Daily Newsletter

19 August 2024

Daily Newsletter

19 August 2024

Blackstone picks majority stake in hotel accounting tech M3   

With the latest infusion, M3 will bolster its product expansion efforts and facilitate wider adoption of its software.

Soumya Sharma August 16 2024

Blackstone Growth along with affiliated funds (together referred to as Blackstone) has entered a definitive deal to acquire a majority stake in M3, a hospitality accounting software provider.  

Financial specifics of the deal were not divulged. 

This acquisition is expected to enhance M3's growth trajectory and product offerings. 

Hospitality industry expert John McKibbon founded M3 in 1998. 

Since then, M3 has evolved from a solution for a family hotel management company to a hospitality industry back-office accounting software platform. 

It is the system-of-record for financial data for over a thousand hotel operators and management companies. 

M3's technology suite, which includes accounting, labour management, and business intelligence tools, currently serves more than 8,000 properties across North America.  

With the latest infusion, M3 will focus on bolstering its product expansion efforts and facilitating wider adoption of its software. 

McKibbon said: “Blackstone’s background in hospitality made them the natural choice as our first equity partner. Together, we look forward to propelling our innovation and growth to best serve our customers in an era of continued technological advancement.” 

Simultaneously, AAHOA, which constitutes nearly 20,000 hotel owners and 60% of hotels in the US, will make its first-ever investment alongside Blackstone.  

AAHOA chairman Miraj S. Patel said: “This partnership with M3 will bring AAHOA Members access to advanced technology and innovative solutions that can enhance operational efficiency and drive growth.  

“We are committed to empowering our members with the tools and resources needed to succeed in an evolving market, and this collaboration marks a pivotal step toward achieving that goal.” 

For the deal, Carlton Fields provided legal counsel to M3, while Houlihan Lokey offered certain assistance.  

Blackstone received financial advice from Evercore, with Kirkland & Ellis acting as its legal counsel. 

Blackstone managing director Ramzi Ramsey said: “As M3’s first institutional capital partner, we’re excited to harness Blackstone’s deep expertise and network within the real estate and technology sectors to help enhance its product offering to better serve new and existing companies as M3 continues to grow.” 

Eastern Europe Destination Tourism Overview

Per GlobalData, in 2023, international arrivals into Eastern Europe reached 70.54 million travelers and is likely to reach pre-pandemic levels in 2024. The number of international arrivals is anticipated to grow at a CAGR of >13% from 2023 to 2028. The growing interest in sustainable travel provides an opportunity for Eastern European countries to focus on areas that might help them to position themselves as an eco-friendly destination.

Eastern Europe Destination Tourism Overview

Per GlobalData, in 2023, international arrivals into Eastern Europe reached 70.54 million travelers and is likely to reach pre-pandemic levels in 2024. The number of international arrivals is anticipated to grow at a CAGR of >13% from 2023 to 2028. The growing interest in sustainable travel provides an opportunity for Eastern European countries to focus on areas that might help them to position themselves as an eco-friendly destination.

Eastern Europe Destination Tourism Overview

Per GlobalData, in 2023, international arrivals into Eastern Europe reached 70.54 million travelers and is likely to reach pre-pandemic levels in 2024. The number of international arrivals is anticipated to grow at a CAGR of >13% from 2023 to 2028. The growing interest in sustainable travel provides an opportunity for Eastern European countries to focus on areas that might help them to position themselves as an eco-friendly destination.

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