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COVID Briefs: TUI bailout at US$5.8B | OYO adding 35K-plus rooms monthly

Tour operator rescue swells to US$5.8B

Hanover-based TUI AG, the world’s biggest tour operator, will see its rescue funding topped up to €4.8 billion (US$5.8 billion) after securing a third round of aid from the German government and cash from private investors. The latest package of €1.8 billion (US$2.1 billion) will include €1.3 billion (US$1.5 billion) from the state amassed from federal fund WSF, state-run lender KFW and a state debt guarantee together with €500 million (US$605 million) from a shareholder capital increase.

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OYO adding 35K-40K rooms a month, CEO says

Ritesh Agarwal, founder and group CEO of India-based Oyo Hotels & Homes, recently spoke with Bloomberg about the company’s growth strategy amid the coronavirus pandemic. Founded in 2013, OYO grew to 43,000-plus hotels and 150,000-plus holiday homes, and is spread across 800 cities in 80 countries. Though Oyo initially struggled during the pandemic, Agarwal says the company pivoted to focus on vacation rentals and smaller hotels and now Oyo is adding some 35,000 to 40,000 rooms a month.

Watch the interview

Portugal market report

Portugal’s hotel, tourism and leisure sectors have been evolving positively in recent years with travel and tourism accounting for 16.5% of Portuguese GDP in 2019. The strength of the market, fostered by government policy, boosted investments in the country’s tourism and hospitality assets, as evidenced by an increased number of transactions and new hotel developments, according to a market report from Horwath HTL. With over 120 hotel projects and more than 14,000 rooms in the pipeline, and with Lisbon considered the fourth most attractive European city in which to invest, this new report analyzed projects under development and results indicate that many still consider Portugal to be an attractive and strategic hub for hospitality investment.

Download the full report 

Meetings and events trends in 2021

Health and safety are the primary considerations when planning in-person meetings and events, according to new data around meetings and events from American Express. Initial face-to-face meetings are expected to be small, regionally focused, and in a hybrid format – where some attendees are in person and others participate virtually. However, the data notes that virtual meetings are prone to disruptions and “fatigue.” 

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