Classic Vacations announced that a definitive purchase agreement has been signed by The Najafi Companies to acquire all the assets of Classic Vacations from Expedia Group, effective April 2, 2021.
Classic Vacations is a provider of premier vacation packages around the world, including to Hawaii, the Caribbean, Mexico, Europe and the South Pacific. The Najafi Companies is a private investment firm with 30-plus years in the hospitality industry with brands like The Ritz-Carlton, St. Regis, Promontory Park City and others. Classic Vacations will operate as a standalone company within The Najafi Companies portfolio.
“This is a tremendous opportunity for everyone involved and I am confident that Classic Vacations will be strategically positioned, with The Najafi Companies’s support, to prosper in a post-COVID-19 travel environment,” said David Hu, president of Classic Vacations, in a press statement. “And while it’s sad to part ways with our colleagues at Expedia Group, this change allows us to further strengthen our partnership with our travel advisors and to better support our travel advisor, hotel and destination partners.”
The Najafi Companies says it is committed to the investment and believes there is a significant opportunity ahead. "The ‘luxury” vacation business will see a rebound in the near future and Classic Vacations is well-positioned to capitalize on that growth," said Jahm Najafi, president and CEO of The Najafi Companies. "Classic Vacations has built a sterling brand over the past 40-plus years with a devotion to their employees, a reputation for incredible products and service and, most importantly, a client-focused culture that is so critical in today’s environment.”
After the closing of the transaction, David Hu will remain as president of Classic Vacations, together with his leadership team. Classic Vacations will continue its focus on serving the needs of luxury travel advisors. The company’s headquarters will remain in San Jose, California.
This article originally appeared on www.travelagentcentral.com.
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