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      Dufry and Autogrill join forces to redefine travel experience globally

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      Setting a new industry standard and anticipating consumer trends through an enhanced experience for passengers and greater benefits for landlords and brands, with a new global platform generating immediate value for consumers and shareholders.
      Xavier Rossinyol, CEO of Dufry, commented: “I am very happy to lead this transformative combination, which I am sure will reinforce the new Group strategy and will create sustainable long-term value for our customers and shareholders.
      We are transforming our industry and redefining its boundaries, and we will create a new corporate identity to reflect this fundamental move. By executing on this unique opportunity, we will accelerate growth by fully focusing on consumers and the digital revolution, by offering additional value to landlords and airport partners with an expanded service portfolio, while further diversifying the Group and increasing our resilience.
      With a culture of prioritising serving customers while relentlessly driving operational efficiencies and actively managing our portfolio of concessions, we will be able to drive growth and innovation as well as profitability.
      We remain committed to our ESG principles and contributing to the communities and environments we work in.ADVERTISEMENTI am impressed by the know-how, skills and – above all – the passion of the teams, both at Dufry and Autogrill. I am sure that together we will build the next generation of travel experience.
      I want to express my admiration for what Gianmario Tondato da Ruos has achieved over the last two decades at Autogrill and his passion for the business. I thank him for continuing to support the company and me going forward.
      I thank Edizione and its Chairman Alessandro Benetton for their trust, full alignment on the strategy and long-term commitment to the new combined company, with great vision and precise execution.”
      Gianmario Tondato da Ruos, CEO Autogrill, added: “A new cycle opens that will allow us to unleash a whole array of options centered around the needs of travelers worldwide. The business combination will enable a flurry of innovations in its offerings, which will translate into more enjoyable travel experiences across various geographies and channels. It represents an outstanding value creation opportunity for our stakeholders.”
      COMBINED GROUP IN FIGURES
      The combined Group will be able to serve over 2.3 billion passengers across all continents in around 5,500 outlets at around 1,200 airport and other locations generating CHF 13.6 billion revenues (2019 pro-forma) and CHF 1.4 billion of EBITDA (2019 pro-forma, pre-IFRS 16). The Group’s global footprint and presence in more than 75 countries will provide an exceptional experience and knowledge within the industry and enable strong, mutual value-creating relationships with landlords, airport partners and suppliers. The Group will employ around 60,000 people from over 150 nationalities globally, united as one team.
      COMPELLING STRATEGIC RATIONALE
      Enhanced travel experience including F&B and digital engagement to serve passengers:
      The combined entity is well positioned to provide travelers with a redefined, holistic travel experience that reflects evolving consumer trends. Complementing Dufry’s portfolio with F&B broadens our offering and gives us more contact points with travelers. In addition, the integrated Group will have greater resource to grow its digital capabilities, focused on delivering tailored passenger experiences. Dufry’s strategy has always been to serve the traveler along its journey, adapting our offers and concepts to accommodate its changing needs.
      Holistic service portfolio for landlords and brands: The integration of Travel Retail, Convenience and F&B allows the combined entity to improve the commercial setup and revenue generation for landlords. This also includes bidding to act as Master Concessionaire/Terminal Manager, guaranteeing the best commercial setup and efficient handling to landlords and airport partners.
      Business diversification and expansion in the highly attractive and resilient US market: The combined entity will benefit from an increased level of diversification by geography, business type and channel, driven by Autogrill’s strong position in the highly attractive and resilient US F&B market, as well as its current exposure to the duty paid market and multi-channel approach. In particular, the US has proven to recover quicker and to be less volatile than the rest of the world due to the high share of domestic passengers. The combined Group will be present in more than 100 airports in the US, and with a shared presence in 17 of the country’s top 20 largest airports.
      Increased business development opportunities: Moreover, the transaction will expand Dufry’s growth opportunities in other attractive international markets including Asia-Pacific, the Middle East, Latin America and Africa. F&B is expected to be supported by future industry dynamics that can further drive growth, e.g. limited offerings on board, increasing travelers’ propensity to grab drinks and foods before boarding, rising interest in regional food, and demand for new experiences and concepts.
      Supportive for deleveraging: The combined entity is expected to benefit from a materially strengthened balance sheet and lower financial leverage compared to Dufry as a stand-alone business. Dufry agreed to reduce its leverage to below 3x between 2024 and 2025, depending on the timing of the completion of the overall transaction.
      Compelling cost synergies potential: Dufry and Autogrill will integrate into one organisation and expect to generate cost synergies with an annual run-rate of approx. CHF 85 million5, comprising both cost reductions and gross profit improvements. First, Dufry expects to realise optimisation measures at cost of goods sold level in F&B and convenience with focus on the US. Secondly, Dufry expects to optimise support function costs and reduce business related operating expenses. Synergies are planned to be fully realised in the first two years post-transaction. A dedicated team will focus on the delivery on a zero-based budgeting approach.
      Value enhancing transaction for shareholders: As a consequence of all the above, the transaction is expected to create sustainable value to shareholders. Despite the significantly lower leverage level, Dufry expects to achieve an EFCF per share accretion in the first year-post-closing6. The EFCF conversion from the targeted cost synergies amounts to approx. 65%. In addition, the business combination is expected to generate new revenue opportunities going forward through diversification and innovation. The combined entity will continue to foster its ESG commitments and engagement for all stakeholders.
      TRANSACTION OVERVIEW
      Pursuant to the Combination Agreement, Edizione will transfer its entire 50.3% stake of the issued share capital of Autogrill to Dufry. Edizione will ultimately become Dufry’s largest shareholder with a stake of between about 25% and 20% at the end of the transaction, depending on the level of Autogrill shareholders choosing to receive Dufry shares in the mandatory tender offer7. For technical reasons, Dufry will issue mandatory convertible notes to Edizione convertible into an aggregate of 30,663,329 newly issued Dufry shares, at an implied exchange ratio of 0.158 new Dufry shares for each Autogrill share. The mandatory convertible notes will be convertible at any time at Edizione’s option and mandatorily convert six months after issuance; they carry no coupon.
      The exchange ratio has been agreed by reference to the 3-month VWAP of Autogrill and Dufry shares prior to April 14, 2022, equal to EUR 6.33 per share for Autogrill and EUR 39.71 (CHF 40.96) per share for Dufry8.
      The closing of the Transfer is subject to regulatory approvals, including clearance from the relevant antitrust authorities, the approval by Dufry’s shareholders at the Extraordinary General Meeting, as well as other conditions including requisite lender consent under Dufry’s existing multicurrency term and revolving credit facilities.
      Following completion of the Transfer, Dufry will launch a mandatory tender offer for the remaining Autogrill shares, offering 0.158 new Dufry shares for each Autogrill share9. In compliance with Italian takeover law, Dufry will offer a cash alternative equivalent to EUR 6.33 per Autogrill share in the mandatory tender offer. Neither the exchange ratio, nor the cash alternative will be subject to any adjustment (assuming no dividends will be paid nor distributions will be made by Dufry). The mandatory tender offer will aim at ultimately delisting the Autogrill shares from Euronext Milan. Dufry will publish the relevant announcements and documentation with further details related to the mandatory tender offer in due course after the closing of the Transfer.
      Dufry expects to refinance any cash consideration in the mandatory tender offer with equity and/or debt instruments.
      The Transfer is currently expected to close in Q1 2023, subject to regulatory approvals, while the transaction inclusive of mandatory takeover offer settlement is expected to be completed by Q2 2023.
      Effective upon completion of the Transfer, Dufry and Edizione will enter into a long-term Relationship Agreement, which underlines the commitment of Edizione as long-term strategic anchor shareholder supporting the enhanced strategy of the combined entity. Edizione will be entitled to designate three representatives on the Board of Directors out of eleven. Edizione will enter into a lock-up for a period of two years after closing, subject to customary exceptions.
      LEADERSHIP AND GOVERNANCE OF THE COMBINED GROUP
      The Board of Directors of the combined entity will be chaired by Juan Carlos Torres. Assuming shareholder approval at Dufry’s Extraordinary General Meeting on August 31, 2022, the Board of Directors will comprise of Dufry’s current Board members as well as two representatives of Edizione, Alessandro Benetton (Chairman of Edizione) as Honorary Chairman and Enrico Laghi (CEO of Edizione) as Vice Chairman. Edizione has indicated its intention to nominate Paolo Roverato (Chairman of Autogrill) as additional Vice Chairman for election at the Dufry 2023 Annual General Meeting.
      Xavier Rossinyol will lead the combined Group as CEO, with his extensive skills in both travel retail and travel food & beverage.
      Moreover, at the closing of the Transfer, Gianmario Tondato da Ruos, Autogrill’s current CEO, will assume the position of Executive Chairman of the North American business of the combined entity, contributing with his wealth of experience, and be succeeded in his current function by Paolo Roverato.
      The senior management team of the combined entity will comprise of members from both companies’, ensuring all necessary skills are represented. Yves Gerster will continue as the Group’s CFO.
      A Strategy and Integration Committee – including directors representing both legacies – will be set up to advise on the integration process and on the strategy of the combined group.
      Juan Carlos Torres, Executive Chairman of Dufry added: “As a leader of travel retail, Dufry has strived to be at the forefront of services and products offered to travelers, airports and brands for years. Now, Dufry pledges to define the travel experience in a manner that creates value for all stakeholders.
      The combination of the two groups will create a new leader in travel experience and will allow us to significantly increase our presence in core markets, such as the US, and in the sector of Travel F&B. In addition, this transaction will strengthen our balance sheet, reduce our leverage and create meaningful synergies.
      The Board of Directors unanimously approved the business combination, recognising the strategic fit and value generation. We encourage our shareholders to support this truly transformative, growth-enhancing and value-accretive transaction. On behalf of the board and myself, I would like to thank the Autogrill, Dufry, and Edizione management teams for their hard work and effort to make this strategic combination happen.”
      Alessandro Benetton, Chairman of Edizione, confirmed: “This agreement allows the continuation of Autogrill’s growth and development path, an asset that will remain strategic for Edizione. The union between Autogrill and Dufry will allow the creation of the world champion in the sector, with a leadership position in different geographies and on different services, also favored by important synergies within the new Group. In this new reality, Autogrill will play a leading role, bringing with it its values and corporate culture, particularly in the areas of sustainable development and innovation. In Dufry and its current management, we immediately recognised a common vision and values, combined with a management culture and skills of the highest level recognised throughout the industry.”
      EXTRAORDINARY GENERAL MEETING
      In order to implement the combination, Dufry will hold an Extraordinary General Meeting, which is scheduled to take place on August 31, 2022.
      The Board of Directors will propose to the Extraordinary General Meeting among other things to create additional conditional capital and authorised share capital allowing it to issue the required shares to Edizione and the free float shareholders of Autogrill and to conduct a rights offering (if any), to elect Alessandro Benetton and Enrico Laghi as representatives of Edizione to the Board of Directors, and to amend its Articles of Incorporation. In addition to the increase in the maximum size of the Board of Directors and certain other transaction-related amendments, it is proposed to limit the exercise of voting rights by any shareholder or shareholders acting in concert to 25.1% of the Company’s registered share capital until June 30, 2029.
      The invitation, together with the detailed proposals of the Board of Directors, will be published in due course.
      CURRENT TRADING
      Dufry continued to see positive trend in travel demand in general, and travel retail specifically, with all regions contributing positively during the second quarter.
      For the second quarter, net sales performed around -17% vs 2019, and for half-year 2022 around -25% vs 2019. Compared to 2019, net sales April periodic were around -23%; May periodic around -15%; June periodic around -13%, all figures are at constant FX.
      Half-year 2022 performance stood at around +145% in net sales compared to 2021 at constant FX. Best performing regions already at or even ahead of 2019 have been the US due to the strong domestic market as well as uptake in intra-regional and transatlantic travel, Central America and the Caribbean as well as the Mediterranean and South European regions.
      Dufry expects to have achieved a strong EFCF in the area of CHF 150 million during the first half 2022, which is in line with the performance in the same period 2019.
      Dufry will publish its Half-Year Results 2022 and full set of financials on August 9, 2022.
      Moreover, Dufry will hold a Capital Markets Day in London on September 6, 2022 (with an optional site visit to Dufry’s operations at London Heathrow on September 7, 2022).

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      Vail Resorts cfo Michael Barkin to step down More

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      Vail Resorts cfo Michael Barkin to step down

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      Vail Resorts has announced that Executive Vice President and Chief Financial Officer Michael Barkin will be stepping down after nearly a decade in role to take time to pursue personal opportunities. Barkin’s resignation will be effective December 31, 2022, or such other date as mutually agreed upon based on the timing of appointing a successor and a transition.
      “On behalf of our leadership team, I want to thank Michael for his many contributions over the past 10 years,” said Kirsten Lynch, chief executive officer of Vail Resorts. “Michael has been instrumental in Vail Resorts’ success and I am particularly grateful for his support and partnership in my first year as CEO as well as for the strong finance team he built which ensures we are well positioned for the future.”
      “Michael leaves behind a legacy of transformation and growth at Vail Resorts,” said Rob Katz, executive chairperson of Vail Resorts. “He played a central role in the company’s expansion nationally and globally – through the acquisition and integration of 34 resorts across four countries – and was an integral part of the team as we re-imagined so many parts of our business, including elevating and scaling our financial organisation and capital allocation efforts. We are fortunate to have benefited from his incredible expertise and leadership, and from both me on a personal level and everyone at Vail Resorts, we wish him all the best in the next part of his life’s journey.”
      “I am incredibly grateful for the opportunity to have been a part of Vail Resorts over the last decade,” said Barkin.  “It has been a privilege to work at an organisation that prioritises leadership development above all else and combines the passion we share for our resorts and the guest experience with the focus we bring to building a successful and sustainable business. I am so proud of what our team has accomplished and am confident that this foundation will result in continued success for the company under Kirsten’s outstanding leadership. I look forward to supporting my successor through a smooth transition as we set the company up for a successful year ahead.”
      Barkin joined Vail Resorts in July 2012 as vice president of strategy and development and was named chief financial officer in March 2013.ADVERTISEMENT

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      AIDA Cruises remains main sponsor of classical music festival until 2024 More

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      inCruises surpasses one million members

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      inCruises co-Founders & co-CEOs Michael Hutchison & Frank Codina
      Premier cruise membership club inCruises International has exceeded the one million mark in Members, demonstrating the strong and growing demand for its subscription-based travel model.
      This milestone reflects the company’s successful expansion into new markets worldwide, with Members now in 196 countries. inCruises is introducing consumers to the lifestyle and value of cruising, plus providing a way to save monthly for travel while earning Reward Points that further increase savings. The occasion also follows the spring launch of inStays™, expanding Member access to more than 25,000 hotel, resort and cruise offers.
      “Exceeding one million Club Members is a significant event in our company history. We are truly honored by the passion of our Partners and Members in sharing their love of cruising with others and growing the inCruises community,” said Michael “Hutch” Hutchison, co-Founder and co-CEO of inCruises. “When we launched Club Membership in 2016, our goal was to make seeing the world more accessible to everyone, and reaching this milestone proves it’s resonating.”
      Every monthly Club Membership payment is matched with double Reward Points by inCruises. Members can exchange Reward Points at the time of booking for payment towards the lowest publicly available retail price of a cruise, hotel, or resort. Bookings are made directly through inCruises’ easy-to-use platform, which is available in 17 languages. Members’ Reward Points never expire.
      “inCruises has successfully created a new way to plan for and maximise savings on cruise travel,” said inCruises co-Founder and co-CEO, Frank Codina. “With more than one million Members worldwide embracing our model, we are well-poised for continued growth. We are constantly innovating, and many exciting things are on the horizon to bring even more value to our Members, Partners, and travel providers.”ADVERTISEMENTIn addition to Club Membership, inCruises also offers the chance to travel for free through its Independent Partner Program. Partners can earn compensation for sharing the inCruises Membership advantages with others.

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      Swan Hellenic’s SH Vega sets sail for Arctic after naming ceremony More

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      UNWTO welcomes music promotor Pino Sagliocco as tourism ambassador

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      The music promoter Pino Sagliocco has been unveiled as the newest UNWTO Special Ambassador, joining a growing list of illustrious figures using their influence and celebrity to promote the power of tourism. In his new role, Mr Sagliocco will join Giorgio Armani, Lionel Messi and other leading figures from the worlds of business, sport, gastronomy and culture in championing tourism as a pillar of sustainable development and of opportunity for all.
      Mr Sagliocco, who is President of the Live Nation Group in Spain, was given the honor by UNWTO Secretary-General Zurab Pololikashvili at a special ceremony held at the MOM Culinary Institute in Madrid. The Secretary-General praised the new UNWTO Ambassador for his tireless work promoting musicians from all over the world, and for his support of UNWTO, as illustrated by his presence at the 112th session of its Executive Council in Tbilisi, Georgia, in 2020.
      “Music and tourism are both powerful vehicles for bringing people together, to celebrate culture and to peace and understanding,” Secretary-General Pololikashvili noted. “UNWTO is proud to welcome Pino Sagliocco into our growing family of Ambassadors and l look forward to working closely with him to grow sustainable tourism, both in Spain and worldwide.”
      Over the course of his stellar career, Mr Sagliocco has worked with some of the world’s biggest artists, among them Prince, Elton John, the Rolling Stones, Paul McCartney and many more. His continued enthusiasm for music as a natural partner to travel has helped make him a strong ally of UNWTO’s mission, as recognised by his new status as Special Ambassador. With musical tourism emerging as one of the major new trends for the sector, Mr Sagliocco’s long history as an innovator will help maximise its positive impacts, both economically and socially. Famously, he gave the world the merging of two different musical styles for the opening song of the 1992 Barcelona Olympics by Montserrat Caballè y Freddy Mercury, and he has continued to innovate and break boundaries.

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      Charge while you travel: New electric vehicle charging points at Network Rail stations

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      Riding with style and sustainability at voco hotels More

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      Lego stores open at London Gatwick

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      Gatwick Airport has announced two new retail offers for passengers, with LEGO stores and a Kidstop pop-up opening ahead of the school summer holidays.
      World famous construction toy brand, LEGO, opened a store in each of Gatwick’s North and South Terminals this week – among its first standalone stores in a UK airport. The new outlet, operated by Lagardère Travel Retail UK, offers departing passengers popular products ranging from iconic lines such as the London Bus to LEGO channel exclusives, including LEGO Republic Gunship and LEGO Hogwarts Castle.
      Key LEGO themes including Duplo, City and Architecture are also available, alongside internationally recognised licenses such as Harry Potter, Marvel and Star Wars.
      Meanwhile Kidstop – a Gatwick-specific pop-up store operated by WHSmith, offering children’s books, travel games and toys – opened in the North Terminal on 4 July.
      Pam McCarthy, director of retail, Gatwick Airport said: “Having a worldwide brand such as LEGO opening stores at Gatwick is fantastic news for the airport and our passengers. It shows the high demand of retail space at Gatwick and we are sure passengers will love being able to purchase LEGO’s exciting products, whether to keep the kids entertained during the flight, as gifts when visiting family and friends, or as a souvenir of a UK holiday. ADVERTISEMENT“Kidstop is another great addition to the North Terminal, offering passengers a range of fantastic products to keep children busy – perfect for last-minute purchases as we head into the school summer holidays.”
      Marion Engelhard, managing director, Lagardère Travel Retail UK said: “We are thrilled to open LEGO stores in both terminals, thanks to a great partnership with both Lego and Gatwick Airport. Stores will feature fan favourites alongside some new and exciting exclusives, providing a great, entertaining start to the day for passengers!”
      Annette Rosendahl, head of travel retail development, LEGO said: “We are very excited to see the first LEGO® Airport stores opening in July in the UK and at the same time being able to finally introduce our new store design platform to the Travel Retail channel as well. This is a fantastic opportunity to inspire and engage passengers in Gatwick North and South Terminals, and adding an offer for all ages, all genders and all passion points in the LEGO Stores will be a great and fun start of the journey in Gatwick Airport.”
      The stores are the first new offering at Gatwick since InMotion opened in both the North and South Terminals at the turn of the year.
      Meanwhile Ted Baker, located in Gatwick’s South Terminal, reopened on 8 July for the first time since the Covid-19 pandemic, meaning the high-end clothing retailer will now have a presence in both terminals. The airport’s South Terminal Itsu store will also reopen later this month, offering passengers sushi, salads and more.

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      Young people must be active participants as we rethink and restart tourism More

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      Young people must be active participants as we rethink and restart tourism

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      UNWTO recognises the importance of youth. For this reason, youth empowerment, including through offering education and training opportunities as well as access to decent jobs, is one of our key priorities. But we are committed to going even further. Young people must not only be beneficiaries of tourism’s restart, but they must also be active participants in it. Now is the time to bring young voices on board as we make big decisions that will set the course for our sector for years to come.
      The first UNWTO Global Youth Tourism Summit confirmed that the young talent is there. So too is the determination to make a difference. For one week in Italy, we brought together some of the brightest young minds, to hear their concerns, but above all, their vision for the sector. This was a landmark first – for the young people, for UNWTO and for the tourism sector as a whole. It put young people in the driving seat. And it gave them a unique opportunity to engage directly with the sector’s leaders, including business heads and Ministers of Tourism.
      Out of the week came the Sorrento Call to Action, a call from the young participants to have a greater say in the decisions that will affect them whether as tourists themselves or as beneficiaries of the sector. While only signed by the delegates present in Sorrento, it is a true representation of the determination of global youth not to be left on the side-lines anymore. It also makes clear the priorities of the next generation of tourists and tourism leaders, namely accelerating the shift towards greater sustainability, most notably through the development and promotion of green transport, for greater inclusion and respect for human rights, and finally ensuring that the benefits tourism delivers are enjoyed as widely and fairly as possible.
      To put these ideas and ambitions into action, young people need to be given a seat at the decision-making table. Youth-led organisations need to be invited to monitor and assess the development of tourism and, if necessary, be in a position where they can hold governments and businesses to account.
      Every part of the wide global tourism ecosystem will benefit enormously from embracing the power of youth. Right now, the planet is home to around 1.8 billion people between the ages of 10-24— the largest generation of youth in human history. Almost 90% of them live in developing countries, and in many of them they make up the majority of the population. It’s here that they can make the biggest difference, and tourism is without doubt the most powerful vehicle to drive transformation and growth.ADVERTISEMENTAs World Tourism Day 2022 makes clear in its theme, we now have an opportunity to rethink tourism – where we are and where we are going. Young people must be active protagonists in this vital process. The climate action movement has shown what can be achieved if young voices are brought on board. Here, young activists have helped set the agenda and pushed governments to raise their ambitions. Tourism must now do the same, and UNWTO is ready to lead by example.

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      Tourism is investment priority, says Jamaica’s Prime Minister Holness More

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      NYC & Company announces reservations now open for restaurant week

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      NYC & Company, the official destination marketing organisation and convention and visitors bureau for the five boroughs of New York City, has announced that reservations for the 30th Anniversary of NYC Restaurant Week® Summer 2022, sponsored by Mastercard, are now open at nycgo.com/restaurantweek for 30 days of dining deals from Monday, July 18 through Sunday, August 21, with eateries able to opt in for one, multiple or all five weeks. As the City’s beloved NYC Restaurant Week celebrates its 30th anniversary, there will be more ways than ever to enjoy the City’s world-class and authentic cuisines, with inclusive pricing to ensure participation from various eateries across all five boroughs. Taxes and gratuity are not included; Saturdays are blackout and Sundays are optional. 
      “We are pleased to celebrate the 30th anniversary of NYC Restaurant Week this summer, a major milestone coinciding with the palpable vibrancy in our city right now,” said Fred Dixon, President and CEO at NYC & Company. “For 30 years, the program has offered exceptional deals to diners while also lifting and celebrating the restaurant community across all five boroughs, underscoring the truly authentic dining scene offered only in New York City.” 
      NYC Restaurant Week is the original Restaurant Week created during the Democratic National Convention (DNC) in 1992, which has been replicated in cities nationally and globally. NYC & Company is pleased to have 14 of the original 1992 restaurants participating in this year’s program, including: Barbetta, Carmine’s (Upper West Side), Dock’s Oyster Bar, Gage & Tollner, Gallagher’s Steak House, The Palm, Sardi’s, Shun Lee West, Sylvia’s, Tavern on the Green, Tribeca Grill, The Russian Tea Room, Union Square Café, and Victor’s Café.
      Throughout the program dates, July 18 through August 21, diners can choose from a selection of two-course lunches for $30, $45 or $60, and three-course dinners for $30, $45 or $60, dependent on individual restaurant price points. This pricing structure was created to ensure restaurants from all five boroughs can participate, from neighborhood eateries to fine dining. More than 100 restaurants will also offer $30 bottles of wine to commemorate the 30th anniversary, available on participating menus.
      Mastercard cardholders can preregister here to receive an exclusive $10 statement credit on each transaction of $45 or more while dining on-site (for up to three (3) transactions, totaling a $30 rebate), when dining out through July 31.ADVERTISEMENT“Bringing visitors and locals a meaningful way to experience world-class dining in New York City is truly Priceless,” said Rustom Dastoor, executive vice president of North America Marketing & Communications at Mastercard. “Together with NYC & Company, we are excited to provide cardholders exclusive discounts during NYC Restaurant Week Summer 2022 as they explore their passion for food and travel.”
      This year, for the first time ever, NYC & Company and Mastercard have partnered with Citizens Bank to further support the program and offer an additional pre-booking period which has recently concluded. 
      “Citizens is excited to become a part of NYC Restaurant Week, a much-loved New York City tradition in our first year in the city,” said Nuno Dos Santos, retail director, Citizens. “Bringing people together over food is the cornerstone of New York City culture, which aligns with our mission to support the City’s neighborhoods and champion local businesses.”
      Diners can browse participating restaurants by filters including “location,” “cuisine,” “has menu,” “$10 Mastercard rebate,” “accessibility,” “ownership,” “weeks participating,” and “meals.” Collections will also be available at nycgo.com/restaurantweek to help consumers choose restaurants by interests, including “Restaurant Week Classics,” “Lunch Break,” “Summer Vibes,” “Impress Your Followers,” “Dress for the Occasion,” “James Beard Honorees,” “Wine Spectator Winners,” and lastly, “Make it a Stella,” a collection for Stella Artois, the official beer sponsor of NYC Restaurant Week Summer 2022, highlighting restaurants serving Stella Artois.
      “A true testimony to a savory milestone – NYC Restaurant Week’s 30th and Sylvia’s Restaurant’s 60th Anniversary. As an inaugural participant and fan, I’m overjoyed to support the best restaurant city on the planet one plate at a time,” said Tren’ness Woods-Black, co-chair of the NYC & Company Culinary Committee.
      “As an original participant in the 1992 program, I’m honored to be a part of the 30th anniversary of NYC Restaurant Week, a cherished tradition in New York City. NYC Restaurant Week has always been a way for people to experience new restaurants, including some of the best in the world at an affordable price. This special anniversary is the perfect time for people to reconnect and celebrate over a memorable meal,” said chef and restaurateur David Burke, co-chair of the NYC & Company Culinary Committee.
      The Mayor’s Office of Media and Entertainment has partnered with NYC & Company as a sponsor of NYC Restaurant Week, to offset participation fees for businesses across the boroughs in response to New York City’s ongoing tourism recovery.
      A list of participating restaurants is available at nycgo.com/restaurantweek. 
      While dining out, NYC & Company encourages locals and visitors to experience New York City Like a New Yorker through the new “Get Local NYC” campaign.
      NYC & Company is considered North America’s Leading Business Travel Destination 2021 by voters at the World Travel Awards.

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      Driving to your destination guarantees you a holiday this summer More

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      International arrivals to South America expected to recover to 35.5 million by 2024

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      Research by GlobalData has revealed that international travel to South America plummeted from 35 million visitors in 2019 to a mere 3.3 million in 2021 due to the COVID-19 pandemic – meaning that the region missed out on around $49.2 billion in tourism spend over the two years. The leading data and analytics company notes that, following these disastrous few years, 2022 has seen a rather sudden return of international visitors, and the country should return to just over the levels it reached in 2019 by 2024.
      GlobalData’s latest report, ‘South America Destination Tourism Insight Report, 2022 Update’, reveals international tourism will recover to 35.5 million visitors by 2024, with tourism expected to bring in $32.9 billion in the same year While the COVID-19 restrictions have now been largely removed or relaxed, the country still faces significant obstacles in the form of unstable political climates, lack of destination marketing, accessibility, and affordable air connectivity.
      Hannah Free, Travel and Tourism Analyst at GlobalData, comments: “South America has seen huge shifts in visitor numbers in 2022, with the region already showing clear signs of recovery. The effect has been particularly great in this region, as it was typically slower to remove travel restrictions than countries in the Middle East and Europe. Hotels, airports and tourist destinations may struggle with the sudden influx of demand as has been seen in some parts of Europe.”
      Despite COVID-19 restrictions persisting in 2021, Colombia saw growth in international tourism numbers—in part thanks to the Disney movie Encanto, which shone a light on the country’s natural and cultural highlights. International arrivals to Colombia increased by 11% year-on-year (YoY), overtaking Brazil and Argentina to become the most visited South American destination in 2021.
      Meanwhile, Guyana was the only other South American country to experience growth in international arrivals in 2021, as tourism numbers increased by 16.4% YoY. Guyana’s geographic location, coupled with its historical connection to the Caribbean, makes it an ideal place for cruise, beach, adventure, cultural and nature tourism. However, Guyana’s tourism potential is hindered by weak brand identity, inconsistency in marketing and promotional investments, and the relatively low quality of connectivity to the country, meaning that flights are often costly. ADVERTISEMENTFree adds: “South America’s regional tourism performance is also held back by poor infrastructure. International arrivals to South America are disproportionally low due to underdeveloped air transport infrastructure, as well as a lack of low-cost airline options, which undermines accessibility. However, GlobalData’s Construction Projects Database shows that there are 59 airport infrastructure projects that are active across South America, which will be key to facilitating tourism growth.”

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