Thomas Cook Collapsed Owing at Least $12 Billion

Skift | December 16, 2019

The financial black hole at the center of insolvent travel company Thomas Cook amounts to at least $12 billion (£9 billion) according to a new report from the UK Insolvency Service. More than half of the total figure, around $7.6 billion (£5.7 billion), relates to debts owed to other parts of the business, but that still leaves $4.4 billion (£3.3 billion) owed to outsiders. Of this, banks and other lenders are owed $2.4 billion (£1.8 billion), suppliers $1.2 billion (£885 million), customers $780 million (£585 million), and employees $60 million (£45 million). Beyond these headline numbers the Insolvency Service has so far declined to give any details on the individual companies involved in the claims.

Spotlight

The travel industry is an important and decisive sector to the global economic development. Its direct impact to the global economy was more than 7 trillion USD in 2017. Given the current globalization typified by a changing pattern of traveler's demands, our options and means of travel are continuously expanding. Traveling to different countries, hotels, and purchasing tickets for local transactions will be in traveler’s fingertips. This will reduce the time to contact the third party support agencies in case of any issues and multiple follow ups. The transfer and exchange of traveler’s data over the untrusted networks, circulation of related payment in the industry and reconciliation strategy between service providers and travelers are fast becoming a travel-related global problem as a result of manner of settlement, fraud, means/terms of payments, and legacy systems. These challenges are inhibiting the potentials of the travel industry as loss of huge amounts every year.

Spotlight

The travel industry is an important and decisive sector to the global economic development. Its direct impact to the global economy was more than 7 trillion USD in 2017. Given the current globalization typified by a changing pattern of traveler's demands, our options and means of travel are continuously expanding. Traveling to different countries, hotels, and purchasing tickets for local transactions will be in traveler’s fingertips. This will reduce the time to contact the third party support agencies in case of any issues and multiple follow ups. The transfer and exchange of traveler’s data over the untrusted networks, circulation of related payment in the industry and reconciliation strategy between service providers and travelers are fast becoming a travel-related global problem as a result of manner of settlement, fraud, means/terms of payments, and legacy systems. These challenges are inhibiting the potentials of the travel industry as loss of huge amounts every year.

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DESTINATION AND TOURISM

Luxury Is Our Love Language: Four Seasons Re-Launches Brand with Vibrant and Fresh Perspective on the Luxury Experience

Four Seasons Hotels and Resorts | August 30, 2022

Four Seasons Hotels and Resorts unveiled its new brand creative platform, Luxury Is Our Love Language, celebrating the brand's unique and energetic perspective on the definition of luxury. Developed by Publicis Groupe's NYC-based creative collective, Le Truc, the work highlights the exceptional experiences delivered only by Four Seasons through the deep understanding of their guests and the genuine care of their people.The collaborative approach between Four Seasons, Le Truc, Starcom, Publicis Canada, and Four Seasons CRM Agency of Record, Hawkeye Canada, was designed to deliver a full 360 platform for the brand's creative re-launch. The creative debuts Four Seasons new branding which is set to roll out across the entire brand portfolio and lines of businesses – from its Hotels and Resorts to Restaurants and Bars to Residential to Retail and to its Private Jet over the next year.Le Truc brought the creative campaign to life through a comprehensive analysis of Four Seasons guest insights and data. Inspired by real stories of actual Four Seasons guest experiences, reflected in feedback surveys, comments and in conversations with hotel teams – the spots are each "based on a true stay," featuring artful interpretations of moments when passionate Four Seasons teams went above and beyond to provide guests with anticipatory, personalized experiences rooted in generosity, kindness and care. "The future of luxury will be driven by data and insights and defined by human connection and imagination Luxury Is Our Love Language is the embodiment of this vision and an authentic articulation of our values as we continue to evolve and express our brand in new ways. It is a bold creative platform based on our belief that true luxury shouldn't be impersonal or rigid– rather, it's about creating a meaningful sense of belonging through acts of unscripted care and the simple elegance of empathy." -Marc Speichert, Chief Commercial Officer at Four Seasons. Speichert continues: Le Truc used data and insights from guest stays to spotlight acts of unparalleled hospitality in action, and the 'Based on a True Stay' spots represent a refreshingly creative portrayal of our renowned brand of luxury with genuine heart. We are proud to partner with Four Seasons on the brand's new creative platform, using data led creativity to create truly personalised luxury experiences. Le Truc's vision is to drive creative collaboration and convergence across the most diverse disciplines, enabling modern, desirable and authentic experiences for brands and the consumers they serve, said Arthur Sadoun, Global CEO and Chairman, Publicis Groupe. To shoot the premiere campaign, Le Truc and Four Seasons worked with acclaimed director Akinola Davies Jr. – winner of the Short Film Grand Jury Prize at Sundance for his film "Lizard." From taking a guest's personal logo to new levels in Monogram, to making a budding equestrian's dreams come true in Special Delivery, to bringing the magic of winter right to the guest in First Snow, "Based on a True Stay" stories offer a glimpse into the many ways in which Four Seasons teams go above and beyond for guests every day. "Four Seasons is an iconic brand synonymous with luxury. Our role was to reimagine how to convey their unique approach to hospitality – in a modern fashion. Throwing aside the tropes of old luxury and capturing the thoughtfulness that elevates guests' experiences above the standard of luxury they might expect from other high-end hotel brands. But in a totally unexpected manner, We worked really closely with director Akinola Davies Jr. who brought to life the style and modernity that the Four Seasons properties have in abundance. We really wanted people to reappraise what luxury looks like in a hotel, and hopefully we've achieved that." -Andy Bird, Founding Partner and Chief Creative Officer, Le Truc Starcom led media buying and strategy for the campaign, which will air across digital video, social and digital out-of-home starting August 29. The targeted, high impact multi-million-dollar media spend is the largest by Four Seasons to date, marking the first time the company is supporting brand equity messaging with significant paid media amplification. Starcom additionally facilitated a bespoke partnership with Condé Nast around New York Fashion Week for Vogue's inaugural Vogue World Fashion Experience. Four Seasons will also build a custom Acts of Love postcard experience at Four Seasons Hotel New York Downtown, inviting guests to immerse themselves in the lost art of letter writing and connect more closely with their loved ones through their very own acts of thoughtfulness and care. In the spirit of September's fashion focus, Four Seasons is partnering with acclaimed fashion designer, Christian Siriano, to design custom postcards out of his one-of-a-kind sketches. To view additional creative assets, please see here. About Four Seasons Hotels and Resorts Four Seasons Hotels and Resorts opened its first hotel in 1961, and since that time has been dedicated to perfecting the travel experience through continual innovation and the highest standards of hospitality. Currently operating 124 hotels and resorts, and 50 residential properties in major city centres and resort destinations in 47 countries, and with more than 50 projects under planning or development, Four Seasons consistently ranks among the world's best hotels and most prestigious brands in reader polls, traveller reviews and industry awards. For more information and reservations, visit fourseasons.com. For the latest news, visit press.fourseasons.com and follow @FourSeasonsPR on Twitter.

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TRAVEL TECHNOLOGY

Agilysys to Reveal New Digital and Mobile Software Approaches to Overcoming Hospitality Staff Shortages

Agilysys | September 19, 2022

The global gaming industry saw record revenue in 2021 and is expected to do so again in 2022, with industry analysts revising expected revenues upward to $876 billion from a previous estimate of $747.9 billion according to the Global Gaming Industry study posted by ReportLinker in July. However, as patrons return in record numbers, owners, operators and management teams are struggling to staff enough positions to serve them.About 6.2 million U.S. hospitality workers lost their jobs in 2020 due to pandemic shutdowns, and many of these workers have left the industry permanently or retired. According to a survey by job search site Joblist, half of U.S. hospitality workers surveyed said they would not be returning to the same jobs they held before the shutdowns, and one-third said they are no longer considering working in hospitality. The combination of continued staff shortages and increased guest demand is accelerating the development of inventive and quick-to-deploy technology solutions to close this gap. At the G2E (Global Gaming Expo), Agilysys hospitality experts will host an Innovation Lab session on Tuesday, October 11 at 2:00 p.m. that will reveal real-world examples of new mobile, on-demand and kiosk-based software solutions that casino resorts and other properties are deploying with immediate guest-pleasing and revenue-driving results. G2E is the largest gaming and entertainment event in North America. The event will be held at The Venetian Expo in Las Vegas October 10-13, and will host hospitality industry professionals from all over the world. In addition to its Innovation Lab session, Agilysys also will showcase its software Experience Enhancers™ Collections that extend Agilysys’ property management systems (PMS), point-of-sale (POS) solutions, and Inventory and Procurement (I&P) solutions to amplify Return on Experience (ROE) for both guests and staff. ROE measures how technology creates more engaged and empowered staff members as well as guests that return more often, spend more, and leave stronger reviews. ROE covers longer-term returns gained by ensuring every experience at every touchpoint avoids disappointment and creates a champion. Built to improve ROE through a variety of staff and guest experiences, Agilysys’ Experience Enhancers Collections enable property operators, management companies and owners to maximize the emotional and empirical returns derived from unifying advanced technology across their operations. “As those of us who serve or work in this industry know, hospitality is a zero-disappointment business Even one negative experience among a dozen positive ones can provoke a patron to leave a negative review or tell others about their disappointment. That is why we collaborate with our customers and other thought leaders in hospitality and gaming to continuously understand what guests and employees value most so we can design and deliver software that optimizes those experiences across a property and over time. We are finding that new digital, mobile and self-service technologies are proving to be game-changers for many properties, elevating guest satisfaction and revenue while reducing employee stress,” -Ramesh Srinivasan, president and CEO for Agilysys. Casinos and resorts interested in actions they can take to elevate guest service despite staffing constraints can see demonstrations in Agilysys’ G2E Booth #3800 and learn more in the Agilysys Innovation Lab session on Tuesday, October 11 at 2:00 p.m. Those who participate in booth demonstrations will have the chance to win a $250 Amazon gift card. To schedule a meeting with an Agilysys hospitality expert, please click here. About Global Gaming Expo Global Gaming Expo (G2E) is the world's premier gathering of commercial and tribal gaming professionals. For more than 20 years, G2E has convened the global gaming industry to discover cutting-edge technology, connect with peers and industry experts, and access expert education. For more information, please visit https://www.globalgamingexpo.com/en-us.html. About Agilysys Agilysys is well known for its long heritage of hospitality-focused technology innovation. The Company delivers modular and integrated software solutions and expertise to businesses seeking to maximize Return on Experience (ROE) through hospitality encounters that are both personal and profitable. Over time, customers achieve High Return Hospitality by consistently delighting guests, retaining staff and growing margins. Customers around the world include: branded and independent hotels; multi-amenity resort properties; casinos; property, hotel and resort management companies; cruise lines; corporate dining providers; higher education campus dining providers; food service management companies; hospitals; lifestyle communities; senior living facilities; stadiums; and theme parks. The Agilysys Hospitality Cloud™ combines core operational systems for property management (PMS), point of sale (POS), and inventory and procurement (I&P) with Experience Enhancers™ that meaningfully improve interactions for guests and for employees across dimensions such as digital access, mobile convenience, self-service control, personal choice, payment options, service coverage and real-time insights to improve decisions. Core solutions and Experience Enhancers are selectively combined in Hospitality Solution Studios™ tailored to specific hospitality settings and business needs. www.Agilysys.com

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TRAVEL TECHNOLOGY

HRS Offering Advanced Procurement Consulting and Technology to Hotels to Support Expedited RFP Response for Returning Corporate Volume

HRS | August 01, 2022

HRS, the leading global corporate travel and payment technology platform, announced the offering of its full range of consulting services to the hotel community in the coming months to support a revitalized corporate lodging ecosystem. Beyond data-driven consultation that reflects the hotel priorities of its corporate clients, HRS automation gives hotel sales teams the ability to access and more efficiently bid for corporate volume – all at a time when more corporate programs are using the RFP process to negotiate not only rates, but other elements vital to business travelers as they get back on the road.HRS, playing its part to facilitate corporate lodging’s recovery, is offering this unique package of localized consulting, unlimited bid refinement and RFP support at no charge to the hotel community. Among its growing client base, HRS works with 35 percent of Fortune 500 companies on their hotel programs. “It’s a new time for hotel corporate sales leaders. Travel patterns and dynamics are different, as are the definitions of 'travel' and 'workspace' for corporations, With volume rebounding and companies honing in on regional and national projections, married with the reality of diminished resources at many hotels, HRS is stepping up to help facilitate more opportunities for hotels to bid. Our unbiased RFP technology, data-driven analysis, and experts on the ground in key markets stand ready to help relevant hoteliers compete for these room nights.” -Lukasz Dabrowski, HRS’ senior vice president of global supplier relations. Optimized Tools Help Hoteliers Analyze & Refine Corporate Volume Bids HRS technology – with elements built specifically to aid hotels as they contend for corporate volume – is especially helpful for hoteliers at a time when companies are increasing their submission of RFPs and hotel sales teams are being re-built in the wake of the pandemic. In this fluid environment, it allows hoteliers 24x7 access to refine, revise and re-submit bid terms – all at no cost – as appropriate during the negotiation window. Other time-saving highlights include: Optimized bid submission processes that illustrate the progress towards completion of the submission, mandatory elements, and more Ability to anonymously view elements of competing hotel bids Multiple pre-filled fields in RFPs, reducing the time it takes for hoteliers to respond Simplified user-flow that addresses evolving corporate requests Efficient avenues to address the convergence of RFPs for different segments Transformative Attribute-Based Lodging Procurement, as Priorities and Process Have Evolved As new patterns come to light in the nascent post-pandemic corporate lodging arena, HRS is combining the buying concepts for transient, group, meetings and new Longstay segments to showcase the totality of anticipated client spend. Reflecting the new priorities of corporations – ranging beyond simple rates and amenities – HRS is helping hoteliers align with the most important elements of modern corporate hotel programs. This is particularly vital given the unforeseen elements impacting corporate travel procurement in varying locations, including items such as pandemic outbreaks, political instability, environmental changes and weather-related catastrophes. The “5S framework,” introduced by HRS in 2021, has proven effective in capturing the evolving scope of new requirements from the vast majority of corporate hotel programs. HRS is educating its hotel partners about the 5S framework and how addressing these elements on an ongoing basis can help hoteliers win more recurring volume. The 5S framework covers: Safety Satisfaction Savings Sustainability Security HRS is committed to working transparently with corporations and hotels to drive more automated, expedient negotiations, concludes Dabrowski. There is no longer a 'RFP Season' per se. Instead, automation is driving shortened four-week cycles that allow corporations to be nimbler and more targeted in their procurement activities all year long. Mix that in with prioritized hygiene and sustainability requirements, and hotels are competing in a totally transformed procurement process. About HRS HRS is reinventing the way businesses and governments work, stay and pay in today’s dynamic global marketplace. HRS’ advanced platform technology is extending its reach beyond hospitality to meetings, office space management, payment efficiency and crisis recovery. Beyond cost savings in the global post-pandemic economy, HRS clients gain from an unrivaled focus on essential aspects including safety, security and satisfaction. HRS is also recognized for its award-winning Green Stay Initiative, technology that helps corporate hotel programs achieve their NetZero targets, and its groundbreaking Crew & Passengers Solution, which leverages automation to elevate experiences for air and rail operations. Founded in 1972, HRS works with 35 percent of the global Fortune 500, as well as the world’s leading hotel chains, regional hospitality groups and payment providers. More information at www.hrs.com/enterprise.

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