ROSWELL, Ga., July 25, 2018 /PRNewswire/ -- Growth Street Partners today announced a minority growth equity investment in Hotel Effectiveness Solutions, the leading provider of labor management SaaS for the hotel industry. Hotel Effectiveness' SaaS platform allows hotel owners, third party management companies, and property-level managers to control labor expenses according to occupancy rates, labor standards, and industry benchmarks.
"We specifically chose to partner with Growth Street because the firm's culture, values, and goals align perfectly with our company's," said Mike Martin, CEO and co-founder of Hotel Effectiveness. "Partnering with Growth Street allows us to accelerate our growth, invest in our people and industry-leading product, and consider add-on acquisitions to deliver even greater value to our customers."
The company's SaaS solution is used by over 1,600 hotels throughout the country, delivering value to both select service and full service hotels owned and/or operated by the country's largest third party management companies, hospitality REITs/asset managers, and owner operators. The company's labor management platform provides labor benchmarking, real-time labor monitoring, dynamic scheduling, and overtime management, among other capabilities.
"Growth Street is thrilled to partner with the Hotel Effectiveness team," said Nathan Grossman, Co-Founder of Growth Street Partners. "The founders' hotel domain expertise is built into every aspect of the solution, which is reflected in the company's rapid growth, high customer retention, and strong net promoter score."
"The country's best hoteliers focus on net operating income, not just RevPAR. They know labor is their largest controllable expense, which leads them directly to Hotel Effectiveness' mission critical software," added Stephen Wolfe, Co-Founder of Growth Street Partners.
In conjunction with the investment, Stephen Wolfe and Nathan Grossman will join the Board of Directors, which will include Co-Founders Mike Martin and Taylor Beauchamp.
Hotel Effectiveness Solutions
Hotel Effectiveness is the only complete labor management system designed exclusively for hotels and hotel management companies. Hotel Effectiveness helps over 1,600 hotels across more than 70 hotel brands achieve rapid return on investment through matching employee schedules with customer demand. From economy hotels to large convention hotels and resorts, the solution is a fit for all types of properties. To learn more about Hotel Effectiveness, visit www.HotelEffectiveness.com.
Growth Street Partners
Growth Street Partners provides early growth capital to vertically-focused, rapidly growing SaaS and technology-enabled services companies located in underserved U.S. markets. The firm partners with founders who have personally lived through the problems their businesses solve. Existing investments include Pear Deck, ChildCareCRM, and Visual Lease. To learn more about Growth Street, visit www.growthstreetpartners.com.
SOURCE Growth Street Partners