The company cites technology-forward diversification as a key growth driver.
VANCOUVER B.C. – Cozystay Holdings Inc., a technology-first, accommodation group with a growing portfolio of hotels, vacation rentals, and resorts under management, is announcing that it surpassed its total number of 2018 booking by 600% within just the first half of 2019.
“2019 is becoming a breakout year for Cozystay, we have officially launched our Vacation Rental Service Standard (VRSS) and are rolling it out to all properties, regardless of whether the property is a vacation rental, hotel or resort,” said Galen Cheng, CEO of Cozystay. “Our vision is to offer our guests the feeling of home, wherever they choose to stay, and provide guests at each of these different categories of accommodation with the same, consistent high level of service. When you visit a Cozystay property – no matter what type, you will know what you can expect.”
Cozystay leverages technology at every opportunity to streamline the management of its properties, this includes smart-locks, multi-channel customer service and property management. All properties offer safety certification and insurance coverage, professionally furnished properties, a bonded and insured cleaning team, highly trained account managers, as well as high-quality towels, linens and premium luxury mattresses.
The company is also launching an integration with Tujia, China’s biggest short-term property rental firm, meaning that Chinese travelers seeking rental properties on Tujia will now gain direct booking access to Cozystay branded properties.
“We believe that this integration will help to increase the number of reservations hat these properties receive,” added Cheng.
Cozystay earned its initial notoriety in the vacation rental market by serving one particular niche of tourists particularly well: Chinese travelers. This group is known for demanding a higher level of service from accommodation providers. Cozystay soon realized that the wider marker was responding well to consistency in service and has broadened both its customer base and its range of properties.
“In 2018 an average of 30% of our guests were Chinese, in 2019 so far this average has been closer to 16%, despite our major increase in bookings,” added Cheng. “It is clear to us that we have hit a nerve. There is a real gap in the broader market for flexible accommodation that can offer that service guarantee.”
Chinese tourism in Canada had grown annually at a rate of 20% since 2010, reaching a peak in October 2018. However, 2019 has seen these numbers take a sharp dip for the first time since 2010. Cozystay has not only weathered this dip, but thrived throughout it, and has no plans of slowing down.