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This week in Opportunities:

Large Travel Agencies Post Record Results
More Cruise Growth: RCCL Doubles Net Income
Carriers Still Face Profit Challenges
Survey Finds Hotel Segment Growth in Q2
Hilton Reports Dramatic Increase in Net Income
Marriott Gets "Best for Blacks in Tech" Award
Opportunities Watch!
Executive Movers! See who's going where?
Travel Executive Employment Report

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OPPORTUNITIES NEWS & TRENDS

Large Travel Agencies Report Record Results

Looks like there may be opportunities in a somewhat unlikely travel industry segment--travel agencies. American Express Company last week reported record net income, with strong results in its Travel Related Services unit. Overall, American Express reported record net income of $876 million for the second quarter, up 15 percent from $762 million a year ago. Revenues totaled a record $7.3 billion, up 14 percent from $6.4 billion a year ago. Even more significantly, second quarter revenues reflected 14 percent growth for American Express' Travel Related Services (TRS). More specifically, in American Express travel agency business, travel commissions and fees increased a whopping 26 percent as a result of a 34 percent growth in travel sales, including benefits from American Express' recent acquisition of Rosenbluth International. Travel Related Services (TRS) overall reported record quarterly net income of $732 million, up 16 percent from $634 million a year ago. Separately, Navigant International, Inc., the second largest provider of corporate travel management services in the United States based on airline tickets sold (after American Express), reported revenues were up 25.3 percent to $107.3 million in the second quarter, compared with $85.6 million in the same period last year. EBITA was up 39.1 percent to $17.4 million, compared with $12.5 million in the second quarter last year. Edward Adams, chairman and CEO, said Navigant's success with client retention, new business development, new value-added offerings, and the completion of acquisitions allowed it take advantage of the improving corporate travel market and generate another period of strong operating results. These factors contributed to the company's 2004 second quarter net income gains of approximately 100 percent. In the second quarter Navigant completed the acquisition of Northwestern Travel Service, the 12th largest travel management company in the U.S. So there appears to be more growth ahead for the nation's mega-travel agencies.

More Cruise Growth: Royal Caribbean Doubles Net Income

The cruise business is enjoying record sales these days, as evidenced by the latest quarterly results from Royal Caribbean Cruises Ltd. The company last week reported net income for the second quarter of 2004 was $122.2 million, more than double the $55.7 million recorded for the same period last year. Revenues for the second quarter of 2004 increased 26.2 percent to $1.1 billion from revenues of $905.8 million in the second quarter of 2003. The increase in revenues was primarily due to a 12.4 percent increase in capacity, coupled with an increase in cruise ticket prices, occupancy and onboard revenues. Gross yields for the second quarter of 2004 increased 12.3 percent from the second quarter of 2003. Net yields, which the company considers a better measure of revenue performance, increased 12.6 percent from the second quarter of 2003. Assuming there are no external shocks, the company currently forecasts that net yields for the third and fourth quarters of 2004 will increase in the range of 10 to 11 percent and 1 to 3 percent, respectively, compared to the same periods last year.

Major and Low-Cost Carriers Still Face Profits Challenge

Don't look for more jobs any time soon in the U.S. airline industry. Some major airlines may have figured out a way to be at least slightly profitable, despite high costs, low fares and surging fuel prices. But others are still losing money. US Airways Group, Inc. last week reported net income of $34 million for the second quarter 2004, a $21 million improvement over the second quarter of 2003. The $34 million pre-tax income for the second quarter 2004 compares to pre-tax income of $26 million for the same quarter in 2003. At the same time, US Airways CEO Bruce Lakefield warned that the carrier still needed to reduce costs. Meanwhile, UAL Corporation, parent of United Airlines, reported a second-quarter operating profit of $7 million, a significant improvement of $438 million over second-quarter results last year. Overall, however, UAL reported a net loss of $247 million, which includes $144 million in reorganization items. Excluding reorganization items, UAL's net loss for the second quarter totaled $103 million. On the low-cost carrier front, AirTran Holdings Inc., parent of low-cost carrier AirTran Airways, reported profits fell 71 percent in the second quarter partly due to higher fuel costs. In the second quarter ended June 30, the Orlando-based airline earned $16.8 million on revenue of $275 million. In the same period last year, it earned $57.2 million on revenue of $233.9 million. Results for the 2003 second quarter included a government reimbursement of $37.1 million. Elsewhere, Frontier Airlines reported a net loss of $6.6 million for the airline's fiscal first quarter ended June 30, compared to a net profit of $10.9 million for the same period last year. The company's net income for the quarter ended June 30, 2003 included $15 million received under the federal Appropriations Act.

New Survey Finds Hotel Segment Growth in Second Quarter

The airline industry may still be lagging, but there are no such problems in the hotel segment. Industry occupancy reached 64.2 percent in the three months ending June 2004, up 4.2 percent versus second quarter 2003, according to Smith Travel Research, a leader in lodging industry tracking and analysis. Second quarter average room rate gained 4.3 percent to $86.17 and revenue per available room (REVPAR), the combination of occupancy and average room rate, increased 8.6 percent to $55.30. In the first half of 2004, industry occupancy improved 4.3 percent to 60.5 percent versus same period prior year. Average room rate was up 3.7 percent to $86.48 and REVPAR gained 8.2 percent to $52.35. First half industry room supply increased 1.2 percent while demand (room nights sold) grew 5.5 percent. Room revenue improved 9.4 percent in the first six months of 2004 to $42 billion. In the month of June 2004, occupancy increased 3.3 percent to 68.1 percent while average room rate improved 4.6 percent to $86.19. June REVPAR gained 8 percent to $58.69. Mark Lomanno, president of Smith Travel Research, observed that absolute room nights sold and room revenue in the first half of 2004 reached the highest levels the industry has experienced. "We believe the industry's positive momentum will continue in the second half and expect full year 2004 REVPAR growth of around 5 percent," he said.

Hilton Reports Dramatic Increase in Quarterly Net Income

Hilton Hotels Corporation, echoing the stronger bookings climate reported by Smith Travel, recorded second quarter 2004 net income of $75 million, a 39 percent increase from $54 million in the 2003 period. Hilton also reported second quarter total operating income of $188 million (a 15 percent increase from $164 million in the 2003 period) on total revenue of $1.065 billion (a 9 percent increase from $976 million in the 2003 quarter). Total company earnings before interest, taxes, depreciation, amortization, and non-recurring items (Adjusted EBITDA) were $278 million, compared with $252 million in the 2003 period, an increase of 10 percent. Continued strong business transient trends, improvement in group travel and the start of a strong summer travel season combined to bring significant occupancy and/or rate increases to most of the company's major owned hotels in both business and leisure destinations. "With the strength in business transient travel that we began seeing last year, and the more recent upturn in group travel, a return to true pricing power is nearing," said Stephen Bollenbach, Hilton's co-chairman and CEO.

Marriott Gets "Best for Blacks in Technology" Award

Marriott International said Black Data Processing Associates (BDPA) and WorkplaceDiversity.com have presented the company with their "Best Companies for Blacks in Technology Award." Marriott was one of six winners selected from a survey of Fortune 1000 companies. This annual award recognizes Marriott for creating a positive organizational climate and career development opportunities for African-Americans working in technology. Marriott also was recently recognized as an excellent workplace by the National Association for the Advancement of Colored People (NAACP), which ranked the company number one in the organization's annual lodging report card for the 6th time. Marriott was also ranked twenty-fifth on DiversityInc's Top 50 Companies for Diversity list. Marriott ranked fifth for Asian-Americans and ninth for executive women. In addition, Hispanic magazine's "Corporate 100" recognized Marriott International as one of the 100 "Best Places to Work for Latinos," and the company was ranked in the top 10 U.S. companies for diversity in the Best of the Best: Corporate Awards for Diversity & Women by Diversity Best Practices and Business Women's Network

OPPORTUNITIES WATCH!

Starwood Plans Even More W Hotels for China

Starwood Hotels & Resorts Worldwide's W brand seems to be expanding exponentially every week. Last week Starwood said W Hotels will debut in the People's Republic of China with a 383-room waterfront hotel in Hong Kong scheduled to open in early 2008. The company has also signed a letter of agreement to develop a W hotel in Shanghai. W has already announced six new projects this year alone, including new hotels in Barcelona, Spain; Scottsdale, Arizona; Hoboken, New Jersey and the Maldives. Currently there are 18 W Hotels worldwide in New York, Chicago, Los Angeles, New Orleans, San Francisco, Seattle, Honolulu, Silicon Valley, Atlanta, San Diego, Sydney and Mexico City. Eight W Hotels are under development or construction: The W Seoul (August 2004); the W Montreal (September 2004); the W Maldives-Fesdhu (2006); the W Hoboken Hotel and Residences (2006); the W Dallas Hotel and Residences (2007) the W Fort Lauderdale Hotel and Residences (2007); the W Scottsdale Hotel and Residences (2007) and the W Barcelona (2008). So if you're looking to work for a hotel brand that just keeps on growing, W might be just the ticket.

Boyd Gaming Set to Expand Borgata Atlantic City

Boyd Gaming Corporation launched one of the gaming industry's biggest success stories last year when it opened The Borgata in Atlantic City. Now it's seeking to expand the resort a year later. The Borgata, which Boyd owns in a joint venture deal with MGM Mirage, is doing so well it will now 600 additional slot machines, bringing the total to 4,100; 36 additional gaming tables, bringing the total to 175; 56 additional poker tables, bringing the total to 90; 46 additional race book positions, bringing the total to 90; two additional fine dining restaurants; one additional casual dining restaurant; one large, multi-concept, quick-service restaurant; two additional nightclubs; nine additional spa treatment rooms; and six additional retail shops. Boyd estimates the cost of the expansion to be approximately $200 million and expects construction to start in December 2004 with completion to occur in the second quarter 2006.

Trump Unveils Plans for a Las Vegas Condominium Hotel

Elsewhere in the gaming world, Donald Trump and casino owner Phil Ruffin are reportedly planning a 645-foot tall, $300 million, Trump International Hotel and Tower in Las Vegas. Construction would begin during the first quarter of 2005 on Fashion Show Drive between Las Vegas Boulevard and Industrial Road. The tower, which would be completed in the second half of 2006, would house more than 1,000 condominium-hotel units ranging in size from 636 square feet to 1,057 square feet. Trump and Ruffin will each have a 50 percent interest in the project. Plans for Trump International Las Vegas include restaurants and a luxury spa and salon, but ironically no casino!

Viva Wyndham Adds Dominican Republic All-Inclusive

Viva Wyndham Resorts represents one of the fastest growing brands in the all-inclusive segment. The company has added the Viva Wyndham Playa Dorada in Puerto Plata, Dominican Republic, marking the seventh property in the company's portfolio and fourth property in the Dominican Republic. The property, which is being completely remodeled, underscores Viva Wyndham's growth strategy to be the largest all-inclusive resort brand in the Caribbean. Located on the northern coast in the Playa Dorada complex, the 204-room resort will open in January 2005.

Moon Bahamas Resort Selects Grand Bahama Island

Want to work for the moon? Moon Bahamas, planned as the world's most expensive resort and real estate development, will be developed on the northern shore of Grand Bahama Island, with a completion date of 2010, according to developer RJH Holdings. Current estimated costs for Moon Bahamas, excluding the real estate component, are $4.5 billion. When completed the project will be the world's largest, most expensive, most exclusive resort and real estate development. As planned, it will be built on five man-made islands, which will house the world's largest casino, world's largest and tallest hotel with 12,000 suites, multiple resort attractions, including extravagant entertainment facilities, 10 cruise ship terminals, 50 of the world's best restaurants with their star chefs, the world's largest resort wine cellar, the world's largest mega yacht marina, aquatic centre, real estate (22,000 Condominiums), huge convention center and sports facilities, which will include four PGA golf courses. Moon Bahamas also will include one of the world's largest artificial coral reefs. For more information, visit www.moonbahamas.com.

OPPORTUNITIES EXECUTIVE MOVERS!

AIRLINES: Delta Air Lines named Aaron Dent to the open position of vice president-supply chain management, effective immediately. Dent currently serves as director-supply chain management. He joined Delta in September 2000 as director-strategic sourcing. He has more than 17 years of experience in supply chain management, including a variety of strategic positions with Honda, BMW and John Deere. He served as director-supply management for John Deere's Commercial & Consumer Equipment Division prior to joining Delta...Frontier Airlines has hired Robert Rapp, Jr. as its vice president and chief information officer (CIO) effective July 26. Rapp will oversee Frontier's information technology infrastructure, including all telecommunications, data center operations, technical security and applications development, as well as overall architectural and integration technology planning. He will report to Paul Tate, Frontier's senior vice president and CFO. Rapp brings nearly 30 years of information technology experience to Frontier, as well as several years of airline experience, having served as vice president-systems for Southwest Airlines. Most recently he served as a principal with technology consulting firm Knowledge Reservoir, LLP, specializing in knowledge management. In addition he concurrently served as chief security officer with Rent-A-Center, Inc. Prior to his entrepreneurial and consulting ventures, Rapp served as chief technology officer for UpstreamInfo, an independent venture founded by EDS, Raytheon, the Information Store and Chevron Texaco, which focused on leveraging web-based and infrastructure technologies for the upstream energy businesses of those companies...Air Tahiti Nui has appointed a new management team to lead the airline into its next phase of expansion, highlighted by the introduction of the first ever nonstop service from New York to Tahiti, with continuing service to Sydney, set to launch on July 6, 2005. Christian Vernaudon, chairman and CEO of Air Tahiti, French Polynesia's domestic airline, is the new CFO and coordinator for Tahiti Nui's development strategy and is a former director of PATA. Nelson Levy, one of the founding members of Air Tahiti Nui and led the company from 1998 until 2003, is now chief operating officer. Richard Hall, has been named chief of route development. Hall has had over 24 years of experience in the airline and tourism sectors having been Air New Zealand's regional manager in Papeete. These three executives have already begun working on the new routes from Papeete to New York and Sydney, and are securing financing for Air Tahiti Nui's fifth Airbus A340-300 which will join the fleet in June of 2005. The airline's new chairman and CEO, Patrick Leboucher, who also serves as chief of staff for French Polynesian President Oscar Temaru. Leboucher is a former general manager of Tahiti's Tourist Board and will act as the liaison between Air Tahiti Nui and the Government of French Polynesia which holds 61 percent of the airline's shares.

CRUISE LINES: Holland America Line appointed Dan Grausz as senior vice president-fleet operations. Grausz will report directly to Stein Kruse, Holland America's president and chief operating officer. Grausz has overall responsibility for Holland America's and Windstar Cruises' marine hotel, nautical, technical, port operations and compliance, as well as Caribbean relations, operations policy and planning, purchasing and vessel new building. Grausz has served as Holland America's vice president and general counsel since 1988. During his tenure, he has been a key participant on the senior management team and has been integrally involved with the building and introduction of 13 ships to the fleet. Grausz will continue to serve as general counsel for Holland America Line until a successor is named. Prior to joining Holland America, Grausz was a partner at the Seattle law firm of Helsell, Fetterman, Martin, Todd & Hokanson...SeaDream Yacht Club, operator of the twin, ultra-luxury mega yachts SeaDream I and II, is launching a past passenger's organization to be called The SeaDream Club and has named Adrienne d'Annunzio as club manager. D'Annunzio has been with SeaDream since its founding in September 2001. She has served the company first as charters and incentives coordinator and more recently as executive assistant and office manager. In addition to her duties as club manager, d'Annunzio also oversees SeaDream's charity programs...SeaDream Yacht Club also appointed Janette Howland has business development director-Germany. Howland's responsibilities in Germany include development of individual and group bookings as well as full ship charters for corporate meetings, incentive groups and individual families. She will work closely with individual travel agencies and consortia as well as those companies involved in yacht chartering. Her career in the travel industry has taken her from being a room maid in a German hotel to proprietor of her own travel representation company. She spent the past 26 years in Germany and is fluent in the language. Howland also had held management positions with American Express International, Choice Hotels International, United Vacations/United Airlines Germany, Hilton Hotels and Marco Polo Hotels...Jeremy Brinkworth, VisitBritain's head of business tourism, has taken over the management of the Cruise U.K. initiative from Julian Younger who left VisitBritain at the end of June, after 28 years with the company. Brinkworth has spent almost 24 years with BTA/VisitBritain, half of which was spent in overseas postings in Canada, Norway and, most recently, Spain where he was country manager for five years. Since returning to London, he has worked in the International Marketing division, heading up Product Marketing and now Business Tourism, where he is responsible for promoting Britain to international conference, meeting and incentive organizers. Brinkworth will be supported closely by Peter Conway, international travel trade manager with VisitBritain, whose 10-year career with the organization includes many years in the U.S....Fred. Olsen Cruise Lines has appointed its first female hotel manager, Susana Entrena, who will take up the position on Black Prince. Entrena joined Fred. Olsen in Tenerife as catering coordinator for the company's fleet of inter-island ferries. She transferred to Fred. Olsen Cruise Lines in 2001, as food and beverage manager and has since worked on each of the three ships in the fleet--Black Watch, Braemar and Black Prince. She began her career in hotel management and worked in a range of restaurants and food outlets before joining Fred. Olsen.

HOTELS & RESORTS: FelCor Lodging Trust Incorporated, the nation's second largest hotel real estate investment trust (REIT), named Linda Ghaffari as president of Felcor division OwnerOptimizer, which provides e-business strategies to maximize revenue opportunities at FelCor-owned hotels. In her role, Ghaffari will work with FelCor's brand managers, InterContinental Hotels Group, Hilton Hotels and Starwood Hotels & Resorts to grow Internet revenues by increasing bookings at brand-direct web sites. Ghaffari was most recently vice president of asset management for FelCor. Prior to FelCor, she was director of operations for Bass Hotels & Resorts (now a part of InterContinental Hotels Group). Her previous hotel assignments include more than 11 years with Bristol Hotels & Resorts in senior management positions...Prime Hospitality Corp. has hired Loretta Venezia as vice president of national sales. Venezia will be responsible for overseeing the national sales group and its efforts to sign key corporate accounts and drive revenue growth for the company. She brings 19 years of experience in the hospitality industry, having held prominent positions with Hilton, Hyatt and Westin. Prime owns, manages, develops and franchises more than 250 hotels throughout North America, including the AmeriSuites, Prime Hotels & Resorts and Wellesley Inns & Suites brands...Noble House Hotels & Resorts, a privately-held hotel management and development company based in Seattle, has appointed Scott Vokey as vice president and general counsel, responsible for all Noble House legal matters. He joined Noble House in June 2004, and during his 20-year career has worked in both the public and private sectors, specializing in real estate, land use and environmental law. Prior to joining Noble House, Vokey served as director of private capital development and general counsel of Badgley, Phelps and Bell, Inc. as well as president of Badgley Funds. He also worked with Westin Hotels & Resorts as associate general counsel and director of the company's environmental health and safety program. He also served for 10 years as a partner for law firm Preston Gates & Ellis and chair of their environmental and land use department...Fairmont Hotels & Resorts Bermuda named Shelley Meszoly as area director-sales and marketing, Bermuda for the 593-room Fairmont Southampton and the 410-room Fairmont Hamilton Princess, and Rehanna Palumbo as the new director of sales and marketing for The Fairmont Hamilton Princess. Meszoly brings with her more than 15 years of sales and marketing experience with Fairmont. She began her career in sales and marketing in 1989 when she was appointed sales manager at The Fairmont Chateau Lake Louise, where she was later promoted to senior sales manager in 1993. In 1997, she became director of sales and marketing at The Fairmont Jasper Park Lodge and in 2002, she became director of leisure travel sales at Fairmont Hotels, Bermuda, based out of The Fairmont Royal York in Toronto. Meszoly relocated to Bermuda in April 2002 upon receiving her promotion to director of sales and marketing at The Fairmont Hamilton Princess. Palumbo began her career with Fairmont Bermuda in 1999 as leisure sales manager and was promoted to corporate sales manager in January 2003. Prior to joining Fairmont, she held posts the Elbow Beach Hotel, including sales manager...Boutique Hotels & Resorts International named Brad Jones as director of guest operations and business development for Canada, a new post. Jones brings significant international experience and a solid background in the luxury travel market. He has led a variety of initiatives for an international flag brand, a destination marketing board, a luxury hospitality group and a multi-national advertising agency. Jones will be responsible for guest travel relations, membership affiliation and integrity of the Boutique brand in Canada. Boutique's Canadian members include Sundial Boutique Hotel in Whistler and Ermitage du Lac in Mont Tremblant, Quebec.

TOUR OPERATORS: Val West has joined Pleasant Holidays as director of online marketing. She will manage content of the travel company's web sites, initiate online marketing campaigns and oversee interactive online marketing partnerships. West's more than 20 years of experience includes a variety of marketing and management positions. Most recently, she was with the Hong Kong Tourism Board. Before that she held posts with TBWA Chiat/Day, Teleflora and Hakuhodo Advertising in Los Angeles. West will work at Pleasant's headquarters in Westlake Village, Calif., reporting to Todd Castor, staff vice president of e-commerce.

TRAVEL AGENTS: Several senior executives at Oakland, N.J.-based Stratton Travel Management, which was recently acquired by VTS Travel Enterprises, have left to open a New Jersey office for Altour International. Terry McCabe, former president of Stratton, will head Altour's new 12-person office in the state. Joining her are Julie Breur, vice president of sales, and Tara McCormack, vice president of client services. Mahwah, N.J.-based VTS acquired Stratton in June. Stratton owner Mark Stratton stayed on with VTS as executive vice president in charge of the Stratton travel division. Altour, which has $240 million in sales in 2003, has 19 offices and is a member of the Signature Travel Network.

DESTINATIONS: Tourism Victoria of Melbourne, Australia, appointed Leigh Arredondo to the position of regional manager-North America, effective August 2. In his new post, Arredondo will drive North American marketing and development strategies, with an emphasis on new public relations and strategic partnership initiatives. In addition to those duties, he will be responsible for managing regional distribution strategies and training programs, with the underlying mission of strengthening industry support for the distinctive Victoria tourism product in the North American market. Prior to joining Tourism Victoria, Arredondo held numerous management positions with Virgin Atlantic Airways leading up to his most recent position as manager-national sales and business development.

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