Low-cost Avelo Airlines continues to expand from its largest base in Connecticut, adding more domestic and international services to connect travelers to popular destinations.
13.08.2024 - 22:14 / skift.com / Dennis Schaal / Eric Grosse
Inspirato brought in a new CEO and chairman, Payam Zamani, who arrived with a deal for $10 million in equity financing for the struggling luxury vacation club.
Inspirato also announced it’s laying off 15% of its workforce and terminating underperforming leases in moves geared to help shave $25 million annually.
Zamani, is founder and CEO of private equity firm One Planet Group, which obtains 2.9 million new shares of Inspirato Class A common stock and around the same number of warrants. The purchase price for each warrant and share is $3.43.
One Planet Group became Inspirato’s largest shareholder.
Zamani replaced Eric Grosse as CEO, who was in the post for around 11 months, and co-founder Brad Handler as chairman. In addition to Zamani, One Planet Group will name two additional members of the board, which is expected to remain a 7-director body.
“This transaction, not only strengthens Inspirato’s liquidity and improves the Company’s capital structure with a large, supportive shareholder, but it injects our boardroom with a fresh perspective,” Zamani said in a statement. “I look forward to working with the team, meeting our members and taking Inspirato to new heights in a more sustainable and profitable manner.”
This was Inspirato’s third round of layoffs since early 2023. Layoffs in January 2023 affected roughly 100 employees, about 12% of its workforce. Another round in July 2023 impacted around 50 employees, or 6% of its workforce.
The announcement came as Inspirato is poised to report second-quarter earnings Tuesday.
Late last week, Inspirato announced that it won Nasdaq’s permission to keep trading on the exchange after a July 18 hearing on the company’s failure to meet market share listings requirements. Inspirato has until November 22 to cure the issue.
Of the $10 million in equity financing, $4.6 million was slated to close Tuesday, and a second tranche of $5.4 million is expected to close in September. After the second closing, One Planet Group has the option to invest an additional $2.5 million.
In the first quarter of 2024, Inpirato, which had already been focusing on cost savings, generated $2.2 million in net income on $80.2 million in revenue, which dropped 12.4% year over year.
Low-cost Avelo Airlines continues to expand from its largest base in Connecticut, adding more domestic and international services to connect travelers to popular destinations.
There's a budget airline turf war heating up in Connecticut between the two newest U.S. airlines.
Taste of Iceland 2024, organized by Inspired by Iceland, arrives in New York City Thursday, September 5 through Saturday, September 7. The cultural festival celebrates the land of fire and ice with events showcasing the best of Icelandic culture, including food and beverage, music, literature, art and design, nature, wellness, and more.
Massive expansion plans have been announced for Magic Kingdom Park at Walt Disney World.
Halloween is steadily approaching, and Celtic Tours is announcing the last few seats available on our trending Halloween Spooktacular tour. Every year we bring guests to Ireland and Derry, Ireland specifically, to enjoy the largest Halloween celebration in the world! Travelers dress up, experience the thrills, and gather at the numerous celebrations to learn where Halloween first started. The tour runs from October 28, 2024, through November 3, 2024.
Good morning from Skift. It’s Friday, August 9, 2024, and now here’s what you need to know about the business of travel today.
As the flurry of summer activity gives way to fall, Coastal Mississippi’s 62 miles of shoreline transforms into a haven of autumnal wonder with a rich array of offerings along the picturesque shores – from leisurely beach strolls to new boutique stays and recently opened elegant dining options – there’s so much more to explore.
Liberty Tripadvisor Holdings is looking to do a deal, one that could remove what Tripadvisor chairman Greg Maffei characterized as “probably a cloud on Tripadvisor’s stock.”
Expedia Group is “pausing” the rollout of its new One Key loyalty program beyond the U.S. and the UK in part because of the adverse impact on its Hotels.com brand.
Like others in the travel industry, Expedia Group saw a “challenging” global economy and “softening” travel demand in July.
The white sand beaches and turquoise waters of the Dominican Republic are just under a 4-hour flight away from New York City. In good news for those looking to book a quick getaway, flights between the US and the Caribbean nation could soon get cheaper—all thanks to a federal aviation policy that few travelers know exists.
Hotels are often agents of change in a neighborhood. That’s certainly true in New York, where buttoned-up Wall Street and the frenetic NoMad district, north of Madison Square Park, are just two of the beneficiaries of the city’s latest hotel boom. More than 40 properties have opened across the five boroughs since 2022, during apost-Covid rebirth that’sbrought freshenergy to long-overlooked pockets of Manhattan as well as to its most well-trodden quarters. Among these new arrivals are the Hotel Chelsea, a long-awaited revival of the venerable art-crowd hangout, and Nine Orchard, an elegant makeover of a 1912 bank building on the Lower East Side. Then there’s the Aman, the hushed retreat that opened two summers ago in the middle of Midtown. At least two more luxury hotels are planning to welcome guests next month: the Surrey, an Upper East Side landmark entirely remade by the Malta-based Corinthia Hotels group, and the Manner, an upscale sibling of the Standard hotels, in SoHo. Here, a closer look at five other attention-worthy newcomers: