Marriott had an investor call yesterday to discuss the acquisition of Starwood, and the future outlook for the combined companies.
Naturally the focus is on the deal and their argument for its upside. Most interesting to me is that the presentation slide deck included a page on the future of Marriott Rewards and Starwood Preferred Guest.
There were two explosions in the Brussels airport departure hall around around 8 a.m. local time today. There was also an explosion at a subway station near EU headquarters. Flights were suspended. US flights to Brussels landed safely. Intra-european flights were diverted or returned to their origin.
As of this writing at least 13 have been reported dead at the airport and 15 at the subway station. Although some of what we will read and see on television reported today will turn out to be wrong.
One of the airport explosions is reported to have been near the American Airlines check-in counter, the other near the check-in desk for Brussels Airlines. American confirmed their “employees and contractors are accounted for with no reported injuries.”
A roundup of the most important stories of the day. I keep you up to date on the most interesting writings I find on other sites – the latest news and tips.
British Airways business class is a controversial product. It’s fully lie flat, which is better than angled, but it’s probably the worst lie flat product out there. The airline often sells business class at a deep discount through sales, and so the product can be a good value (albeit not as much on award tickets where you’re paying fuel surcharges).
When it’s substantially cheap than the competition it’s value for money. But it’s far from top shelf. It’s also worth knowing that some seats are better – and worse – than others.
With Marriott massively increasing its offer to purchase Starwood, they’ve shared news of the deal with their employees.
This is what Marriott is saying about the revised offer to buy Starwood. They explain the price, that the Chinese insurer could still counter, and that the deal contains a $450 million breakup fee.
Yesterday I wrote that American planned to eliminate 24 hour reservation holds in favor of 24 hour free cancellation.
I reached out to American for comment, and for clarification of how such a policy would work for bookings made within 7 days of travel (US airlines aren’t required to offer refunds within 7 days, but other airlines do it) and whether it would be a true 24 hour refund (as required) or ‘until midnight the following day’ (as is more generous but also more standard).
On Friday Starwood’s customers and shareholders were excited by a Chinese group led by insurer Anbang making a substantially higher offer for the hotel chain than the pending Marriott Marriott acquisition deal. Starwood informed Marriott that it intended to terminate their deal and enter into an agreement with this ‘superior proposal’. Starwood put off its shareholder vote. Under the agreement though Marriott had 10 days to counter.
Marriott acted quickly, submitting a new bid for Starwood and Starwood’s Board has accepted it. It’s a mix of cash and stock, the value highly dependent on Marriott’s recently-volatile share price.
The US Department of Transportation requires US airlines to offer either the ability to hold a reservation for 24 hours without ticketing, or to allow full refunds on non-refundable tickets for 24 hours after purchase, for travel booked at least 7 days in advance.
For years and long before this DOT requirement American has allowed consumers to place reservations on hold. It’s not something they were forced to do. Effective April 1, however, American will be conforming to the rest of the industry. They will no longer free 24 hour holds and instead will offer only 24 hour cancellation.
After each Uber ride, you can generally rate your driver. For the most part the ratings are 1-5. For a short while in Austin Uber was testing having riders rate their drivers with emojis.
Uber drivers rate you as well. Although it doesn’t matter nearly as much. Consistent problem customers can be invited to no longer use the platform — and either get a new phone or take up with Lyft instead.
A rider’s number is more of a curiosity. Uber will tell you your number. You used to have to ask. Now it’s in the app. And in fact they will now give you your average rating to two decimal places.
American Express lost 10% of its card business when they lost the Costco deal. Here’s an inside account of how American Express lost the business. As costly as it was for American Express to lose Costco, it would have been more costly to retain Costco.
Costco’s switch to Visa though was delayed. This is a complicated transition for the merchant and for the banks, especially with Citibank picking up American Express’ “back book” (Citibank bought the existing card accounts from Amex).
Now we have a timeline, and what happens next.
Gary Leff is one of the foremost experts in the field of miles, points, and frequent business travel -- a topic he has covered since 2002.
Co-founder of frequent flyer community InsideFlyer.com, emcee of the Freddie Awards, and named one of the "World's Top Travel Experts" by Conde' Nast Traveler (2010-Present) Gary has been a guest on most major news media, profiled in several top print publications, and published broadly on the topic of consumer loyalty. More About Gary »
