Hilton to be acquired
by Blackstone Investment Funds
Hilton Hotels Corporation recently announced that it has entered
into a definitive merger agreement with the Blackstone Group’s real
estate and corporate private equity funds in an all-cash
transaction valued at about $26 billion. Under the terms of the
agreement, Blackstone will acquire all the outstanding common stock
of Hilton for $47.50 per share.
Hilton’s board of directors approved the transaction, and it’s
anticipated that the transaction will close during the fourth
quarter of 2007; completion is subject to the approval of Hilton’s
shareholders, as well as other customary closing conditions.
“Our priority has always been to maximize shareholder value,”
said Stephen F. Bollenbach, Hilton’s co-chairman and CEO. “Our
board of directors concluded that this transaction provides
compelling value for our shareholders with a significant premium.
We are delighted that a company with the resources and reputation
of Blackstone fully appreciates the value inherent in our global
presence, strong brands, industry-leading marketing and technology
programs and unique portfolio of hotel properties.”
Blackstone officials said they view Hilton as an important
strategic investment; no significant divestitures are expected as a
result of this transaction.
“It is hard to imagine a better strategic fit for us than Hilton
with its world-class people, brands and network of hotels,” said
Jonathan Gray, senior managing director, Blackstone. “This
transaction is about building the premier global hospitality
business. We are committed to investing in the company and working
with Hilton’s outstanding owners and franchisees to continue to
grow and enhance the business.”
Blackstone currently owns more than 100,000 hotel rooms in the
U.S. and Europe, ranging from limited-service properties such as La
Quinta Inns and Suites to LXR Luxury Resorts and Hotels.
Richards
Pleasant Holidays recently announced that Jack Richards will be
named president and CEO for the tour operator effective Aug. 1.
Richards brings more than 20 years of executive leadership and
management experience in travel wholesale operations and online
travel agency experience to Pleasant Holidays. Richards’ experience
includes working as senior vice president of product marketing and
strategy at Hotels.com, and president and CEO of the Leisure
Company, which operated the America West Vacations brands. He was
also CEO at Adventure Tours USA Inc. and served as vice president
of tour operations at ATA airlines.
“Jack has exceptional tour operator credentials that will
benefit Pleasant Holidays,” said Tim Irwin, Pleasant Holidays’
outgoing president & CEO. “His experience working with travel
agencies and in the online agency arena will continue to strengthen
Pleasant Holidays’ partnerships with our key accounts. Jack
understands the travel industry, the value of long-term
relationships and he will deliver the high levels of service that
have produced these valuable relationships for nearly five
decades.”
Tim Irwin will retire in August after 5½ years with Pleasant
Holidays. Irwin announced his retirement in December 2006 to
prepare a smooth management transition for the new president.
“Pleasant Holidays has been a premier travel provider leading
the industry for nearly 50 years,” Irwin said, “and I am committed
to working with Jack to ensure a smooth transition and that
Pleasant Holidays record of success continues in the future.”
Richards will relocate from Texas and will reside near Westlake
Village, Calif., headquarters of Pleasant Holidays.
Drive Time
LA INC., the Los Angeles Convention and Visitors Bureau, recently
launched a new Mobile Visitor Information Center (Mobile VIC). The
four-door Honda Element will be attending festivals, sporting and
cultural events, conventions and trade shows throughout Southern
California, providing visitors and residents with a resource to
L.A.’s varied destinations and new must-sees.
“Los Angeles is the second most visited domestic destination for
visiting friends and relatives, and the Mobile VIC will play a very
important role in showcasing the tremendous variety of attractions
the city has to offer,” said Mark Liberman, president and CEO of LA
INC. “The vehicle also creates awareness in the community of just
how important tourism is to our city.”
Images on the vehicle represent some major attractions in Los
Angeles, including the Griffith Observatory, the Korean Friendship
Bell, the Hollywood Sign, Chinatown, Wicked, Olvera Street and the
Hollywood Bowl. Staff will accompany the Mobile VIC, distributing
material about hotels, events, restaurants, shopping and more.
In 2006, visitors to Los Angeles contributed $13.5 billion to
the city’s economy tourism is the second-largest industry in the
city, ahead of entertainment and technology industries. www.seemyla.com
It’s in the bag
Next month marks the first anniversary of the TSA regulations for
carry-on baggage on commercial flights. To make toting those
three-ounce bottles more fun, in August Kiss My Zipz will debut
five new designs with sassy travel slogans printed on quart-size,
extra thick, zipper-top, clear plastic bags that are 100 percent
recyclable. While the bags have other uses, the slogans are aimed
at jetsetters, including, “I miss my dog already,” “Land this plane
on time. I NEED to watch Oprah!!!,” “My private jet is being fixed”
and “Remember when flying was fun???”
www.kissmyzipz.com
Reaching the Gay Market
World Travel Market, in conjunction with leading global gay
marketing agency, Out Now Consulting, is launching a Gay and
Lesbian Travel MasterClass. “The travel and tourism industry is now
beginning to recognize the importance of the gay and lesbian market
and its economic potential,” said Fiona Jeffery, managing director
of World Travel Market. “This is the third year that we have worked
with Out Now and are delighted that the MasterClass will be able to
help delegates tap into this lucrative market more effectively.”
Ian Johnson, CEO of Out Now said the 60-minute MasterClass will
offer the latest practical advice on reaching the gay market. “We
will take the most representative questions submitted to Out Now
online before World Travel Market to be used as part of a
presentation covering a whole range of issues,” he said. “We also
invite people to send us their brief specifying specific
requirements and budget and Out Now will select two to present real
gay travel marketing solutions to such problems at WTM. If people
have ever wondered how their own brand should best approach the gay
market, this is their perfect opportunity to find out.”
www.wtmlondon.com
More Time to Find Nemo
This fall the Disneyland Resort will offer clients the opportunity
to spend more time enjoying the new Finding Nemo Submarine Voyage
with a fourth night free added to any three-night vacation package.
Through Dec. 15, clients receive one additional night with the
purchase of a three-night stay vacation package at any one of the
three Disneyland Resort hotels or at one of any participating
Anaheim-area Good Neighbor Hotels. This special Disneyland Resort
offer includes Disneyland Resort Park Hopper Bonus Tickets,
early-entry access to select attractions at Disneyland Park
(including the new Finding Nemo Submarine Voyage), entrance to
Mickey’s Toontown Morning Madness and preferred viewing for select
shows at Disney’s California Adventure.
www.disneytravelagents.com
