Saudi Arabia wants to write and uphold official “7-star standards” at its upcoming ultra-luxury Sindalah Island. The idea of ‘7-star’ anything dates back to the opening of Dubai’s Burj Al Arab hotel, a distinction that operator Jumeirah has never liked using, nor has the emirate officiated. But Saudi Arabia wants to make it the real deal. Its $500 billion giga-project, NEOM, is hiring...
Travelport said Monday that it has raised $570 million in new equity from investors. Travelport said the deal creates a “new ownership structure” to include Elliott Investment Management, Davidson Kempner Capital Management, Canyon Partners, Siris Capital and other institutional investors. The company said in March that it had received a $200 million investment from its owners, which it...
Podcasts
Hyatt’s Resort Target, Despegar’s Acquisition and Hotels vs. OTAs
In major hospitality news, Hyatt is in talks to acquire Playa Hotels & Resorts, Despegar has agreed to a $1.7 billion buyout by Prosus, and a Skift Research report suggests hotel websites could surpass OTAs by 2030 – or maybe not.
Rashaad Jorden | 3 days ago
Podcasts
Hyatt’s Resort Target, Despegar’s Acquisition and Hotels vs. OTAs
In major hospitality news, Hyatt is in talks to acquire Playa Hotels & Resorts, Despegar has agreed to a $1.7 billion buyout by Prosus, and a Skift Research report suggests hotel websites could surpass OTAs by 2030 – or maybe not.
Rashaad Jorden | 2 days ago
Since OpenAI released the groundbreaking ChatGPT tech late last year, travel companies have been exploring how the latest developments in generative AI could change the way they operate. Only three and a half months later, OpenAI released an update of the technology called GPT-4. Among several notable updates, the last version of ChatGPT can accept images, not just text, and describe them in...
Extreme weather patterns – heat waves, wildfires, floods – are reshaping how people travel. This is clear from changing booking windows, evolving off-season travel itinerary choices, and how popular destinations adapt to the ongoing changes in the weather. Change is already happening – albeit slowly. We think it’s going to accelerate. See all of this year’s Megatrends on our hub page. Travel...
American Airlines’ profits dipped significantly in the second quarter as it seeks to recover from a controversial distribution strategy that led to the departure of its chief commercial officer. The carrier reported a net income of $717 million, a 46% decline compared to the same time last year. American also had record revenues for the quarter at $14.3 billion. American’s results mirror that...
This sponsored content was created in collaboration with a Skift partner. The bustling capital of Canada, Ottawa, is not only a livable and charming city criss-crossed by rivers and surrounded by nature, it is also a hub for Canada’s advanced manufacturing sector. The sector accounts for $185 billion of Canada’s GDP, $260 billion in annual exports, and 1.7 million jobs across the country. A...
The proposed $3.9 billion Wynn Al Marjan has caused a development frenzy in Ras Al Khaimah, the once-quiet man-made island– located about 70 minutes drive from Dubai International Airport. Just about every major hotel operator has a project underway, and as Bloomberg reported last month, developers have snapped up every available plot. Much of the excitement stems from hopes for gaming –...
Sonder, the San Francisco-based startup that operates hotels and leases apartment buildings for short-term rentals, made its stock market debut Wednesday in a special purpose acquisition company merger, and saw its share price drop about 8 percent. The Nasdaq, where Sonder trades, was slightly down, 1.6 percent for the day. Founded in 2014 by Francis Davidson, Lucas Pellan, and Martin Picard...