Inspirato, a startup specializing in luxury travel, is in talks to go public through a merger with a special purpose acquisition company in a deal valued at more than$ 1 billion, according to people with knowledge of the matter.
Thayer Ventures Acquisition Corp. is discussing a deal with Denver said the people who asked not to be identified because the matter is private. Terms could change and it's possible that talks could fall apart.
A representative for Inspirato declined to comment, Thayer Ventures did not immediately respond to a request for comment. Inspirato, co-founded by brothers Brent Handler and Brad Handler, launched the 2019 Inspirato Pass in 2019.
It lets customers book unlimited stays in luxury vacation homes as well as Legacy five-star hotel brands like Ritz Carlton, starting at$ 2,500 a month with no other nightly rates or fees. Another membership plan at$ 600 a month provides reservation privileges, although users have to pay additional nightly rates. Despite the pandemic, the company reported that its booking activity was up 30% year over year, Bloomberg Businessweek in January reported.
According to its website, it has more than 18,000 members who can choose from 1,200 vacation options in 395 destinations. Companies Inspirato, IVP and Venture are among the existing investors Kleiner Perkins, its website shows.
Thayer Ventures SPAC, led by co-CEOs Mark Farrell and Chris Hemmeter, raised$ 172.5 million in a December initial public offering and has said that it will focus on the travel and transportation technology sectors.
Thayer Ventures is affiliated with Blank-Check, which is focused on investing in travel and transportation companies. According to its website, Thayer's portfolio includes the short-term rental specialist Duetto, the travel search site Hipmunk and hotel revenue management software developer Sonder.
For more articles like this, please visit bloomberg.com at bloomberg.com.
Subscribe to stay ahead with the most trusted business news source for you.