened alongside the community’s longtime favorites, with both the new and the old appealing as much to out-of-towners as they do to Miamians.
Ryanair calls on the EU Commission President, Ursula von der Leyen, to take urgent action to protect overflights and EU citizens’ freedom of movement during ATC strikes and calls on passengers to join its call on the EU Commission by signing Ryanair’s “Protect Passengers: Keep EU Skies Open” petition as over 2m fed up passengers have already done.
An exclusive platform with attractive benefits awaits senior buyers in the ITB Buyers Circle. The luxury travel segment in the shape of the Home of Luxury at the Marshall Haus offers luxury travel providers a unique platform for networking, events and meetings.
Nearly 14 million people were under various winter weather alerts on Sunday as a post-Thanksgiving snowstorm moved over the Rockies and Central Plains and travelers trekked home after the holiday, forecasters said.
The holiday season is upon us. But festive parties, family gatherings, and travel can all increase your risk of becoming one of the approximately five to 20 percent of Americans who get the flu.
Moving is tough, let alone moving to an entirely different continent.
Around the holiday season, Disney becomes a magical experience. At Walt Disney World, fans can see 1,300 decorated trees and 8.5 million lights throughout the resort, according to The Walt Disney Company.
There are lots of great deals competing for your attention today, but we want to highlight one we're particularly excited about: the Béis Black Friday sale. Béis lovers and newcomers can save 25 percent off sitewide. If you've been eyeing luggage or travel accessories from Béis, now is the time to buy—the brand does not hold sales often, and this is its only sitewide sale of the year. Below, we're answering all of your questions about the sale, and sharing our top picks of the best suitcases, duffels, and travel accessories from Béis to score now. Happy shopping!