Restaurant technology company Toast is expanding into a new niche: hotel restaurants.
The Boston firm announced on Tuesday that it has integrated its software, which helps restaurants do everything from receiving payments and managing payroll to organizing take-out orders, with the most popular apps used by hotels. With the new move, a hotel restaurant could use Toast to accept payments that would appear directly on a customer’s hotel bill.
“Early on, we got a lot of interest from restaurateurs with restaurants in hotels,” said Aman Narang, co-founder and COO of Toast. But it took time to integrate Toast’s software with the property management software packages used by hotels, he said.
The new features will allow people staying in hotels order room service from a QR code link in their room and allow hotels to take orders from guests seated in the lobby or at the pool, using a portable Toast device. All fees can go directly on the customer’s room bill.
“These are the kinds of services that Toast has integrated into the platform, instead of having to connect many different systems together,” Narang said.
The company said it was in a total of 57,000 restaurants at the end of 2021 out of about 860,000 in the United States. The new offering could help Toast attract approximately 60,000 hotel restaurants as potential new customers.
The move comes after Toast’s revenue doubled last year to $1.7 billion, although its net loss also nearly doubled to $487 million. And its stock price has been in the dumps, along with most of the tech sector.
After going public in September at $40 a share, Toast’s stock peaked near $70 in November but has since fallen below $20.