Business Travel Show Europe Kick Off, 23 February,
Global Travel Risk Summit Europe, May 2023,
3rd Annual Sustainable Business Travel Summit
Confusion surrounded the BA bid for Iberia Airlines this week amid reports that its main partner Texas Pacific Group (TPG) may pull out.The UK carrier reportedly wants a second private equity firm, Apax Partners to be part of the bid.But despite negotiations being well advanced, this move has, according to some sources, caused TPG to threaten to back out of any deal.One source said that with Apax aboard, the BA-TPG offer would have no serious rivals and stand a far better chance of success.TPG, with its partners Santander, Spain's biggest bank and Ibersuizas, an investment company, made its own bid for the Spanish airline of 3.4bn earlier this year.BA already owns 10% of Iberia and has first refusal on a further 26.5%. The two airlines also operate joint services and are both members of the oneworld alliance.BA said when it first entered the consortium with TPG that it would not provide any capital for the bid.All the parties involved declined to comment.
NH Hoteles profit soar
NH Hoteles, one of the leading European chains aimed at the business traveller, reported increased pre-tax profits of 107.2% to 51.5m for the first quarter of 2007.Net profit also rose substantially by 195% to 5.18m.The group said total hotel sales were 288.5m, a 30.7% increase on the same period in 2006 while revenue per available room (revPAR) up by 10%.NH attributed part of the "significant" increase in business to the acquisition of the Italian hotel chains, Jolly Hotels and Framon.Hotel earnings have increased by 13% in Italy excluding these new acquisitions. It said the revPAR increase was "mostly based" on an 11.7% increase in room rates, notably in Spain and the Benelux countries. Sales were also "particularly strong" in London.Average rates at NH's hotels in Germany rose by 8.45% and revenues totalled 49m.Higher occupancy of 63.6% and an increased revPAR of 5.4% in Austria, Switzerland, Hungary and Romania led to an 8% increase in sales in the region.
* see BTE's recruitment site www.businesstraveljobs.com