Hotels By Day Shark Tank Net Worth 2023
Hotels By Day Shark Tank Net Worth
Yannis Moati and Brian Dass, the founders of Hotels By Day, have a net worth of 4.5 million USD as of 2022. They appeared on Shark Tank in February 2017 seeking $750,000 for 10% equity in their business.
Towards the end of 2019, the company was valued at $209 million based on business data and revenue.
However, they failed to make their presentation work in the favor of the Sharks and did not receive a deal.
Hotels By Day is an innovative way to make use of hotel amenities without spending the night. The company has since expanded its offerings from day rooms to include other services such as “work from hotel” packages.
As of May 2021, Hotels By Day had over 1500 participating hotels and was only down 30% due to the “work from hotel” trend.
What is Hotels By Day? Who Founded Hotels By Day?
Hotels By Day is a unique hotel enterprise that allows customers to book hotel rooms for a single day without any obligation to stay overnight.
The rates are much lower, making it ideal for business travelers or those who want to enjoy a “daycation” away from home.
Yannis Moati, the founder and owner, grew up in Tunisia and started his career as a tour guide in Europe when he was a teenager, mainly in Italy.
He co-founded a global travel business before becoming a director for another travel company in New York, for which he received the prestigious American Society of Travel Advisors award.
Moati’s childhood in Greece ignited his passion for history and travel, which inspired him to create Hotels By Day.
He saw that clients often only required a day room at a hotel and did not want to commit to an overnight stay. Meanwhile, hotels were losing revenue as rooms remained empty for days at a time.
To solve this problem, Moati created a simple and convenient business model that allows customers to rent a hotel room for a morning, mid-day, or afternoon stay through the Hotels By Day app.
The service benefits both customers and hotel owners by providing a win-win situation.
Travelers can use a room for a short duration without the expense or commitment of an overnight stay, while hotels can earn more revenue by selling more room space.
Hotels By Day is aimed at business travelers who need a few hours of rest after a long journey and vacationers who want a “home base” for a day trip.
Initially starting with 30 hotels in New York and Chicago, the network has expanded to include over 500 hotels in 270 locations worldwide.
In 2016, Hotels By Day introduced a sibling app and website called FlexBook, which offers extended check-in/out options for overnight stays, eliminating the need to book additional nights to accommodate an early or late check-in.
Additionally, travelers can access hotel amenities such as a pool or spa for a lower cost than an overnight stay. Yannis Moati’s innovative and dedicated approach has significantly impacted the travel and tourism industry.
Hotels By Day at the Shark Tank Pitch
In Shark Tank season 8 episode 17, Brian and Yannis pitched their business, Hotels by Day, to the Sharks, seeking $750,000 for a 10% stake, which valued their company at $7.5 million.
The Sharks were skeptical of their “channel management” technique and asked many questions. Chris was particularly curious about their technology, and Yannis’ responses left him perplexed.
Despite completing 6,500 bookings with a revenue of $127,000, the Sharks ultimately decided not to invest.
Hotels by Day survived the global pandemic, which greatly impacted their business. However, they bounced back thanks to the “work from hotel” trend, and by May 2021, they were only down 30%.
They are now the largest player in the market, with over 1,500 participating hotels.
Additionally, they have been mentioned in reputable publications such as the New York Times and the Chicago Tribune. They have also launched a subsidiary called Flexbook.co.
Hotels By Day Net Worth
Brian and Yannis appear on Shark Tank season 8 episode 17 in search of $750,000 for a 10% stake in Hotels by Day. This translates to a $7.5 million valuation.
Hotels By Day Competitors
Recharge Labs, Inc., HotelTonight, and Stayful are among Hotels By Day’s main rivals.
Hotels By Day FAQS
What is Hotels By Day?
Hotels by Day is a mobile app and web platform that allows travellers to rent hotel rooms, clubrooms, meeting rooms, apartments, and other passenger lounges for an hour or less. They may select a room of their choice at a lower price.
Who is the founder of Hotels By Day?
Yannis Moati and Brian Dass are the founders of Hotels By Day.
How much was they seeking in the Shark Tank?
They were seeking $750,000 for 10% of the company.
Did they get the deal from the Sharks?
They did not get a deal from the Sharks.
Where are Hotels By Day based?
Hotels By Day is a start-up based in New York.
Is Hotels By Day still in business?
Yes, they are still in business. They have over 450 sites.
What episode of Shark Tank was Hotels By Day featured?
Hotels By Day was featured on Season 8 Episode 17.
When was Hotels By Day aired on Shark Tank?
Hotels By Day was aired on March 18, 2016.
When did they first appear on Shark Tank?
They appeared on February 17th 2017.
What is a day use room?
A day use room is one that is accessible for check-in in the early morning and check-out in the late afternoon. A popular time band on Hotels By Day, for example, runs from 10 a.m. to 6 p.m.
Is the cost of a day room inclusive of amenities?
Most hotels provide all accessible amenities to Hotels By Day visitors.
However, some hotels may have limits on some facilities (for example, complimentary breakfast), which are at the discretion of the particular property.
Please verify with the front desk of their hotel.
Can they book for consecutive time blocks?
They certainly can! If they locate matching time blocks and require them, they will gladly accommodate them with continuous reservations.
When reserving an extra time-band, keep in mind that they will be requested to create a new reservation.
How many people can check-in on daytime bookings?
The maximum number of adults is two. A 10-year-old youngster is considered a full paying guest by most hotels.
How old do they have to be to book a hotel room?
The minimum age for booking a hotel stay is 18. Some hotels, however, are more stringent and will not allow anybody under the age of 21 to check in.
To be safe, they need that they be at least 21 years old to make a reservation.
Will they immediately receive a confirmation for their booking?
Upon confirmation, they should receive an email from them.
Is there day parking available, and if so, how much does it cost?
Many hotels provide a discount for day vs night parking; nonetheless, hotel parking arrangements differ.
Can someone reserve a hotel with a prepaid debit card?
No. Due of security concerns, no hotel accepts prepaid cards. A valid ID and credit card must be supplied at the time of check-in for their day stay booking.
When and how do payments take place?
For ‘Pay at hotel’ bookings, no credit card information is collected at the time of booking on the internet, and customers will pay at the hotel upon check-in.
However, a credit card is required for ‘non-refundable’ bookings, and payment is collected at the time of booking.
In all circumstances, they must check in at the hotel with a matching ID and credit card to the name on the reservation.
Is it possible for them to pay for their hotel in cash?
Yes, most hotels take cash, but customers must still present a matching credit card and ID to pay incidentals in the event of damage.
Let the receptionist know they’d want to pay in cash when they check in.
Remember that they must also for incidentals by credit card, which are often approximately $100 per booking, depending on the hotel.
Is it possible for them to pay for my accommodation with a check?
No. Checks are not accepted as payment for daytime hotel rooms.
