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Card-billed business for American Express Global Commercial
Services, the division that houses corporate cards, increased
2 percent year over year in the
fourth quarter to $105.1 billion.
GCS net income decreased 22 percent to $382 million. The 13. 6 billion
cards in force represent a 10 percent
year-over-year decline. Full-year
card-billed business increased 2 percent to $408 billion, while net income
decreased 6 percent to $1.9 billion.
Across Amex’s portfolio, fourth-quar-
ter net income decreased 8 percent
year over year to $825 million.
AirPlus International is set to
acquire Belgian card issuer BCC
Corporate by the second quarter.
The deal, which will add 100,000
corporate cardholders to AirPlus
International’s portfolio, is part of the
payment solutions provider’s European growth strategy. “This transaction
will help us grow our walking card
volume to € 3. 5 billion by 2020,” AirPlus chairman Patrick Diemer said.
Spendesk has raised € 2 million
(US$2.2 million) from angel investors and pilot customers. The
French company, which launched in
June, will use the funds to expand its
workforce, especially the marketing
and sales departments, from its current 15 employees. Its more than 300
corporate clients in Europe process
more than 3,000 transactions a week.
Sabre’s global distribution system bookings rose 5 percent year over year
to 117 million during the fourth quarter. Air bookings increased 6 percent to
103 million and non-air bookings rose 1 percent to 14 million. The increases improve
on the third quarter, when Sabre’s total GDS bookings rose 2. 4 percent year over
year. Sabre’s worldwide share of GDS air bookings fell two-tenths of a percentage
point to 36.8 percent. For the full year, its air booking share increased half a point
to 37.1 percent. Companywide revenue rose 9 percent to $830 million. Sabre Travel
Network, which houses Sabre’s core GDS business, saw revenue rise 7 percent year
over year during the fourth quarter to $569 million, while the company’s supplier IT
unit, Airline and Hospitality Solutions, grew revenue 15 percent to $266 million.
Egencia’s gross bookings volume rose 17 percent in 2016 to reach $6.4 billion. Expedia CEO Dara Khosrowshahi said the corporate travel arm aims to double
over four years. The fourth quarter was the first in which Orbitz for Business factored
into prior-year comparisons. As such, the rate of year-over-year growth was less than
in prior quarters. Egencia’s gross bookings for the fourth quarter rose 5 percent to
$1.45 billion. Revenue rose 9 percent to $116 million, while adjusted earnings before
interest, taxes, depreciation and amortization rose to $21 million from $10 million.
Corporate meetings technology startup Groupize has appointed
Jay Reilly as vice president of corporate sales. Reilly joins Groupize
following a stint at AirPlus and more than two decades at Lanyon and
StarCite. Groupize, which offers streamlined technology for sourcing
and organizing small corporate meetings, plans integrations with
Concur and Travelport in 2017.
AccorHotels plans to acquire Travel Keys, an Atlanta-based company that
brokers rentals of private vacation homes. Accor expects the transaction to
close during the second quarter. Travel Keys, founded in 1991, lists 5,000 properties across 100 markets in North America, Europe, Africa, Asia and the Caribbean.
Combined with Onefinestay and Squarebreak, Travel Keys will give Accor 8,500
properties in the luxury private rental market in both vacation and urban locales.
Hyatt Hotels Corp. acquired New York City-based wellness resort and spa
company Miraval Group for $215 million. Hyatt gains the Miraval brand and
its two properties in Tuscon and Austin. Hyatt will invest an additional $160 million
within the next three years to acquire and redevelop a resort in Lenox, Mass., expand
the Tucson property and redevelop the Austin property. The Miraval brand will form
a wellness category within Hyatt’s portfolio and serve as a separate business unit
helmed by Miraval president and CEO Steven Rudnitsky.