Breaking it down by geography, our North America properties experienced a 4.5% decline in RevPars, while our properties in EMEA saw a 7% improvement in RevPars year over year. Notably, according to AAA travel data, 8% more Americans traveled internationally, while 20% fewer international visitors arrived in the US. And that's in May compared to May of 2019. I recently returned from visiting several of our Sonder Markets in Europe, and it's clear that the demand for leisure travel is still very strong and our properties there are performing very well.

Aug 9, 2023 / receipt, needs a key / Francis Davidson, CEO | earnings call 2023-08-09 | transcript 4583e121-819b-4219-83e5-66dc6d229d54 | chars 4543-5099 | segment 4

So that partly motivates our strategy to invest more in B2B travel and our sales team so that we can get less price sensitive customers to generate demand during weekdays in particular.

Aug 9, 2023 / receipt, needs a key / Francis, other | earnings call 2023-08-09 | transcript 4583e121-819b-4219-83e5-66dc6d229d54 | chars 23717-23902 | segment 23

We also signed new GDS partnerships and are working with many of the industry's leading travel management companies.

May 10, 2023 / receipt, needs a key / Francis Davidson, CEO | earnings call 2023-05-10 | transcript 0d26e80d-10df-499c-8a59-cf220dd4d35a | chars 5795-5911 | segment 6

So, I mean, we announced some really positive news today on corporate travel, right? 70 million of booked corporate sales, which was a 5x growth from 2021. So really extraordinary progress there from the team. Really proud of the work that they've done to to go and drive especially weekday demand and help bolster RevPars during weekdays where we've traditionally been not as strong as our comps, but we're making a lot of progress there and there's more to come in 2023.

Mar 1, 2023 / receipt, needs a key / Francis, other | earnings call 2023-03-01 | transcript 64c8a509-4e2c-46d9-990e-d0b6950d4fc0 | chars 50016-50488 | segment 50

In 2022, we continued to extend our corporate business, which included, among other things, strengthening our position on GDS platforms and adding a significant amount of corporate travel accounts. This translated into approximately 70 million in booked corporate sales in 2022, roughly 5x growth compared to 2021. This year, we plan to continue expanding into new industry segments and expect another year of strong growth within the corporate business, which will bolster weekday rough parts in particular, an area with still a lot of upside.

Mar 1, 2023 / receipt, needs a key / Francis Davidson, CEO | earnings call 2023-03-01 | transcript 64c8a509-4e2c-46d9-990e-d0b6950d4fc0 | chars 5295-5839 | segment 5

So, I mean, we announced some really positive news today on corporate travel, right? $70 million of booked corporate sales, which was a 5x growth from 2021. So really extraordinary progress there from the team. Really proud of the work that they've done to to go and drive especially weekday demand and help bolster RevPars during weekdays where we've traditionally been not as strong as our comps, but we're making a lot of progress there and there's more to come in 2023.

Mar 1, 2023 / receipt, needs a key / Francis Davidson, CEO | earnings call 2023-03-01 | transcript 64c8a509-4e2c-46d9-990e-d0b6950d4fc0 | chars 22229-22702 | segment 22

Of course, there's the question mark on how strong will be business travel demand which we don't have, again, differentiated insight into beyond what prognosticators, forecasters have already laid out. But we feel very good about our capacity to get a disproportionate share as we have in 2022.

Mar 1, 2023 / receipt, needs a key / Francis Davidson, CEO | earnings call 2023-03-01 | transcript 64c8a509-4e2c-46d9-990e-d0b6950d4fc0 | chars 22703-22997 | segment 23

So yes, we've added more GDSs. There's a whole distribution landscape for business travel that our team has been working hard to add to our demand channels. And so those efforts are starting to pay off. And in addition to, of course, the technology kind of distribution angle, it's really important to have boots on the ground and folks that are there to advocate and sell the Sondra Value Proposition to corporate customers.

Mar 1, 2023 / receipt, needs a key / Francis Davidson, CEO | earnings call 2023-03-01 | transcript 64c8a509-4e2c-46d9-990e-d0b6950d4fc0 | chars 24056-24481 | segment 24

Given our fixed land board payments, a small increase in RevPAR translates to a much larger increase in cash contribution margin. As a result, we remain focused on several rapid payback RevPAR initiatives, including growing our new corporate travel offering. We ended Q3 with approximately 600 accounts versus 400 last quarter and 100 in Q4 of 2021. While we're still in the early stages of our corporate travel offerings, We've gained traction each quarter since its launch, and we're incredibly excited about this as an opportunity to drive incremental RevPAR.

Nov 9, 2022 / receipt, needs a key / Francis Davidson, CEO | earnings call 2022-11-09 | transcript 2d65f948-55f0-415c-80d8-91ebfb6e7e65 | chars 5592-6154 | segment 5

So on the corporate travel side, which is an initiative that we launched in mid-2021 to help bolster our weekday RevPart performance, this grew to 600 corporate accounts. That was up from 400 in Q2. So really exciting rapid growth on that front and still early in our journey to generate increasing quantities of business corporate customers.

Nov 9, 2022 / receipt, needs a key / Sanjay Banker, President and CFO | earnings call 2022-11-09 | transcript 2d65f948-55f0-415c-80d8-91ebfb6e7e65 | chars 19420-19762 | segment 20

Um, you know, we keep seeing more and more announcements around layoffs on the reductions in force. I mean, is there, is that showing up? Is that becoming a little more difficult to kind of get corporate travel is, is I guess, corporates are scrutinizing, um, their T and E expenses.

Nov 9, 2022 / receipt, needs a key / Nick, other | earnings call 2022-11-09 | transcript 2d65f948-55f0-415c-80d8-91ebfb6e7e65 | chars 23133-23416 | segment 23

So there is a very low baseline, right, in Saunders P&L of business travel mix. Like I mentioned earlier on, the corporate travel program was launched in mid-2021. And in Q1, we had - I think we closed Q1 with 250 accounts. We had 100 in Q4 shortly after the launch of 2021. So - The baseline is really low. And so to us, as we're adding these kind of corporate accounts, hopefully a much more rapid speed than there would be any contraction of overall demand. That could be kind of a net gain for us. So this is how we see the opportunity is that there's enormous white space for our business. to generate corporate travel. And we're really just getting started here.

Nov 9, 2022 / receipt, needs a key / Francis, other | earnings call 2022-11-09 | transcript 2d65f948-55f0-415c-80d8-91ebfb6e7e65 | chars 23458-24126 | segment 24