Global Business Travel Group（Amex GBT）宣布，其被Long Lake Management以全现金交易收购已完成，公司估值约63亿美元。该交易于2026年5月4日公布，并于2026年8月3日经股东特别大会批准。根据合并协议，Amex GBT股东每股获得9.50美元现金，较合并协议签署日30日成交量加权平均价溢价65.1%。交易完成后，Amex GBT普通股停止交易并从纽约证券交易所退市，公司转为私有。Amex GBT首席执行官Paul Abbott表示，此次交易将Long Lake的AI工程团队引入公司，加速塑造商旅管理的未来，从代理式客户工具到AI赋能的…
Royal Caribbean Group and Sandals Resorts announced an agreement to form a joint venture to expand all-inclusive resort operations, with Royal Caribbean holding 50% of the joint venture. Under the terms, Royal Caribbean will acquire a 50% stake in Sandals and Beaches Resorts for about US$3 billion, corresponding to roughly 10 times forward EBITDA, backed by a debt financing commitment from Morgan Stanley. The transaction is expected to close in early 2027, subject to customary approvals and closing conditions, and is expected to be accretive to group earnings in 2027. The joint venture will be governed by a board co-led by Stewart and Liberty, with existing bookings, loyalty programs, resor…
Hyatt Chairman, President and CEO Mark Hoplamazian said at Skift Global Forum that Hyatt has been the largest owner of its own hotels for 67 of its 70 years, shaping a different set of decisions. He said Hyatt replaced four core systems at once — central reservations, property management, revenue management and point-of-sale — delivering 40% savings on the property management system, with Hyatt absorbing the entire cost and passing none to owners. He also said Hyatt's leisure mix rose from about 35% in 2017 to closer to 55% by 2025, driven in part by the $2.7 billion acquisition of Apple Leisure Group during COVID.
Several hotel industry developments this week: Highgate appointed Erica Doyne as chief marketing officer; she brings nearly two decades of hospitality and travel leadership experience, most recently as CMO of Cardinal Financial and previously in marketing executive roles at Hyatt. BWH Hotels opened @HOME by Best Western McDonough in Georgia, a 128-suite extended-stay property marking the brand's first location in the state and Southeast region and its second in the U.S. Separately, more than 7,000 union hotel workers in Chicago voted to authorize a strike, which could become the city's largest hotel strike.
People Inc. withdrew its proposal this week to acquire MGM Resorts International, leaving the resort operator to continue as a standalone public company. People Inc. made a go-private bid in June valuing MGM at more than $18 billion, and a special committee of MGM's board evaluated the proposed transaction over several months. Barry Diller, chairman and senior executive of People Inc., said the mix of ingredients did not come together as hoped, but the company still holds 66.8 million MGM shares, roughly 27%, expressed total confidence in MGM's management and prospects, and remains open to a strategic transaction. MGM board chairman Paul Salem said the board remains excited to lead MGM as a…
Caesars Entertainment shareholders voted at a special meeting to approve Fertitta Entertainment's acquisition of the resort and casino operator. About 143.28 million shares, or 70.3% of outstanding stock, cast votes, with the majority in favor of advancing the $17.6 billion deal. Fertitta will pay roughly $5.7 billion for Caesars and assume about $11.9 billion of debt. The deal still requires antitrust clearance from the Federal Trade Commission and approvals in each jurisdiction where Caesars has gaming operations, which could take up to 10 months. Shareholders would receive $31 in cash per share if the deal closes by June 26, 2027.
According to Skift, Barry Diller's People Inc. has withdrawn its proposal to acquire MGM Resorts International, a potential deal valued at roughly $18 billion. People Inc., formerly known as IAC, holds a 27% stake in MGM and had been preparing a bid to buy the remaining shares. Diller, People's chairman and senior executive, commented on the withdrawal. The news concerns Las Vegas casino and resort assets and is relevant to hotel and gaming sector consolidation.
In the first half of this year, listed Chinese OTAs continued to grow overall, but the growth logic is changing. Ctrip's net revenue was RMB 31.871 billion, up 11.15% year on year, while net profit attributable to shareholders fell to RMB 4.1 million due to an antitrust penalty. Tongcheng Travel's revenue was RMB 9.993 billion, up 10.5%, with net profit of RMB 1.411 billion, up 7.67%. Tuniu's net revenue was about RMB 272 million, up 7.58%, but profitability came under pressure. Ctrip is betting on international business, with inbound tourism orders up 95% year on year in H1 and international platform revenue growth exceeding 50% in Q2. Tongcheng Travel expanded into hotel management and hi…
Royal Caribbean Group is acquiring a 50% stake in Sandals Resorts and Beaches Resorts for about $3 billion in cash, valuing the business at roughly $6 billion. The 50% figure was disclosed in a U.S. Securities and Exchange Commission filing, and the deal is expected to close in early 2027 subject to approvals. It marks Royal Caribbean's biggest step from sea to land, covering the family-owned Caribbean all-inclusive brands.
Hospitality Technology rounded up developments in hotel mobile and digital keys. Virdee and Salto expanded their integration, connecting ID verification and check-in workflows directly to Salto smart locks to provision app-less NFC room keys into guest mobile wallets. PPHE Hotel Group deployed Hudini across 17 European properties, unifying mobile wallet keys, web apps, self-service kiosks and staff messaging. Canary Technologies acquired OpenKey to expand mobile key capabilities. easyHotel now lets guests use iPhone and Apple Watch as room keys at its London and Paris hotels. Separately, dormakaba will feature Resorts World's Google Wallet key rollout and a cloud security suite at HITEC 202…
Swiss access-control giant Dormakaba has agreed to acquire Alliants, a UK-based hotel technology company behind digital keys, guest messaging, check-in, payments and concierge tools used by major hotel groups. Financial terms were not disclosed, and the deal is expected to close later in 2026 following regulatory approval. Alliants' latest reported annual revenue is less than half of 1% of the buyer's sales, underscoring a capability acquisition rather than a revenue acquisition. Dormakaba generated CHF 2.79 billion (about $3.4 billion) in revenue in the year through June 2026, with CHF 449 million (about $546 million) in adjusted EBITDA and a 16.1% margin.
Accor is considering acquisitions and other partnerships to accelerate its expansion in India, Duncan O'Rourke, the group's CEO for Middle East, Africa and Asia Pacific, told Skift. In July, Accor and Treebo Hospitality Ventures called off a planned deal that would have given the Ibis and Mercure brands access to hundreds of hotels in smaller Indian cities. O'Rourke said the group has always been entrepreneurial and will not stop growing because the deal did not work out, adding that it remains open to opportunities in India and elsewhere, though he did not identify a potential target.
Access-control hardware maker dormakaba signed a binding agreement to acquire guest-experience platform Alliants, merging physical lock infrastructure with guest messaging, contactless check-in, concierge and agentic AI software. Alliants' digital key engine delivers room keys directly to Apple Wallet and Google Wallet without requiring guests to download a native hotel app. Both vendors pledge ongoing API interoperability, letting hotels pair dormakaba locks or Alliants software with third-party PMS, access-control or guest-engagement platforms. Alliants currently powers guest engagement and digital key workflows across more than 100,000 hotel rooms worldwide.
Europe's General Court upheld a 2023 decision prohibiting Booking Holdings' roughly €1.63 billion ($1.9 billion) acquisition of Etraveli, the Swedish flights specialist and Booking partner. The court reasoned that flight bookings are a low-margin customer-acquisition channel that feeds travelers into Booking's high-margin hotel business, reinforcing its grip on the core market where the European Commission found it has a dominant position. Meanwhile, Expedia Group acquired Tiqets and Cartrawler this year to strengthen its B2B partner business, while Booking has fewer M&A options in Europe. The ruling affects the wider M&A scene in European travel and other sectors.
VantisCorp launched a white-label corporate travel automation platform for TMCs, unifying hotel and flight booking, approvals, multi-entity compliance workflows, tax-compliant invoicing and payment integration, with contracted clients live in India, the UK and Saudi Arabia. The EU General Court rejected Booking Holdings' appeal against the European Commission's decision to block its €1.6 billion acquisition of Etraveli Group, upholding the EC's finding. Spotnana announced a direct integration with Marriott International covering 10,000+ properties and the industry's first verified Marriott Bonvoy loyalty linking. Laters.com (formerly Fly Fairly) raised a $1.5 million seed round, offering 10…
Private equity-backed Flagship Group announced its first acquisitions: Amigo Tours, WalksDevour, and Askos Tours, providing coverage across North America, Europe, and Japan. The move aims to consolidate the highly fragmented tours and experiences market, benefiting operators, distributors, and guests.
Alternative accommodations specialist Reside, parent of 3Sixty, has merged with workforce mobility and relocation firm Graebel Companies. Financial terms were not disclosed. Graebel CEO Ron Dunlap will lead the combined organization, though Reside and Graebel will operate as separate entities. Reside co-founder Lee Curtis joins the leadership team.
The article analyzes the distinct capital allocation strategies of three multi-day tour operators: Lindblad focuses on acquiring founder-led brands, with its land segment contributing ~84% of operating income; Travelopia is divesting assets to address 2027 debt maturities; Intrepid uses net cash to acquire brands and integrate its ground delivery network. These strategies reflect different views on value creation.
In Q2 2026, hotel companies saw widespread RevPAR gains, partly driven by the FIFA World Cup and luxury travel demand. Marriott, Hilton, and Hyatt raised full-year outlooks. Development activity was strong, with IHG, Choice, and Wyndham reporting notable openings and conversions. AI adoption accelerated, with IHG and Wyndham launching ChatGPT-powered search tools. Caesars accepted a go-private offer, while MGM evaluated a sale proposal.
According to a KPMG report, U.S. travel, leisure, and hospitality M&A deal value reached $39.6 billion in H1 2026, up 106.8% YoY, but deal volume fell 7.6% to 402. Buyers pursued 'bigger, higher-conviction' deals, prioritizing assets with customer ownership, loyalty ecosystems, and pricing power. Fertitta's $17.6B acquisition of Caesars was the largest.
Skift Research has launched a free quarterly report, the Skift Capital Allocation Brief, tracking where travel's money is moving. The inaugural edition covers 242 deals worth $39.6 billion in H1, three take-private transactions, nearly $6 billion of credit card-issuer capital buying travel supply, and venture funding at multi-year lows. It also analyzes valuation premiums for asset-light lodging and major OTAs, and shifting demand geography with Asia-Pacific accelerating and U.S. inbound travel structurally weak.
Travel startup funding was relatively quiet in Q2 2026, with deals concentrated in seed and Series B rounds, and one notable Series C. Notable Series B rounds include hotel tech company Smartness raising €47 million and India-based hostel company The Hosteller announcing $16 million. WeRoad secured a $58 million Series C led by Airbnb. Clarasight raised an $11.5 million Series A. Despite the seeming lack of funding, investors are bullish on the outlook. Phocuswright data shows funding reached $1.7 billion in the first five months of the year, up from $1.1 billion in 2025. On the M&A front, Expedia Group's acquisition of CarTrawler, Juniper's acquisition of Deem, and Lighthouse's acquisition…
RealTime Reservation, a hotel commerce technology provider, has acquired guest experience platform STAY for an undisclosed amount, with investment from Wavecrest Growth Partners. STAY offers a branded mobile app for guests to access hotel services including restaurant reservations, room service, and wellness/activity bookings. The combined company will serve over 2,000 properties across 75+ countries in North America, Europe, Latin America, and the Caribbean.
American Express Global Business Travel (Amex GBT) has announced a definitive agreement to be acquired by Long Lake Management for $9.50 per share in cash, valuing the company at approximately $6.3 billion. The transaction is supported by investors including General Catalyst and Alpha Wave, and is expected to close in the second half of 2026. Amex GBT will become a private company, and the American Express brand licensing agreement will remain in place.
SAP Concur blog discusses T&E challenges in healthcare M&A. CMS requires accurate cost reporting within 150 days of close, but many organizations spend 6-18 months reconciling systems, risking reimbursement delays and penalties. The article emphasizes multi-entity cost reporting, clinician compliance, multi-jurisdiction policies, and audit readiness, proposing a 90-day phased approach.
Tongcheng Travel released a press release on its Q3 2025 results: revenue rose 10.4% year-on-year to RMB5.509 billion and adjusted net profit rose 16.5% to RMB1.060 billion. Core OTA revenue rose 14.9% to RMB4.609 billion, with accommodation reservations up 14.7%, transportation ticketing up 9.0% and other businesses up 34.9%. Average MPUs rose 2.8% to 47.7 million, APUs rose 8.8% to 252.9 million, and twelve-month accumulated travelers served surpassed 2 billion. The company completed the acquisition of Wanda Hotel Management (Hong Kong) on October 16, with nearly 3,000 hotels in operation under its hotel management platform and 1,500 in the pipeline.
The China Tourism Academy and the China Association of Amusement Parks and Attractions released the '2025 First Three Quarters Tourism Industry Investment and Amusement Equipment Procurement Index Survey Report' in Zhengzhou, Henan. The report shows the tourism industry investment composite index reached 123.66 in the first three quarters of 2025, up 1.4% year-on-year. Heavy-asset investment recovered led by leading enterprises, with major tourism groups and listed companies integrating quality resources through M&A. Demand for amusement equipment and services in small and medium-sized amusement spaces, diversified leisure complexes and specialty accommodation scenarios still has growth pot…
Oxford Economics, sponsored by SAP Concur, surveyed 500 executives worldwide and found successful expansions rest on prudent cost control. Cost-conscious enterprises are more flexible, have better spend transparency, and better communication. Nearly 40% of US respondents expanded via M&A. Companies should manage processes, maintain spend visibility, sustain employee satisfaction, and collaborate across departments.
This article provides a guide to preparing T&E processes for a merger or acquisition, including documentation, due diligence checklists, system consolidation, and employee training to handle the challenges.