Inspirato merges with Thayer Ventures Acquisition Corp.

Inspirato LLC, a luxury travel subscription brand, and Thayer Ventures Acquisition Corp., a publicly traded special purpose acquisition company, have entered into a definitive merger agreement that will result in Inspirato becoming a publicly listed company. The transaction values the pro forma company at an estimated enterprise value of $1.1 billion. Upon closing, the combined company will operate as Inspirato, and its Class A common stock is expected to be listed on Nasdaq under the ticker symbol “ISPO.”

“We are excited to enter a new chapter of growth and innovation with Thayer,” said Brent Handler, founder/CEO, Inspirato. “With this announcement, we are well positioned to expand our vision of revolutionizing luxury travel through our simple and intuitive consumer subscriptions. I would like to thank our incredible subscribers, investors, and employees for helping Inspirato achieve this important milestone, and look forward to collaborating with the Thayer team as we continue to accelerate our global expansion.”

Inspirato’s proprietary subscription platform creates a frictionless booking journey that expands the addressable market for luxury travel, while also creating a new opaque channel for real estate and hospitality partners to monetize excess inventory, according to the company.

Inspirato launched with a subscription model in 2011 under the leadership of Brent and Brad Handler. Over the past 10 years, the company assembled a portfolio of more than 385 exclusively managed branded luxury vacation homes and more than 500 five-star hotel and resort partners in more than 240 destinations around the world. It has also developed a highly differentiated personalized service approach specifically designed to meet the needs of affluent travelers and drive exceptional customer satisfaction, the company reports.

In 2019, Inspirato Pass introduced the world’s first luxury travel subscription inclusive of nightly rates, taxes and fees. Constantly updated, the Inspirato Pass list typically features more than 150,000 trips, ranging from Inspirato residences and hotel partners to custom experiences such as luxury cruises and African safaris. Pass subscribers can browse the list, book their trip, enjoy their stay and book their next getaway upon checkout. Inspirato Pass includes all the benefits available through the company’s original subscription model.

Inspirato also offers a “pay as you go” Club subscription. Club subscribers pay a low monthly fee for access to the Inspirato portfolio, and then pay subscriber-only nightly rates to book the trips of their choice. From the company’s inception through Q1 2021, Inspirato generated more than $1.2 billion in revenue, with Pass and Club subscribers booking more than 850,000 total nights to date. It expects its annually recurring revenue to exceed $200 million by Q4 2022.

The combined company will continue to be led by Brent Handler; Brad Handler, founder/executive chairman of the board; David Kallery, president; and CFO Web Neighbor. Chris Hemmeter, co-CEO of Thayer, will join the combined company’s board of directors.

“As a travel focused investment platform with an appetite for disruptive hospitality themes, we could not have found a better merger partner than Inspirato,” said Hemmeter. “Inspirato is creating a new category in the travel space with its combination of market segment focus, a powerful supply aggregation engine and network-effect subscription business model. We believe this company will continue to be a leader in the luxury lifestyle sector for decades to come. We are thrilled to be partnering with Brent and Brad as Inspirato transitions to the public markets and establishes itself as an enduring brand of the post-pandemic world.”