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Austin Hotel Buyer Walks Away From $2 Million Deposit , Because No One Wants To Own A Hotel Now

Apr 22 2020

The $100 million sale of the Renaissance Austin hotel< failed to close with the buyer forfeiting $2 million in earnest money. The deal was announced in February and hotels are worth a lot less today than they were two months ago – enough so that it made sense to walk away from a $2 million deposit. Whether the unnamed buyer no longer wanted to do the deal (reasonable) or was unable to get financing (also a challenge now) is unclear.

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With Virgin Australia In Bankruptcy, What Happens To The Miles?

Apr 21 2020

Virgin Australia’s Velocity Frequent Flyer program has suspended redemptions even though it is a separate company and not included in the administrative restructuring. The frequent flyer program had been spun off in 2014, but reacquired.

The program’s 10 million members apparently had been redeeming points for “gift cards, electronic goods, and wine,” according to the airline, while members weren’t redeeming for travel. There was a ‘run on the bank’ as members questioned the viability of the program with the airline in trouble.

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Trailer Released For New Frequent Flyer Documentary

up in the air movie still
Apr 20 2020

There’s a great idea to dive into the frequent flyer hobby – from the craziest of schemes, to the oddball personalities, to the ethics – either as a movie or television short season. Many folks have tried it. I’ve sat down with several of them, given thoughts and interviews. It’s never quite come to fruition.

One has made it to the stage of a trailer for their documentary. Lots of familiar faces here.

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Air Canada: All Points Earned Or Transferred In Count Towards Elite Status & Other Bonuses

lounge desk
Apr 20 2020

Frequent flyer programs have done an amazing job of turning marketing from an expense into a profit center. But without travel, members are less engaged in the programs. And that means less spend with credit card partners, too.

It takes creative effort to get members continuing to earn in the program when they aren’t likely to redeem right away. But that earning means cash now – and is even more valuable than ever both because of the premium on cash for struggling businesses and because the redemption expenses won’t come until later.

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