Moving forward, HRS will continue to support and invest in Lido’s payments solution and “explore its applicability to other regions in the world where payment automation practices may not be as mature”
SYDNEY – Hotel solutions provider HRS has fully acquired The Lido Group, an ANZ-based hotel technology and payments provider, following an initial minority investment three years ago.
The Lido Group has a network of over 8,500 hotels in Australia and New Zealand, which includes access to more than half of properties that are currently not represented in the global distribution system (GDS).
The company, which was established in 1987 and offers integrated hotel booking and payment solutions to corporations and government organisations, will be folded into HRS.
Lido’s more than 60 existing staff will be moving into HRS’ new office in Sydney this month. The Lido Group CEO Steve Mackenzie will retire from the company upon completion of the merger-related activities.
HRS Australia/New Zealand’s managing director, Ana Pedersen, revealed that Lido’s business recorded double-digit growth in the three years of collaboration.
Moving forward, HRS will continue to support and invest in Lido’s payments solution and “explore its applicability to other regions in the world where payment automation practices may not be as mature”, said Ms Pedersen.
HRS will also “invest time to integrate [both companies’] technology stacks”.
“This merger is good news for a marketplace that is increasingly aggressive in implementing automation and technology to maximise hotel costs and business traveller satisfaction,” added Ms Pedersen.
The move comes as Australia is expected to see rising hotel rates and travel spend ahead.
The Global Business Travel Association (GBTA) has projected a rise in hotel rates in Australia by nearly 5% next year, while overall business travel spend is expected to grow by more than 4% annually, from US$23.6 billion in 2018 to US$28.9 billion in 2023.
More than 300 new business-grade hotel rooms are also expected to come online in the next five years, representing an additional 45,000 rooms. Melbourne and Sydney both anticipate more than 10,000 new rooms by 2025.