SALES & MARKETING
With US $ 5 million in Series A funding from venture capital firm Swan & Legend Venture Partners , New Yorkbased Standard International is spinning off its One Night app , which offers discounted last-minute bookings at independent hotels . The platform aims to expand from its base of 17 markets and also plans a new distribution channel serving independent city and resort destinations .
The move is headed by Jimmy Suh , previously chief commercial officer for Standard . He is also a co-creator of the app , which started in 2015 as a vehicle for Standard ’ s own expiring room inventory and expanded the following year to represent other independent properties . In a recent interview , Suh said the app has exceeded expectations as local customers take advantage of the reduced rate for a night out and end up spending on food and drinks . HOTELS : Why the outside funding now ? JIMMY SUH : The app was funded and incubated by Standard International ( headed by CEO Amar Lalvani ) to this point , but we needed capital to grow faster and stronger .
The One Night app
A NEW ‘ STANDARD ’
A ROUND OF VENTURE FUNDING HAS GIVEN STANDARD INTERNATIONAL A WHOLE NEW PRODUCT .
Contributed by JUDITH CROWN
48 hotelsmag . com May 2019