Business travel has certainly made a comeback following the financial crisis in 2008. Marchay Co-Founder, Karl Backlund, tells TheStreet’s Jill Malandrino the company is a private travel community for the executive traveler, focusing on the luxury market. The pool of travelers allows Marchay to create value by getting better rates and taking a fiduciary approach. Revenue is derived on a membership-based model in which applicants must be screened and approved. The multi-year goal is to cap membership at 5,000, with 2,500 of those members based in North America. Backlund explains Marchay would rather acquire the accredited member rather than growing too fast. One trend Backlund has identified in luxury business travel is the social component as peers turn to each other more than just relying on traditional travel services.
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