phocuswire | April 18, 2023
Host travel agency InteleTravel has acquired Hickory Global Partners, a corporate travel alliance, to cater to demand for blended travel. The purchase price was not disclosed.
“With the new blending of leisure and business travel, the idea of separate consortia for these markets is now outdated,” InteleTravel president James Ferrara said. “This merger creates a single source of advantages and support for all travelers and the professionals who serve them – the consortium of the future.”
Hickory will continue operating as its own brand “newly powered as a wholly owned unit of InteleTravel.” InteleTravel expects to create more than 100 jobs during the development of new programs.
Established in 1991, InteleTravel has a network of more than 90,000 independent, home-based advisors across the United States, United Kingdom, Caribbean, Mexico and Republic of Ireland, and is approaching $1 billion in sales. The Florida-based company said it has developed its own booking technology for all verticals and packaging tools including cruises, discount leisure hotel rates, short-term rentals, low-cost air carriers and activities and entertainment.
Hickory, whose members are corporate travel agencies, corporate travel departments and corporations, said it negotiates with hotels, airlines, ground transportation companies and ancillary partners “to provide our members with the best rates, incentives and opportunities available.”
Ferrara and Hickory president Chris Dane will work together to lead the focus on emerging market opportunities and initiatives for systemwide advancement, including a new Hickory business travel education and certification program for InteleTravel advisors. Hickory also said it will expand InteleTravel advisors’ earning opportunities with “business travel-focused education, negotiated travel products and services through Hickory’s air portfolio, preferred hotel and amenities programs, expense management tools and ancillary supplier partnerships.”
“We have a vision for a consortium that leads into the next decades with a modern view of business and leisure travelers, and advantages, technology and supply for our members to satisfy those needs,” Dane said. “InteleTravel’s resources and reach will help us do that.”
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businesswire | April 21, 2023
Madison Square Garden Entertainment Corp. (NYSE: MSGE) (“MSG Entertainment” or “Company”) today announced that it has agreed to sell its 66.9% majority interest in Tao Group Hospitality to Mohari Hospitality, a global investment company focused on the luxury lifestyle and hospitality sectors, in a transaction that values Tao Group Hospitality at $550 million. The transaction is expected to close in May.
Upon completion of the sale of its majority interest, MSG Entertainment expects to receive net cash proceeds of approximately $300 million.
Today’s announcement follows a successful bidding process with multiple parties. Since MSG Entertainment acquired a majority interest in 2017, Tao Group Hospitality has transformed into a global powerhouse in entertainment dining and hospitality, with a portfolio of over 80 branded locations in over 20 markets across four continents. In fiscal 2022, Tao Group Hospitality generated approximately $485 million in revenue, $37 million in operating income, and $67 million in adjusted operating income.(
Completion of the sale is subject to customary closing conditions. The closing of the transaction is not conditioned on the receipt of financing. Effective as of the closing of the sale, the Company will enter into multi-year agreements with Tao Group Hospitality for ongoing consulting, marketing, and support services at Madison Square Garden and Sphere in Las Vegas.
For Tao Group Hospitality, equity holders of which include MSG Entertainment, Goldman Sachs & Co. LLC served as financial advisor and Hughes Hubbard & Reed LLP served as legal advisor.
For Mohari Hospitality, Moelis & Company LLC served as financial advisor and Kirkland & Ellis LLP served as legal advisor.
See below for the definition of adjusted operating income included in the discussion of non-GAAP financial measures and a reconciliation of operating income to adjusted operating income.
About Tao Group Hospitality
Tao Group Hospitality delivers distinctive culinary and premium entertainment experiences through its portfolio of restaurants, nightclubs, lounges, and daylife venues. Tao Group Hospitality acquired Hakkasan Group in April 2021. The combined company operates more than 70 branded locations in over 20 markets across five continents and features a collection of widely recognized hospitality brands. These include TAO, Hakkasan, OMNIA, Marquee, LAVO, Beauty & Essex, Wet Republic, Yauatcha, Ling Ling, Cathédrale, Little Sister, The Highlight Room, Sake No Hana, Jewel, and more. Tao Group Hospitality is part of Madison Square Garden Entertainment Corp. (MSG Entertainment) (NYSE: MSGE), a leader in live experiences.
businesswire | April 26, 2023
Everbridge, Inc. the global leader in critical event management (CEM) and national public warning software solutions, revealed findings today that only 24% of surveyed organizations have a strong Travel Risk Management (TRM) program in place as defined by TRM Standard ISO 31030. The results come from the company’s year-long study of more than 200 global C-suite executives. Additionally, only 21% of those surveyed feel that their organizations have adequate measures in place to meet the standard’s key requirements for travel safety.
“Addressing potential gaps in a company’s travel risk management program is critical to successfully building a more resilient workforce,” said Tracy Reinhold, Chief Security Officer at Everbridge. “The good news is that the introduction of ISO 31030 has removed much of the guesswork in how to do that. But there is still plenty of room for improvement as organizations seek to mitigate risks and fulfill their duty of care. Even those in the top category should ensure continuous reviews of their programs and policies as risks consistently evolve.”
ISO 31030 is the officially recognized International Standard for travel risk management, providing guidance on how to manage risks to organizations and travelers. To help organizations benchmark their travel risk programs against this standard and identify any shortfalls, Everbridge developed Measuring Up Against ISO 31030 – The Travel Risk Management Standard, an online survey measuring the seven key areas of the standard: Understanding risk context; Managing travel risk effectively; Travel risk assessment and treatment; Incident response; Specialist support; Communication and consultation; and Program monitoring and review.
Among the survey’s key findings:
Only 24% of respondents have a solid travel risk management program in place as defined by ISO 31030
Only 27% of respondents have a clear understanding of their organization’s risk profile
Only 36% of respondents feel that their TRM policies are aligned with other organizational policies
Only 21% of respondents feel that adequate measures are in place to safeguard travelers
Only 19% feel that policies and procedures have been effectively communicated and understood
81% believe their organization needs to improve the way their TRM program is evaluated and reviewed
Adds Reinhold: “While risks associated with the global pandemic dominated the attention of travel professionals for the last three years, severe weather events and civil unrest now pose the biggest threats to business travel. ISO guidance is a boon to travel managers as it gives them a chance to evaluate their own programs against industry standards. It is also a terrific opportunity to review and refresh established TRM programs.”
To take the survey and see how your organization measures up against ISO 31030, click here. Upon completion of the survey, respondents receive an instant score and a personalized report.
Everbridge will present the survey’s key findings and best practices at The Security Event in Birmingham, UK this week, in a session entitled “Regulation & Governance: New ISO 31030 Standard and its Impact on Travel Risk Mitigation.”
Everbridge empowers enterprises and government organizations to anticipate, mitigate, respond to, and recover stronger from critical events. In today’s unpredictable world, resilient organizations minimize impact to people and operations, absorb stress, and return to productivity faster when deploying critical event management (CEM) technology. Everbridge digitizes organizational resilience by combining intelligent automation with the industry’s most comprehensive risk data to Keep People Safe and Organizations Running™.