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One entrepreneur is offering fans a ticket to those coveted luxury suites.
Todd Lindenbaum, founder and CEO of SuiteHop, says, "Billions of dollars are left on the table every year as suites are left half full, or even worse, completely empty for thousands of events." To fill them, Lindenbaum has created the first online platform where individuals and businesses alike can book suites in sports and entertainment venues.
Watch Lindenbaum pitch his start-up in just 60 seconds to a board member of New York Angels, Alicia Syrett, president of Corum Group, Nat Burgess, and a partner at Collaborative Fund, Kanyi Maqubela. Will the founder hit a home run or strike out? Click the video to find out.
Before SuiteHop, Lindenbaum founded Sports Shares, a membership program with access to suites in Atlanta, Dallas-Fort Worth, Texas, and Denver. But members started to request suites in new cities.
"Excessive middleman arbitrage, lack of wide availability and a complex sales process all contributed to the challenges in the luxury suite market," said Lindenbaum.
According to the founder, SuiteHop aims to change all that. Lindenbaum said he has developed relationships with many suite owners and teams, who provide much of his inventory, which the company then lists on its website. Availability and pricing operate in real time. And customers do not have to sign any contracts.
SuiteHop even gives users the option to book an entire suite, or individual seats within a suite. Events range from top sporting events like NBA, NFL and NHL games to Taylor Swift and Stevie Wonder concerts.
Depending on the event and venue, customers can expect to pay anywhere from $2,000 to upward of $30,000 for a private suite. Individual tickets purchased for a shared suite can range between $25 and $1,500.
Currently SuiteHop has 917 suites available on its website.
During the "Power Pitch" segment, Maqubela asked about SuiteHop's customer demographics.
"We're doing business with Fortune 50 brands and doing suite tours for them across the country. We have local and small, medium-sized businesses that otherwise wouldn't be able to afford a suite, and then birthday parties and bachelorette parties. We're really opening the eyes to the public that suites can be an option for them," Lindenbaum responded.
Burgess then asked what the company's suite access will look like in the next couple of years.
Lindenbaum answered that many of the new stadiums built over the last 25 years were financed with long-term suite contracts. He added: "After the financial meltdown, renewal rates have not supported the inventory. Teams are now selling suites to ticket brokers, and they're starting to view the suites as needing help to be sold."
SuiteHop makes money by charging a 10 to 25 percent transaction fee for all purchases. The company also offers its customers event planning, event management and day-of-event services such as an in-suite concierge staff and celebrity appearances.
Since its launch in July 2014, more than 500 suites have been booked with SuiteHop. Lindenbaum told CNBC that the company is profitable and has raised $1 million from private investors. It's headquartered in Denver and has 14 employees.
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