Luxury travel subscription brand Inspirato has entered into a definitive agreement for a new $25 million convertible note investment from Capital One Ventures.
The funding will provide the brand the opportunity to further advance its mission of leveraging innovation to drive customer satisfaction and growth, Inspirato said in a Tuesday (Aug. 8) press release.
“This investment enables us to set a global standard for luxury travel and continue enhancing our exceptional experiences to meet evolving consumer needs,” Inspirato Co-founder and CEO Brent Handler said in the release.
Inspirato offers its members access to branded luxury vacation homes, accommodations at five-star hotel and resort partners, and custom travel experiences, according to the release.
Each trip delivered through the subscription brand includes pre-trip planning, local concierge service and housekeeping, the release said.
“Through strategic investing, we look to harness the potential of innovative companies that could integrate well with Capital One’s business and infrastructure,” said Capital One Ventures partner Nathan Krishnamurthy in the release. “… Inspirato offers a unique membership for luxury travelers.”
The travel industry is witnessing a surprising uptick, despite inflation concerns and economic challenges, PYMNTS reported Tuesday.
Consumers are showing an increased willingness to allocate resources to experiences rather than material possessions, with luxury travel experiences in particular emerging as a compelling alternative for aspirational shoppers.
The allure of exploring exotic destinations, indulging in high-end accommodations and immersing oneself in unique cultural experiences provides a way for individuals to satiate their luxury cravings without the long-term commitment of owning a high-priced item.
In other news in the travel space, Airbnb reported Thursday (Aug. 3) that it had its most profitable second quarter yet, due to a rebound in urban and international travel.
On the same day, TripAdvisor said its experience earnings surpassed its hotel earnings for the first time.
“[O]ur data from customer behavior on the TripAdvisor site reflects stability across room rates, quality of hotels, and length of stay,” CEO Matt Goldberg said during an earnings call. “Most encouragingly, we continue to see a meaningful opportunity to serve the traveler in search of experiences, which is increasingly core to travel planning.”
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