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African travel & tourism sector is envisioned to develop just about 14 million new employment around the future ten years, reported the World Travel & Tourism Council (WTTC) in its hottest Financial Impression Report (EIR). The positive forecast from the Environment Travel & Tourism Council …
Tui has told families it will not be offering cheap last-minute holiday deals this summer despite expecting bookings to reach pre-pandemic levels.
Fritz Joussen, Tui chief executive, has revealed the company will hold its current pricing structure – bucking the trend of previous years.
It comes despite Tui having halved its losses for the past six months as the rebound in customers numbers and bookings continues following the lifting of Covid restrictions.
The travel operator said pricing for this summer has increased by 20 per cent, but bosses stressed that this has been driven by longer holidays and more expensive trips, including five-star hotels, as many people travel for the first time since the pandemic.
Mr Joussen said today: ‘There will be practically no last-minute deals for this summer.
Fritz Joussen (pictured), Tui chief executive, has revealed the company will hold its current pricing structure
Tui halved its losses for the past six months as the rebound in customers numbers following the lifting of Covid restrictions continues
‘Over the past six weeks, we’ve seen demand beyond 2019. We want to keep that momentum but aren’t going to suddenly shift to discounting.’
Tui reported an earnings loss of £525 million for the half year to March 31, following a £1.11 billion loss over the same period last year.
It told shareholders that it could return to profit by the end of the year as a result.
The operator is expecting a ‘strong’ summer and has already achieved 85 per cent of the booking levels seen in the summer of 2019, before Covid led to travel restrictions and devastated the industry.
Tui says the latest quarter was ‘significantly improved’ and attributed the boost to the easing of restrictions.
The travel group said its UK operation ‘continues to lead the way’ for summer bookings, which currently show an 11 per cent increase against the levels seen in summer 2019.
Overall bookings for the summer are expected to ‘almost reach’ levels from 2019.
Travellers at Manchester Airport queuing for check-in desks for Tui flights at Terminal 2 earlier today
A couple takes a selfie while sunbathing on Las Canteras beach in Las Palmas de Gran Canaria, on the island of Gran Canaria, a popular destination for holiday group Tui
It has been buoyed by holidaymakers booking ‘more at short notice’ and also spending more money on each trip, the firm said.
Meanwhile, revenues over the for the past half-year rose more than five-fold to £3.8bn compared to the same period a year earlier, when the firm was still struggling with Covid restrictions.
Mr Joussen said: ‘The high demand for travel and the very good business performance confirm our forecasts.
‘2022 will be a good financial year. Capacity almost reaches pre-corona level of 2019.
‘After two years of crisis, we expect Tui to become profitable again in the current financial year with a significantly positive underlying EBIT (earnings before interest and tax).
‘This is the basis for new growth.’
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Joseph Chetrit and the Hollywood Beach Resort (Chetrit Group, LoopNet)
New York City-based Chetrit Group has acquired 102 condo units over the last six months at the Hollywood Beach Resort, an oceanfront property in Hollywood that the city’s founder built almost a century ago.
Chetrit’s move further marks the trend among developers to buy out waterfront condo owners, which has accelerated since the tragic collapse of Champlain Towers South in Surfside last summer.
Property records show that an entity controlled by the Chetrit Group paid $15.5 million from Nov. 17 to April 21 to acquire 102 condos at the 96-year-old property at 101 North Ocean Drive on the barrier island in Hollywood. The average sale price was $152,400 per unit.
Executives of Chetrit Group were unavailable for comment on the firm’s plans at the Hollywood Beach Resort, where condo owners can rent their units through a condo-hotel. The mixed-use property also has separately owned parking and commercial space, including the desolate, depopulated Oceanwalk Mall on the first two floors of the eight-floor building.
It’s unclear how many units Chetrit would need to own to win a vote by unit owners to dissolve the building’s condominium declaration and its association of unit owners. The board of directors of the Hollywood Beach Hotel Owners Association did not respond to a request for comment.
State records show that in the 12 months ended March 16, Jonathan Chetrit became president of Hollywood Beach Hotel Owners Association, replacing Michel Jekic, now vice president. Michael Chetrit took over the newly created position of secretary.
Various developers, including Miami-based Related Group, have tried unsuccessfully to gain control of the Hollywood Beach Resort and redevelop the property, said South Florida developer Lon Tabatchnick.
“Related tried. I tried. A lot of developers have tried to make it happen, and it’s been a challenge,” said Tabatchnick, who developed the Margaritaville Hollywood Beach Resort, a 369-key oceanfront hotel 10 blocks north of the Hollywood Beach Resort.
Tabatchnick said he once worked with the owner of the parking garage next to the condo-hotel on a plan to redevelop the Hollywood Beach Resort, but multiple ownerships of different parts of the property thwarted the redevelopment effort.
“That’s always been the challenge. You’ve got a commercial entity that owns the mall; the condo residents; and the garage owner. And for whatever reason, they were never able to come together and make a cohesive plan and treat everybody fairly,” he said. “It’s like a Rubik’s cube. One entity can’t do it without the other two.”
Chetrit Group has prior experience as a bulk condo buyer in South Florida. “This is right up their alley,” said Miami-based condo consultant Peter Zalewski, who once did consulting work for the New York real estate firm.
The privately held firm, controlled by Joseph Chetrit and his brothers Jacob, Judah, and Meyer, paid $50 million to acquire control of the Versailles hotel and condominium in Miami Beach in 2013. Chetrit Group then won approval to renovate the Art Deco landmark at 3425 Collins Avenue, before selling it the same year to Alan Faena and Len Blatnavik, the developers of the Faena District in Miami Beach.
Joseph Young, the founder of Hollywood, built the Hollywood Beach Resort and opened the poured-concrete structure to the public for the winter tourist season in 1926, according to a presentation on the property’s history in November 2020 by Clive Taylor, president of the Hollywood Historical Society. The storied property served as a Navy officer training facility during World War II, and as a seaside campus of the Florida Bible College during the 1970s, before its 1980 launch as a timeshare resort.
Owners at the Hollywood Beach Resort last month disclosed a need for structural and electrical repairs to the property in an application to obtain a mandated 40-year recertification of the building’s safety, said Joann Hussey, spokesperson for the city of Hollywood. “Now they are in the permitting process to make those repairs,” she said.
“It was built like a fortress. But it’s an obsolete building,” Tabatchnick said. “It could be a signature property on the beach, which Hollywood needs desperately. The Chetrit Group has the capacity and the ability to do it, and I think the time is right.”