CWT
is planning to invest $100 million into its travel management platform following its recently announced recapitalization plan.
The $100 million is part of the $350 million in equity capital that will go toward repaying debt as well as investing in the business.
The funds will go into the company's myCWT platform including further investment in its sustainability offering as well as the enhancement of the booking experience.
According to a statement, investments will build on CWT's plans put in place during the pandemic, which include algorithm-driven search applications, follow-the-sun servicing capabilities and an improved digital hotel booking experience.
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CWT CEO Michelle McKinney Frymire says: “We are pleased to have received prompt court approval of the agreement we reached with CWT’s financial stakeholders, which positions the company for long-term success and provides significant financial resources to further grow and develop our business.
"Having reached this important milestone, we are now able to move beyond the pandemic and accelerate investments that create innovative programs and industry-leading experiences, including an enhanced myCWT platform."
In a recent interview with PhocusWire, Frymire referred to CWT's technology investment as the "first and highest, best opportunity" for the company, adding that
myCWT China and RoomIt would be areas of focus
.
The company plans to release additional details of the investment in the coming months.