Selina, a hotel and experiences brand focused on youth travelers, said on Wednesday that its financial metrics were trending in the right direction as it reported earnings results.
25.08.2023 - 14:42 / skift.com / Asia Pacific / Sean Oneill
Yanolja said this week it expected that a post-pandemic rebound in international travel will continue to boost its twin businesses of online travel sales via a superapp and software sales to hotels and other travel companies. The South Korea-based startup has made progress on both ambitions since 2011, when it received a $1.7 billion investment from the Softbank Vision Fund in a transaction that valued Yanolja at the time at approximately US$9 billion.
The privately held travel company in South Korea reported this week some of its financial results for the third quarter, saying it had experienced “high growth rates in all business areas.”
Yanolja recorded consolidated sales of approximately $147 million (192.2 billion Korean won) in the quarter, a 112 percent jump from the same period a year.
Unlike many travel startups, the company is profitable. Yanolja reported an adjusted earnings before interest, taxes, depreciation, and amortization, of about $8.1 million (10.6 billion Korean won).
Roughly half of the company’s growth has been partly driven by its software business, which had a 32 percent year-over-year increase to $71 million in sales in the quarter. For more context on the travel software sales, see Skift’s story Decoding Yanolja Cloud and Its Hotel Software Strategy.
The mid-sized company said it has been staffing up for roles in product management, software engineering, and user experience design, and has cash on hand to make acquisitions.
Jongyoon Kim, CEO of Yanolja, will discuss the company’s overall strategy and business performance at Skift Global Forum East in Dubai on December 14. Kim joined Yanolja in 2015 as chief strategy officer and in 2021, was elevated to CEO. He has previously worked at McKinsey & Company, Google, and 3M. Many industry analysts wonder if Kim will be able to guide the ambitious tartup to a successful initial public offering someday, and if so, when.
Selina, a hotel and experiences brand focused on youth travelers, said on Wednesday that its financial metrics were trending in the right direction as it reported earnings results.
Jongyoon Kim, the CEO of South Korea-based superapp Yanolja, sees Tesla as the metaphor for its company highlighting how the electronic vehicle company has been rethinking the entire value chain.
Earnings seasons for the hotel sector is nearly over, and one striking aspect of executive comments on calls with investors was the resilience of development pipelines for hotels belonging to brands run by global groups. For new construction, conversions, and franchise signings, hotel companies painted an optimistic picture.
Here are some excerpts from Daily Lodging Report from the past week. If you’re not a subscriber, you should be. Get news on hotel deals, development, stocks, and career moves. Sign up here, now.
Not all hotels should pursue remote workers, a hotel group CEO has suggested, because they mostly served their purpose during the pandemic.
A mix of international tensions, economic turmoil, and political tension is causing many travelers to rethink the destinations they’re prioritizing on their “bucket lists” in 2023, according to an article on Wednesday in Toronto’s The Globe and Mail.
Here are some excerpts from Daily Lodging Report from the past week. If you’re not a subscriber, you should be. Get news on hotel deals, development, stocks, and career moves. Sign up here, now.
Kerzner International has unveiled its new brand Siro, a set of fitness-themed lifestyle hotels. The developer said on Wednesday that it has slated to open its first property in a tower in One Za’abeel, a luxury community in Dubai, U.A.E., in the last months of 2023.
Airfares on key corporate travel routes are expected to rise by as much as 25 percent in 2023 amid high fuel prices, a stronger U.S. dollar and labour and aircraft shortages, a forecast from American Express Global Business Travel (Amex GBT) showed.
Hilton Worldwide is rolling out its first-ever hotel brand in the economy slice of the market, Spark by Hilton, taking on rivals such as Marriott International, Choice, and InterContinental Hotels Group in this competitive market segment.
Here are some excerpts from Daily Lodging Report from the past week. If you’re not a subscriber, you should be. Get news on hotel deals, development, stocks, and career moves. Sign up here, now.
Both the Middle East and Europe are on track to reach their pre-pandemic levels in 2023 , according to the UN World Tourism Organization. Last year saw a stronger than expected recovery for the global tourism economy.