Fusioni & Acquisizioni

📍 Lufthansa is nearing the completion of acquiring 41% of Ita Airways, working closely with the Italian Ministry of Treasury. By November 3, 2024, following EU Antitrust approval, the companies must identify competitors for North American routes from Rome to Washington, San Francisco, and Toronto. 15 daily slot pairs at Linate Airport and short-haul routes will open to competition, overseen by Nocon. A competitive process will facilitate North American route access, either by direct flights or through airlines offering connecting flights via European hubs. The final agreement, triggering a €325 million capital increase by Lufthansa for the 41% stake, is expected by December 2024, with options for additional share transfers from 2025.

📍 Following the collapse of the German tourism giant FTI, Tui acquired most of the company's activities in the Canary Islands, significantly boosting passenger numbers and improving performance. Despite also gaining ground in Turkey after FTI's failure, Tui faces less optimistic prospects there due to the country's high inflation.

✈ Air Senegal will suspend seven international routes starting next week, including the flight from Dakar to Milan. The six-year-old carrier is facing a severe financial crisis. Routes to be suspended are New York, Milan, Barcelona, Libreville, Douala, Marseille, and Lyon. The suspension takes effect on September 20, with refund details provided by Aviareps, the airline's representative in Italy.

✈️ EasyJet, the second-largest airline in Italy, carried over 20 million passengers last year on 226 routes from 21 Italian airports. The winter 2024 season will see a 7.5% increase in offerings, with an eighth aircraft in Naples and 13 new routes from Milan Malpensa and Naples, including destinations like Tromsø, Cairo, Oslo, Rabat, Alicante, and Prague. EasyJet plans to reorganize operations in Italy, reallocating aircraft from Venice to ensure long-term success, but will maintain connections to major European destinations from Venice. Lorenzo Lagorio, country manager of easyJet Italy, highlighted investment growth in Lombardy, Campania, and other Italian destinations. If selected as a remedy taker in the Ita Airways and Lufthansa agreement, easyJet aims to open bases at Milan Linate and Rome Fiumicino by summer 2025.

🏖️ In 2024, global travel industry spending will reach 1 dollar out of every 10 spent. The sector is expected to contribute $11.1 trillion to global GDP (10% of total) with a 12.1% annual growth rate, exceeding 2019's record by 7.5%. The US, China, and Germany will lead travel expenses. Employment in the industry will hit 348 million in 2024, 13.6 million more than pre-pandemic. The US contributed a record $2.36 trillion to its economy last year, while China added $1.3 trillion, and Germany $487.6 billion. The top ten travel economies also include Japan ($297 billion), the UK ($295.2 billion), France ($264.7 billion), Mexico ($261.6 billion), India ($231.6 billion), Italy ($231.3 billion), and Spain ($227.9 billion). China is predicted to become the largest travel market by 2035. International visitor spending is set to grow by 16% this year, reaching $1.9 trillion, while domestic tourism spending is expected to hit $5.4 trillion, a 10.3% increase from 2019.

🚂 Trenord to resume operations of nine train lines on Monday, September 9, after summer interruptions for infrastructure upgrades, impacting Milano Centrale-Domodossola, Milano P. Garibaldi-Arona-Domodossola, Milano-Tirano, Lecco-Sondrio, Sondrio-Tirano, S7 Milano-Lecco, Como-Lecco, Pavia-Vercelli, and Pavia-Alessandria. Substitute bus services will cease, and a transitional period with increased travel times is expected as full speed is gradually reinstated post-upgrades.

🏡 Preferred Hotels & Resorts, with over 600 properties worldwide, recently added four Italian hotels to their portfolio. Boutique Hotel Stresa, part of the L.V.X. Collection, has a 250-year history and offers 30 accommodations, including 26 suites and 4 spa suites. Hotel Excelsior & Lido in Pesaro, featuring 52 rooms, a SPA, and a private Lido, joins the Lifestyle Collection. Preidlhof Luxury Dolce Vita Resort, near Merano, is an adults-only 5-star hotel with an expansive spa offering. Castello Dal Pozzo, on Lake Maggiore's Piedmont shore, provides 46 unique rooms, gourmet dining, and is set in 24 hectares of parkland. Lindsey Ueberroth, CEO of Preferred Hotels & Resorts, highlighted the significance of these new luxury independent hotel additions.

🏦 Ireland's hotel market soared with €655 million in sales during the first half of 2024, nearly quadrupling from €173 million in the first half of 2023. The sale of Dublin’s 265-room Shelbourne Hotel by Kennedy Wilson to Archer Capital was a significant transaction, estimated at almost €260 million. Hard Rock Dublin, after four years, was bought by Leonardo Hotels, rebranded under NYX, leaving no more Hard Rock hotels in the UK or Ireland. Dublin hotel occupancy hit 80% in the first half of the year, with 510 new rooms added and 1,700 under construction. CitizenM and Hoxton are set to open new hotels in Dublin by 2025 and the end of 2024, respectively.

🏢 The Italian Navy's aircraft carrier "Garibaldi", 41 years in service, is being considered for transformation into a "Museo del Mare" and lodging facility in Taranto, managed by MArTa for culture and by private tourism entrepreneurs for hospitality. Taranto is competing with Genoa to host the retired carrier, aiming to enhance the city's tourism and cultural initiatives. Francesco Caizzi of Federalberghi advocates for Taranto, citing its historical significance and potential as a strategic objective for the region's future.

🛫 Michael O’Leary, CEO of Ryanair, criticized Lufthansa's acquisition of Ita, predicting higher fares for passengers, referencing past increases after Lufthansa's purchases of Austrian and Swiss airlines. O'Leary, speaking in Brussels, sees Ryanair benefiting from its lower fares in Italy, anticipating growth due to Ita's price hikes. He also mentioned that instead of Italian taxpayers, now Germans will cover Ita's losses. O'Leary scoffed at the idea that Ita could challenge Ryanair's dominance, stating they would need to cut prices by 70% to compete.