Despite a challenging environment, spending by visitors to the U.S. increased to $52 billion in 2008, up $7 billion from 2007, as measured by spending on Visa-branded payments cards by international visitors.
Arcandor, the majority shareholder in Thomas Cook, has filed to open insolvency proceedings. In a statement, Arcandor said that “the aim of these proceedings is to continue the restructuring of the company and its subsidiaries that is already underway with an insolvency plan and to ensure their existence.”
In spite of the challenging economy, the latest travel research shows that shopping remains a desirable activity for leisure travelers, ahead of other popular vacation pastimes.
Vail Resorts reported that net income of $61.6 million in the third fiscal quarter decreased $25.7 million, or 29.4 percent, from the prior year third fiscal quarter. Through nine months, net income of $87.7 million decreased $26.4 million, or 23.1 percent, from the prior year period.
Cruise Holidays has doubled in size by merging with sister company SeaMaster Cruises to become a single cruise franchise entity within parent company Travel Leaders Group. The company said it believes that future opportunity for growth lies in adding a mix of successful home-based agents to its strong base of seasoned storefront owners.
Orient-Express Hotels Ltd. has confirmed that it has sold its Lisbon hotel, Lapa Palace, to a private Portuguese investor for approximately $41.8 million.