AvenueWest is disrupting the real estate industry by transforming mundane rental properties into high-earning investment opportunities. AvenueWest's vision is to transform the corporate travel culture by providing bespoke travel experiences. Our primary mission is to deliver highly personalized travel destinations and real estate services to companies to help retain and attract top talent.
The global travel industry is expected to climb to a staggering $1.7 trillion by 2022. An integral contributing factor to this growth is the estimated 1.3 million business trips that occur each day in the U.S. alone. According to the Highland Group-a premier hotel consulting firm-revenue in the corporate housing market rose 13% in 2017, reaching $3.62 billion for its fifth strong consecutive year of growth. Experts agree that one of the fundamental reasons behind these astronomical numbers continue to be that corporate America-despite all of the tech-savvy advances that strive to keep us virtually connected-still holds in-person meetings as one of the most effective approaches to closing deals. As a consequence of this insatiable desire by corporate America to have boots on the ground, the amount of time spent away from home continues to be viewed as one of the most challenging aspects for any business traveler.
Corporate travel, if it's not properly managed and well supported, would undoubtedly take a severe toll on any company's most valuable resource, people. With a poor corporate travel culture, many business travelers would feel alienated and frustrated; and eventually, many of these companies stand to lose some of their most valuable team members.
With the rapid expansion of the sharing economy, as seen with the rise of Airbnb now at a 30 billion valuation, it is resoundingly evident that business and leisure travelers alike are now, more than ever, demanding more comfortable lodging, personalized experiences, and instant gratification. Nonetheless, there remain considerable gaps in this current market. As the consensus, especially among Airbnb consumers, is that many providers lack the consistency, the safety of guests is flagrantly ignored, and the services, if offered, remain largely at sub-par levels.
Iroko Properties LLC, doing business as AvenueWest-Raleigh vision, is to transform the corporate travel industry by providing completely bespoke travel experiences, whether it be for business or leisure. Our guiding principle, in today's cookie-cutter economy, is to make personalization an integral part of our day-to-day operations to differentiate fully and to elevate our corporate housing brand from the competition. Our growing fleet of executive corporate homes and premium concierge services, backed by the award-winning AvenueWest brand (a provider of premier corporate housing solutions for over 20 years), are the sails that would help us to consistently provide elevated destination experiences for all of our guests throughout their journey.
Our primary mission is to deliver wholly enjoyable and highly personalized destination services and real estate solutions for our guests and their families within the Raleigh, Durham, and Chapel Hill (RTP) regions of North Carolina. We aim to vigorously earn and retain our customer's trust. Our business would remain laser focus on building our social capital, just as much as growing our revenue because we understand the enormous long-term profitability that our travelers bring when they broadcast their experiences on social media with friends, family, and co-workers.
We will execute our primary objective by providing comprehensive residential solutions for our clients through the 3 significant seasons of their housing needs (i.e., as travelers, tenants, and as homeowners). We are committed to providing personalized end-to-end real estate solutions for our customers whether it be for their short or long-term housing needs for business or leisure travel, buying or selling their homes when relocating to new areas, or by helping them to relive that ultimate urban experience even in their own homes through our specialized suite of concierge and home renovation services. We will execute our primary mission through the following three objectives that have been well-crafted to deliver gratifying and shareable urban destination experiences to our customers to build brand loyalty drive new business opportunities.
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