Travel companies these days are full of stories touting the ways they use AI. Travel tech companies heavily market new tools, sometimes branding themselves as AI companies.
16.07.2024 - 16:00 / skift.com / Apollo Global Management / Jesse ChaseLubitz
Apollo Global Management, an asset management company and private equity firm, and The Travel Corporation (TTC), a private travel company that owns 18 travel brands, announced an agreement for Apollo-managed funds to acquire TTC.
TTC is one of the largest privately held travel companies in the world and it has been family-owned for a century.
The acquisition includes TTC tour brands such as Trafalgar, Uniworld Boutique River Cruises, Contiki, and Insight Vacations.
Apollo had managed around $671 billion in assets as of March this year.
The agreement between the two companies, which is still subject to regulatory approvals, is expected to close in the fourth quarter of 2024.
Certain brands, notably The Red Carnation Hotel Collection, will remain under the Tollman family. Financial terms were not disclosed.
In an interview with Skift last week, TTC’s CEO in Asia, Nick Lim, spoke about the rising demand for group tours among younger generations.
“Previously, group tours were popular among retirees. Now, we see younger travelers, particularly on our Contiki tours which are exclusively for 18 to 35, and even on our luxury brands like Insight Vacations, attracting those in their mid-30s to 45.”
Earlier this year, TTC announced intentions to reduce the impact of tourism on the environment and it teamed up with a new communications firm in the UK. In its latest annual report, it showed strong post-Covid recovery and growth across its brands. Some of its brands, including Insight Vacations and Contiki, have been experiencing steady growth.
Travel companies these days are full of stories touting the ways they use AI. Travel tech companies heavily market new tools, sometimes branding themselves as AI companies.
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ITB Berlin’s new Travel & Tourism Radar, set up in partnership with Ostfalia Hochschule, analyses the business outlook in the travel industry and reveals external factors as the main forces driving digitalisation and sustainability efforts. The actions of global travel companies are driven more by external influences than economics where important aspects of the transition are concerned. The Travel & Tourism Radar survey shows that the approximately 330 travel companies interviewed worldwide offer a generally positive economic outlook. It also gives an insight into their investment plans and how they see their ability to compete.
Jul 22, 2024 • 6 min read
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While filling your shopping cart this week, don't forget to browse through the Amazon Prime Day shoe deals. Any seasoned traveler knows the value of a top-quality shoe for making it through long, walking-heavy travel days, and this week happens to be the perfect time to add some new options into your rotation. Whether you're looking for comfortable running sneakers or a go-to pair of sandals to pack on your next beach vacation, there are plenty of travel-friendly shoes on sale through Wednesday, July 17.
Good morning from Skift. It’s Wednesday, July 17, and here’s what you need to know about the business of travel today.
(Courtesy of The Travel Corporation)
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