Singlepane has introduced an artificial intelligence solution designed to help hotel owners and asset managers automate the review and summarization of complex legal agreements, licenses and permits.
The new tool—known as AutoAbstract—is now available to clients through the Providence, R.I.-based company’s Contract Management platform. Nearly 20 ownership groups and asset management companies, including DiamondRock Hospitality and KHP Capital Partners, have adopted Singlepane since its launch earlier this year.
“At a time when the promise of AI is overwhelming and often difficult to implement, AutoAbstract provides meaningful benefits to hotel owners and asset managers through time savings and improved accuracy,” Austin Segal, CEO of Singlepane, said in a statement.
The platform consolidates financial, operational and asset data into a single system to support faster and more informed decision-making, according to the company. AutoAbstract is designed to allow users to drag and drop documents for automated extraction of key terms, dates and clauses across franchise agreements, management contracts and service agreements. Once approved, the information is integrated into Singlepane’s platform, which also offers benchmarking, tracking and automated notifications for critical dates.