Passkey Reaches Pivotal Milestone: Achieves $1 Billion in Group Hotel Room Revenue in First Quarter of 2012; Up 35% From Prior Year

  • Passkey (now a part of Lanyon)
  • 07.09.12
While most of the economic news this year has been tepid to say the least, for Passkey, the Boston-based technology company and worldwide leader in group hotel reservations, 2012 is off to a sizzling start.

The company announced that in the first quarter of the year alone it powered over $1 billion in hotel revenue for its clients, up about 35% from the prior year, and four times faster than the pace in 2009, when it took the Company a full year to reach the $1 billion mark.
 
The pivotal $1 billion milestone is indicative of the tremendous growth Passkey has experienced over the past few years as more and more hotels, destinations and meeting planners have adopted the idea of hosting their group hotel bookings online, and enjoying the resulting benefits, whether in terms of savings, efficiency and security, or incremental revenue, enhanced guest service and higher profits.
 
"We are going on year three with GroupMAX and have found that its up-selling features provide unlimited capabilities," said Melanie Lisena, director of reservations of the New York Marriott at the Brooklyn Bridge. "By customizing up-sell offers with hotel amenities such as romance packages or in-room breakfast options, we have generated over $100,000 in incremental revenue from our groups."
 
Passkey's GroupMAX technology is the industry's only SaaS cloud-based system that utilizes a proactive approach to optimizing the guest booking experience and boosting profitability for hotels, destinations and meeting planners. With the number of GroupMAX-enabled events growing rapidly, the Company now expects to power over 150,000 events in 2012, a strong endorsement of the product's impact on the meetings market. 
 
Critical to this rapid growth is the system's unique ability to generate significant incremental revenue for hotels and event organizers from their group-contracted room blocks, while protecting the integrity of public pricing and event persona. Today, hotels and events using GroupMAX experience revenue increases north of 4% by marketing upgrades, extended stays and other services directly to group guests. 
 
Meeting planners have taken notice as well. With the ability to access their event data across different locations and hotel brands, an increasing number of planners now demand GroupMAX for their events so they can optimize their financial investment in hotel room blocks, while delivering an exceptional booking experience to their event attendees.
 
"Reaching the $1 billion mark in just one quarter confirms the appeal and value of our system, and accentuates the confidence hoteliers, destinations and meeting planners have in our technology," said Greg Pesik, president and CEO of Passkey. "We will continue to push the threshold, providing our clients more ways to drive their operational costs down and drastically increase their revenues and profits."


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