Associated Press/Yahoo Finance: Continental CEO Kellner stepping down: DALLAS (AP) -- Chairman and CEO Lawrence W. Kellner will leave Continental Airlines Inc. at the end of the year to return to the private-equity business and will be replaced by company president Jeffery Smisek. Read more
With occupancy stabilizing at Marriott, pricing still is in the tank. Revenue per available room fell 24 percent globally, and 21 percent in North America in the second quarter.
Travel Weekly: With rates in freefall, Marriott reports 76% drop in net profit: Marriott International reported a 76% drop in second-quarter net profit on weak business travel and falling hotel rates. Read more
There's been a double whammy for online travel companies and wholesalers in San Francisco. In a surprise move, the city’s tax assessors hit Expedia, Priceline and Travelocity for their vacation-package businesses and not just their standalone merchant-hotel bookings. Also, there are signs that tour operators and wholesalers could be the next targets for San Francisco’s auditors.
Dennis Schaal Blog: Shocker: San Francisco Assessed Expedia's Vacation-Package Business, Too: When Expedia.com and its sibling Hotwire wired in $35.6 million to the City of San Francisco, and when Priceline transmitted its $3.4 million in taxes, penalties and interest today, these assessments included the online travel companies' large vacation-package businesses -- and not just their standalone merchant-model hotel businesses. Read more
Dennis Schaal Blog:Tour Operators, Wholesalers Could Be Next in San Francisco Tax Dispute: The online travel companies label San Francisco's pursuit of them on the merchant-model hotel tax issue as "discriminatory," in part because only OTCs, as far as is publicly known, have been targeted. Read more
Two analysts, quoted in the article below, have different takes on Carnival Corp.’s prospects. One cites “solid liquidity” and another sees oversupply and pricing as “long-term hindrances.”
TravelAgentCentral: Carnival "Can" Says Analyst: A recession is not enough to put Carnival Corp. down for the count. In fact, the cruise company is doing surprisingly well despite a tough operating environment distinguished by lower pricing power and lack of demand. Read more
If you missed earlier editions of Travel InsideOut this week, you can read them below.
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