VRMA Administrator
Denver-based luxury hospitality brand Inspirato reported a consolidated net loss of $47 million in the second quarter. It's revenue, totaling $84 million, remained flat compared to last year. CEO Brent Handler told analysts and shareholders that in addition to the reduction in its portfolio and weaker occupancies, the headwinds for the quarter were travel demand leaning towards urban travel, an area that is not the company’s strong suit. “The high-end, traditional vacation rental markets were down this summer, more than I have ever seen,” Handler said. There was some good news, however, as Inspirato announced that Capital One Ventures would provide the company with a $25 million convertible note. Handler added that the partnership could be beneficial to both companies with Capital One providing Inspirato the demand it needs, and in turn giving access to a membership-based travel perk to its cardholders.
Skift (08/09/23) Srividya Kalyanaraman
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