Hospitality tech firm Duetto has announced the acquisition of HotStats as part of its strategy to build a comprehensive platform for both revenue and profit management in the hotel industry.
The acquisition brings together Duetto’s revenue management tools with HotStats’ financial performance insights, offering hoteliers a clear view of their overall profitability across rooms, food & beverage and other revenue streams.
“We’re thrilled to welcome HotStats into the Duetto family,” said David Woolenberg, CEO of Duetto. “By augmenting our existing suite of solutions with HotStats’ industry-leading financial benchmarking data asset, we’re able to deliver the industry’s most comprehensive solution for driving revenue and profit optimization. Together, we will reimagine what’s possible for hotel revenue and profitability.”
“Duetto’s commitment to reshaping revenue and profit optimization resonates strongly with our complementary focus on actionable financial insights. We see enormous potential in joining forces, extending our impact to help hotels identify opportunities to improve efficiency, better meet customer demand and optimize profitability across every facet of their operations” added Michael Grove, CEO of HotStats.
HotStats’ entire team will join Duetto as part of the transaction. Jonathan Langston, founder and retiring chairman of HotStats, noted that the partnership marks the next stage of evolution for HotStats. “HotStats has long been a pioneer in profitability benchmarking, and it is only fitting that the next stage of its evolution will be with an equally visionary hospitality technology provider,” he said.
This acquisition continues Duetto’s growth trajectory under the ownership of GrowthCurve Capital, which acquired the company last year.
Terms of the deal were not disclosed. HotStats was represented by Gately plc, while Houlihan Lokey advised Duetto on the transaction, with Orrick, Herrington & Sutcliffe providing legal counsel.