Amex Investing in Dining Experiences With Resy Acquisition
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Anyone who's attempted to secure a reservation at some of the country's hottest new restaurants is likely familiar with the relatively new reservation platform Resy, and may already have the company's app on their phone. Lately, it's even become my go-to — at least in New York City, higher-caliber restaurants tend to partner exclusively with Resy, with OpenTable remaining the primary platform for more "classic" joints.
Resy, then, seems a natural fit for American Express' growing portfolio of digital service brands, including LoungeBuddy and several international-based dining and concierge platforms. Wednesday, Amex announced that the company has reached an agreement to acquire Resy, with the platform's current CEO continuing to lead the team. The deal is expected to close later this summer.
According to Amex, Resy currently partners with roughly 4,000 restaurants in 154 US cities and 10 countries, with more than 2.6 million customers dining through the platform each week. I imagine those numbers will grow significantly with American Express (and its existing restaurant relationships) coming onboard.
Chris Cracchiolo, Amex's Senior Vice President, Global Loyalty and Benefits, explained the move in a press release: "Resy was created to both connect people who love dining out with new, notable and hard to get into restaurants across the globe, as well as help restaurants' businesses grow and thrive. Similarly, American Express has strong relationships with premium dining partners and restaurants across the globe, and provides our Card Members with access to incredible dining experiences through our exclusive benefits and programs."
Cracchiolo added that Amex will be working closely with the Resy team to grow the platform, and aims to use the acquisition to offer more access and experiences for cardmembers.
Given the American Express® Gold Card's focus on dining benefits, including 4x points earnings on dining at restaurants and up to $10 each month in statement credits at select restaurants and delivery services in the US, that card seems like an obvious fit for integrating Resy perks (enrollment required). And adding some sort of Resy benefit, such as preferred access to reservations or exclusive experiences at top restaurants, to the Platinum Card® from American Express would expand its already-strong list of benefits like concierge service, lounge access and annual statement credits.