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Recharge, The Hotel App That Offers Luxury Hotel Bookings by the Minute, Debuts in New York City and Expands Inventory in San Francisco

JBLU | April 24, 2017

Recharge, The Hotel App That Offers Luxury Hotel Bookings by the Minute, Debuts in New York City and Expands Inventory in San Francisco

JetBlue Technology Ventures makes strategic investment to support growth

Recharge, the on-demand mobile app that allows users to book luxury hotel rooms by the minute, today announced its debut in New York City, with 16 luxury NYC hotel offerings including The Pierre, W New York, The Knickerbocker and 1 Hotel Central Park, among others. The company also recently expanded in the San Francisco area, now offering 15 luxury and premium hotel properties, including 5-star hotels like Taj Campton Place and W San Francisco, and airport hotels like The Westin SFO and Aloft SFO.

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Additionally, in support of Recharge’s rapid growth in these two major U.S. markets, the company also announced a strategic investment by JetBlue Technology Ventures, a subsidiary of JetBlue Airways (NASDAQ:JBLU).

Since the company’s 2016 launch in San Francisco, Recharge has quickly become the on-demand platform of choice for business travelers, on-the-go families, local commuters and red-eye fliers looking for a more convenient and personalized third-space between work and home. Recharge allows people to book flexible-length stays at luxury four- and five-star hotels, while only paying for the time they need. There is no minimum stay requirement for guests using Recharge, but the average guest stay is approximately two hours. Recharge rooms start at $0.66/min and can range to $3/min depending on the hotel.

Recharge is rethinking the traditional hotel model, which originally assumed that the majority of hotel guests occupy rooms from 6pm-9am each day, leaving a large amount of inventory vacant during daytime hours. With Recharge, hotels are able to convert daily vacancy into occupancy levels that consistently reach over 100 percent. Current hotels have found that by implementing Recharge and allowing users to book a room at their convenience, a 250-room property can complete nearly 275-rooms’ worth of revenue in one day.

“We’re fortunate to have seen 800% year over year growth in San Francisco and overwhelming customer loyalty, with more than 75 percent of stays coming from return bookings,” said Emmanuel Bamfo, CEO and co-founder, Recharge. “We believe there’s an immense opportunity in the hospitality industry to optimize hotel room vacancy and are excited to start offering travelers with flexible access to high-end hotels across New York City.”

Recharge’s innovation in the hospitality space has attracted multiple investors, including Binary Capital, Floodgate, ENIAC, Expansion VC and the Banisters. Now, JetBlue Technology Ventures brings deep domain expertise in hospitality, travel and the airport hotel ecosystem to Recharge.

"There's nothing like a truly private spot to settle and refresh yourself after a long trip, but renting a hotel for a full night just for a bit of calm ahead of an important meeting during a day trip isn't always reasonable,” said JetBlue Technology Ventures Chairman Eash Sundaram. “We're excited to work with Recharge to rethink how hotel brands we already know and trust can optimize their vacant rooms. Finding easy ways to rent the unused space for shorter periods of time is great for travelers, local commuters, and families alike while creating new revenue streams for participating hotels."

“JetBlue Technology Ventures grew out of the belief that many aspects of the travel and hospitality industry could be completely reimagined,” said JetBlue Technology Ventures President Bonny Simi. “With Recharge, we can envision a new kind of experience for travelers who want a quiet place to relax and refresh after long flights or during layovers -- easy and flexible access to accommodations that otherwise sit unoccupied.”

“The hotel industry has, for some time, been ripe for an unconventional take on the traditional business model,” Tom Storey, former President, Fairmont Hotels & Resorts added. “Through my previous work and business travel, I know first-hand that the hotel industry has the perfect supply for an unmet consumer demand of private spaces in convenient locations. Recharge has been able to create a seamless connection between hotels and their customers and one that is beneficial to both parties.”

About Recharge

Recharge is a mobile application that allows people such as business travelers, local commuters, on-the-go families, and red-eye fliers to book upscale, luxury hotels and pay by the minute to use at their convenience. Currently operating in San Francisco and New York City, Recharge partners with 30 four-and five-star hotels. Founded in 2015, Recharge is based in San Francisco. To learn more, visit Recharge.co. To download the app, visit Recharge.co/app.

About JetBlue Technology Ventures

JetBlue Technology Ventures invests in, incubates and partners with early stage startups at the intersection of technology, travel and hospitality to improve the entire travel experience. The

company prioritizes investments that advance the customer-centric journey; technology empowered customer service; the future of operations and maintenance; revenue management, sales & distribution; and new regional transport ecosystems. Founded in 2016, JetBlue Technology Ventures is a wholly-owned subsidiary of JetBlue (NASDAQ: JBLU) and is located in Silicon Valley, Calif. For more information, visit JetBlueVentures.com.