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Alex Chatzielefttheriou
Alex Chatzielefttheriou

Blueground CEO Alex Chatzielefttheriou feedback:

  • Efforts to draw company purchasers
  • The impact of inflation on company demand
  • growth plans

Furnished house rental supplier Blueground is rising its concentrate on the enterprise journey market via its Blueground for Enterprise program, which provides enterprise vacationers unique service and concrete property networks. BTN Conferences and Lodging Editor Angelique Platas spoke with Blueground Co-Founder and CEO Alex Chatzielefttheriou in regards to the firm’s company choices, monetary efficiency and outlook for 2023 and past. Edited excerpts beneath.

BTN: He has launched Blueground for Enterprise. Is {that a} play for a distinct shopper within the company market? How do you search to draw and purchase that enterprise?

chatzielefttheriou: I used to be a enterprise traveler for six and a half years. 5 of these years had been spent touring and staying in lodges; that is the place the unique concept for Blueground got here from. Motels are nice, however if you happen to take two or six months engaged on tasks, it is costly and you do not have house. We have been working with company and enterprise purchasers since we based the enterprise in 2013. Blueground’s authentic goal market was the enterprise traveler, however as we have grown it is expanded, so Blueground for Enterprise is one thing of a rebrand .

the final quarters, [business] scaled up considerably. Within the final quarter, we noticed near $35 million of income coming from B2B alone, and our forecast for 2022 on the business stage is to exceed $300 million. I believe the best way we entice [corporates] is to have a devoted service in your wants and on the similar time to have an prolonged international community. These large firms do not have distributors that may cowl globally with a constant stage of high-quality service, and that is what makes all these large names work with us.

BTN: What has your RFP exercise been like over the past 12 months and what has been its development trajectory?

chatzielefttheriou: The final 4 months have been nice as a result of there was much more demand for the reopening of places of work. Development for us like within the final 12 months has tripled, income has tripled. So with $36 million within the final quarter and simply $12 million within the fourth quarter of 2021, that is vital development. And RFP exercise has been sturdy due to these coming again to the workplace, and in 2023 we count on to see a bit of bit extra RFP exercise.

BTN: Do you count on company journey relocations, distant work, or different traits to proceed to achieve traction? How do you count on the present inflationary atmosphere to have an effect on the lodging market?

chatzielefttheriou: Exercise remains to be sturdy, however that peak goes to go down general, all the time. We see a little bit of a dip in 2023 throughout the board – it will not be the strongest 12 months economically. Inflation is right here, rates of interest are rising, everyone seems to be tightening their belts a bit. We consider that that is going to have an effect on our sector as nicely, we do not count on any vital drop, however there can be a bit.

BTN: What has been Blueground’s conventional shopper within the company market, and is that altering?

chatzielefttheriou: Blueground has a B2C and a B2B facet, with B2B accounting for about 35 p.c of the enterprise. Now we have all various kinds of use instances, like relocations for tasks, folks shifting to a brand new metropolis for a brand new place, and many others. We work with some larger firms like Google and Apple, however we additionally work with different smaller firms: over 2,500 of them. Earlier than and after the pandemic, we’ve got seen firms change into extra champions of distant work and provide flexibility. We may accomplice with them to supply Blueground as an additional benefit, or purchasers may “sponsor” and provide advantages to visitors… and permit folks to work and reside for 2 months or go to a different workplace and work there and the staff be there. That’s what we’ve got seen coming.

BTN: What are the priorities of your company purchasers proper now and the way are you supporting them?

chatzielefttheriou: for the nice [clients] like Apple and Google, there are quite a lot of internship packages, quite a lot of relocations, and what they actually care about are a few of the fundamentals, which could be onerous to come back by, like having a simple solution to view and ebook flats, constant high quality of buildings , excessive stage of service, properties situated near the places of work and guaranteeing that there’s 24/7 assist. Blueground brings all of that collectively, and the technological facet makes it very straightforward. Prospects can ebook themselves with a direct hyperlink, which supplies workers extra management, and so they can use the app to request further cleansing and providers, and then you definitely add that bodily a part of the enterprise and that is actually what makes the distinction.

BTN: Have you ever seen a development of extra personalised requests out of your prospects, or was the thought of ​​rebranding with buyer management primarily based on buyer suggestions?

chatzielefttheriou: Are each. We have seen demand from the shopper facet…the enterprise buyer needs extra flexibility in phrases—prospects have extra particular wants when it comes to buildings and areas. Purchasers have particular requests relying on the corporate, which led to the creation of Blueground for Enterprise and the way what we provide is totally different than most conventional gamers, resembling visibility. Our purchasers know precisely what an house is like; that is not one thing the business sometimes provides.

We’re investing extra within the know-how facet by creating dashboards so folks can truly handle their stays. They’ll spotlight what they need and filter [their search]It is extra self-service.

One other factor we’re prioritizing is sustainability via how we supply our furnishings, the sorts of supplies we use, and the way we preserve this merchandise… We restrict any environmental influence. A lot of which is thru the usage of solar energy and distributors that may assist [with energy] …that can be an vital space the place we consider Blueground can have a constructive influence and we’re within the technique of quantifying that influence.

BTN: Is there room for development within the coming 12 months and the way is Blueground positioned to proceed that development?

chatzielefttheriou: We count on to develop at the least 60 p.c within the subsequent 12 months. There’s a lack of versatile provide, and we see that in all markets. We’re in round 27 markets. Our first market launch was Athens… That is the place the corporate began. We will nonetheless triple our presence there. We could be in 100 markets worldwide. So there may be quite a lot of development and since we’re offering a brand new answer, a greater answer and [there is a] pent up demand for it.

BTN: Are there sure areas that you just contemplate stronger and the place are you trying to develop?

chatzielefttheriou: We want to develop in every single place. There’s a restrict, however we’ve got not reached that restrict but. We count on to be in about 9,500 flats [by the end of the year], divided between the US and the remainder of the world. The US is about three-quarters of our income as a result of costs are larger…comparatively talking, the US is the largest area after which we see the largest development in Europe. We have simply launched Asia, additionally Singapore and Hong Kong, and that is going to be a giant development space for us as nicely.

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Furnished Apt. Co. Blueground Leans into Corp. Market