Frontier Airlines effective March 7 no longer will settle agency transactions via ARC,
the airline confirmed. Concurrent with its transition to the Navitaire New Skies passenger services system, Frontier will become a "ticketless" carrier. It will directly "process the payment information and return a record locator" to the passenger name record for agency bookings. Frontier will continue to sell via the Amadeus, Sabre and Travelport global distribution systems.
Chinese travelers will impact global travel demand significantly during the next 10 years,
according to a report released by InterContinental Hotels Group and Oxford Economics. The report indicates that China’s travelers are trending toward long-haul international destinations for leisure travel and mixed business-leisure travel. Projections suggest the United States would experience the most Chinese demand outside Asia. New York City, Los Angeles, San Francisco, Washington, D.C. and Las Vegas all expect between 1 million and 2.4 million room nights from Chinese travelers in 2023. Other global cities predicted to see an uptick in Chinese demand include Sydney, Melbourne, London, Milan, Paris, Tokyo and Bangkok.
Meetings technology firm Cvent on Friday reported $39.3 million in fourth-quarter 2014 revenue, up from $30.7 million year over year.
Cvent reported a net quarterly operating loss of about $3 million, compared with a loss of $593,000 in the fourth quarter of 2013. Adjusted for interest, taxes, depreciation and amortization, Cvent reported a fourth-quarter profit of $3.3 million, up from $2.1 million year over year. For the full year, Cvent reported $142.2 million in revenue, up from $111 million in 2013, and an operating loss of $231,000, narrower than the $1.9 million reported in 2013. Full-year EBITDA totaled nearly $18 million, up from $14.8 million in 2013. The company in a statement cited Alexion Pharmaceuticals as a new enterprise client and Wal-Mart, among others, as a newly expanded strategic meetings management client. Cvent CEO Reggie Aggarwal during a Friday conference call said the company was developing solutions for management of "one-to-one meetings for financial events," with plans for a release "later this year."
International Consolidated Airlines Group, parent company to British Airways and Iberia, on Friday reported a fourth-quarter profit of €138 million,
up from €25 million in the fourth quarter of 2013. Capacity increased 5.8 percent year over year during the quarter, and traffic increased 6.4 percent; load factor increased 0.5 percentage points to 79.5 percent. Passenger revenue per available seat kilometer increased 4.7 percent, and cost per available seat kilometer increased 1 percent. For the full year, IAG's profit was €868 million, more than double its profit in 2013. Iberia turned a profit of €50 million for 2014 compared with a loss of €166 million in 2013, which IAG CEO Willie Walsh called a "remarkable" turnaround "both financially and operationally."
The average daily rate at Extended Stay America during the fourth quarter increased 7.8 percent year over year to $57.86,
the company reported Thursday. Fourth-quarter occupancy was 68.8 percent, down from 70.5 percent. Full-year occupancy was 74.3 percent, up only slightly from 74.2 percent, while ADR increased 7 percent to $57.93. Fourth-quarter net income was $28 million, up from a loss of $15.4 million in the fourth quarter of 2013, while full-year net income was 150.6 million, an 82 percent improvement from 2013. To date, the company has completed 335 hotel renovations, 53 percent of its portfolio, and anticipates renovating 75 percent of its portfolio by year-end 2015. CEO Jim Donald said newly renovated properties fueled more than 90 percent of the company’s revenue growth in the fourth quarter.