Tag Archives: acquisition

American Express Global Business Travel (“Amex GBT”) announced it entered into a definitive agreement to acquire CWT  in a transaction that values CWT at approximately $570 million on a cash-free, debt-free basis, subject to certain assumptions and purchase price adjustments. The transaction will be funded by a combination of stock and cash and is expected to close in the second half of 2024, subject to the satisfaction of customary closing conditions, including the receipt of certain regulatory approvals. CWT serves 4,000 customers and is expected to generate approximately $850 million of revenues and $70 million–$80 million of Adjusted EBITDA in 2024. Paul Abbott, Amex GBT’s CEO, said: “Bringing CWT onto the proven Amex GBT software and services model will create more choice for customers, more opportunities for people and more value for shareholders.” After the acquisition closes, CWT customers would have access to Amex GBT’s proprietary software and services for travel and expense, including Neo1, Neo and Egencia, in addition to Select, which enables customers to integrate with leading technology partners. Customers would have access to the broadest portfolio of professional services, including meetings and events, consulting and sustainability solutions and Amex GBT’s marketplace would provide access to the most comprehensive and competitive content in the industry. CWT CEO Patrick Andersen said: “Joining forces with Amex GBT helps accelerate our vision of a tech-enabled future for business travel, where people and technology combine to deliver an exceptional customer experience. We are highly confident in the value creation of the combined company.” Significant Shareholder Value Highly attractive valuation and financial return: Based on CWT estimated 2024 Adjusted EBITDA of $70 million–$80 million and $155 million of identified synergies, Amex GBT acquiring CWT for …

ADQ and ADNEC Group have signed definitive agreements for the strategic acquisition of a 40.5 per cent stake in Egypt-based Talaat Moustafa Group (TMG) Holding’s hospitality arm, ICON Group, through a capital increase. ICON is a leading player in Egypt’s luxury and upscale hospitality market, with a track record of building and owning some of the most celebrated luxury hotels in Egypt. The group owns four operational hotels – Four Seasons Cairo at Nile Plaza, Kempinski Nile Hotel Cairo, Four Seasons Sharm El Sheikh and Four Seasons Alexandria at San Stefano – and has three hotels and luxury residential real estate assets currently under development, such as the Four Seasons in Madinaty and Luxor and Radisson Collection in Marsa Alam, and one hotel under design, the Four Seasons at The Pyramids. ADQ and ADNEC will invest through a special purpose vehicle, with 49 per cent equity ownership by ADQ and 51 per cent equity ownership by ADNEC. The transaction represents a major foreign direct investment (FDI) in Egypt and marks a vote of investor confidence in the Egyptian tourism and hospitality sector. The investment by ADQ and ADNEC in TMG’s hospitality arm will be used partially to de-leverage the existing debt of ICON, with the remaining used for the acquisition of a stake through ICON in the portfolio of seven luxury heritage hotels owned by the Egyptian Government, for which definitive agreements have been signed. The seven hospitality assets include Marriott Cairo Omar Khayyam Zamalek, Marriott MENA House Cairo, Sofitel Winter Palace Luxor, Sofitel Legend Old Cataract Aswan, Steigenberger Cecil Hotel Alexandria, Steigenberger Hotel El Tahrir Cairo and Mövenpick Resort Aswan. Post-transaction, ICON will have a combined portfolio of 15 luxury and upscale …

Wego acquired Travelstop. This strategic move will expand Wego’s reach into business travel and expense management. The acquisition will also empower Travelstop to tap into Wego’s regional network and leverage its deep understanding of the travel industry to drive growth and provide enhanced services to their customers. Wego has long been a leader in the travel industry, known for its innovative solutions and commitment to delivering exceptional and seamless travel experiences. Since its launch, Travelstop has emerged as a game-changer in the business travel industry, providing businesses of all sizes with a modern platform that streamlines travel management and automates expense processes. By combining their resources and expertise, Wego and Travelstop aim to revolutionize the way companies navigate the complexities of corporate travel as well as contribute to the growth and development of the travel industry in the Middle East and Asia-Pacific regions. “We are thrilled to announce the acquisition of Travelstop,” said Ross Veitch, CEO and Co-founder of Wego. “This strategic move is in line with our vision of offering comprehensive travel solutions to businesses in the region. Together, Travelstop and Wego will empower businesses to streamline their travel and expense management processes, introducing new levels of convenience and cost-efficiency.” Through this acquisition, Wego aims to address the unique challenges faced by businesses operating in emerging markets, such as fragmented travel options and manual expense reporting. The combined platform will provide businesses with a one-stop solution, enabling them to seamlessly manage their corporate travel needs while gaining greater visibility and control over expenses. “We are excited about the immense potential that this partnership brings,” said Prashant Kirtane, CEO & Co-founder of Travelstop. “With our combined expertise and assets, we …

Leading diversified professional services and investment management company Colliers, led the sale of Marjan Island Resort & Spa on behalf of Manazil Group to RAK National Hotels LLC (RAKNH), a subsidiary of RAK Hospitality Holding LLC (RAKHH). The sale of the 300-key, 5-star property marks a significant milestone in both RAKNH’s investment strategy and the ongoing development of the emirate as a premier leisure destination. James Wrenn, Executive Director, Capital Markets, Colliers in MENA, said: “Colliers is delighted to have led the sale of the well-known Marjan Island Resort & Spa in Ras Al Khaimah on behalf of the vendor, Manazil Group. The investment represents further commitment by the buyer RAK National Hotels (RAKNH) to realise the exciting ambitions of Ras Al Khaimah tourism over the coming years. We wish RAKNH and the operator Accor the very best as the property enters a new era, and of course extend our continued best wishes to Manazil Group with their existing portfolio of quality hotel assets.” Alison Grinnell, CEO of RAK Hospitality Holding commented: “The acquisition of Marjan Island Resort & Spa underscores our continued investment in Ras Al Khaimah and recognises the huge opportunities in the emirate as it positions itself as an international leisure destination. The property is ideally located to capitalise on these opportunities, and working with our partner Accor, we believe we can transform the property into a unique destination for tourists.” Abdul Mohsen Al Hammadi, Chairman and CEO of Manazil Group said: “After being one of the first properties to open on Al Marjan Island back in 2014, Marjan Island Resort & Spa became a stepping stone for our Group to enter into the hotel business and …

RAK National Hotels LLC  has added to its portfolio of hospitality and leisure assets the 300 key Marjan Island Resort & Spa from Manazil Group. The acquisition adds further scale to RAKNH’s portfolio and underlines its investment on Al Marjan Island, especially following RAKHH’s announcement of the group’s joint venture stake in the highly anticipated Wynn Al Marjan Island.  The property is currently operated by Accor Group and will be rebranded as a Pullman, the company’s premium hotel brand. Ras Al Khaimah’s tourism sector has been experiencing a major period of growth, with a multitude of new hotels, attractions and upgraded historical sites cementing the Emirate’s place as the go-to destination for adventure, relaxation and culture. Alison Grinnell, CEO of RAK Hospitality Holding commented: “The acquisition of Marjan Island Resort & Spa underscores our continued investment in Ras Al Khaimah and recognizes the huge opportunities in the Emirate as it positions itself as an international leisure destination. The property is ideally located to capitalise on these opportunities, and working with our partner Accor, we believe we can transform the property into a unique destination for tourists.” Abdul Mohsen Al Hammadi, Chairman and CEO of Manazil Group said: “After being one of the first properties to open on Al Marjan Island back in 2014, Marjan Island Resort & Spa became a stepping stone for our Group to enter into the hotel business and open four more hotels managed by Accor within the UAE, namely Movenpick, Novotel and Adagio in Jumeriah Village Triangle, and Pullman Sharjah.” Paul Stevens, COO Premium, Midscale & Economy Division for Middle East & Africa at Accor said: “We are very pleased to continue our strategic partnership with …

Sojern announced the acquisition of VenueLytics, the hospitality industry’s most integrated guest experience platform serving independent hotels, resorts, chains and casinos. Sojern will incorporate VenueLytics’ capabilities as an extension of the Sojern Travel Marketing Platform. Sojern has long been a direct bookings driver for hotels—providing comprehensive digital advertising solutions that help travel marketers find, attract and convert new travelers, re-activate existing guests to build loyalty, and maximize net revenue per available room (RevPAR). This acquisition expands Sojern’s Travel Marketing Platform to engage across the entire guest journey with VenueLytics’ cutting-edge technology that includes an Artificial Intelligence (AI)-powered virtual concierge, real-time guest feedback and digital reputation management tools, and a guest marketing suite for email and text promotions. VenueLytics’ solutions help marketing, operations, and front-desk teams better serve their guests with less resources required, drive incremental revenue, and maximize profit. With these additional features, Sojern can now help marketers find, attract, convert and engage travelers throughout their journey. “This is an exciting step forward for our customers as we can empower hoteliers beyond advertising alone, expanding our offerings to be a true end-to-end marketing platform,” said Mark Rabe, CEO of Sojern. “We are dedicated to providing the travel industry with innovative solutions that leverage data, AI and technology to drive results. VenueLytics’ expertise in analyzing, unifying and activating data from various hotel management and marketing systems will allow Sojern to deepen our relationships in hospitality. This addition helps us to advance toward becoming the #1 travel marketing platform.”   One of VenueLytics key customers is Grupo Posadas, the largest hotel company in Mexico with over 180 resorts and hotels. Posadas Director of Quality, Standards and Innovation, Leslie Gomez, commented, “By using …

Travelport announced the acquisition of Deem, a leading corporate travel management platform. Since launching the company’s next-generation marketplace, Travelport+, Travelport has continued its investment in innovation, with the acquisition of Deem being the latest example. “The game-changing acquisition of Deem by Travelport will fulfill a growing, post-pandemic need for a tight, fully-integrated corporate tool that will provide access to all multi-source content, including NDC,” said Greg Webb, CEO of Travelport. “We’ve been laser-focused on investing in technology innovation, and Travelport+ has simplified the agency workflow, upgraded how travel content is curated, and enabled modern travel retailing. Now with the acquisition of Deem, Travelport will provide corporate travel with award-winning, complementary tools that are as revolutionary, modern, and easy-to-use as Travelport+.” Previously owned by Enterprise Holdings, a leading provider of mobility solutions, Deem has long been recognized as the foremost modern technology for the corporate travel industry. Named one of Fast Company’s Most Innovative Companies of 2022, Deem has pioneered its suite of online booking and travel technology products for business travelers, travel managers, travel-management companies and suppliers, making the corporate travel experience more efficient for all. Deem has continued to grow its share of the corporate travel business, and Travelport’s investment intends to further accelerate that growth on a global scale. “Deem is pleased to be joining the Travelport family,” said David Grace, President of Deem. “We are proud of the growth and success Deem has achieved in recent years. The acquisition by Travelport will enable a strong future of global growth for Deem and help accelerate the delivery of travel management solutions in a rapidly evolving industry. We want to express our sincere appreciation to our customers, as well …

Jumeirah Group acquires legendary Le Richemond hotel on the banks of Lake Geneva, Switzerland; the luxury hospitality company is focused on international expansion as it targets strategic gateway cities. Jumeirah Group, the global luxury hospitality company and member of Dubai Holding, today announced the acquisition of its first property in Switzerland as it continues its growth trajectory and international expansion. The flagship property – Le Richemond – was founded in 1875 and is located on the banks of Lake Geneva in a prime location at the heart of the city’s business district and a short walk from the city’s luxury designer boutiques. The acquisition forms part of the Group’s strategy to build its brand profile in gateway destinations across the world. The move signals Jumeirah’s appetite for investment in key cities that support the diversification of its portfolio and build brand equity as a globally recognised luxury hotel operator. Geneva, as a thriving city, synonymous with luxury living, with a strong international business community and a robust high-end tourism sector, will support Jumeirah’s vision to become one of the world’s top five luxury hotel brands. The art deco property with its charm and grandeur has been a popular destination for well-known personalities throughout the years. The hotel features 109 keys with 87 rooms and 22 suites, boasting stunning views across Lac Léman and the mountain peaks of Mont Blanc. The property will undergo extensive renovations, which will commence as soon as possible, to reposition and elevate the guest experience to a level consistent with Jumeirah’s brand expectations. Jumeirah plans to introduce its signature wellness and fitness concepts and will also focus on bringing its culinary expertise to the banks of …