What Will Global Travel Manager CWT Do With $250 Million in New Capital? Get Smaller, For One

Matthew Parsons, Skift

September 7th, 2020 at 1:00 AM EDT

From the outside, it seems the travel management company has gone into survival mode. Post-Covid, it will look a lot leaner, and more attractive to potential buyers.

Big changes are happening at the top of travel management company CWT , which has now restructured its operating divisions, weeks after raising new capital.

The Minneapolis-based company last week announced it had created three new global operating units : RoomIt and commercial; traveler experience and customer; and strategy and transformation.

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CWT said the new structure was aimed to accelerate innovation, transformation and growth. But against the backdrop of a pandemic, it also means downsizing.

“Given the need to realign resourcing in today’s market conditions but also to protect employees, operating costs have been managed mainly through temporary furloughs and pay reductions, and more recently also through voluntary programs offered by the company that have received strong interest from employees globally,” the company said in a statement.

Skift approached CWT for more details, but it declined to elaborate. A spokesperson said: “There were three elements to the voluntary program — extended furlough, changing to a part time role, and voluntary redundancy.”

Leaner Future

One source familiar with the company said CWT could emerge 30 to 40 percent smaller, with 30 percent of employees opting for voluntary redundancy. As well as potentially losing some of its more experienced staff, the restructure leaves CWT as a top heavy organization, which isn’t a good look when you need to navigate your way out of a global crisis.

CWT has been radically slimming down over the past couple of years. In January 2019, it axed its country director roles for Germany, Austria, Switzerland, Italy, Benelux, UK and Ireland, France, and Spain.

A year later, it further simplified its Europe, Middle East and Africa operations, and moved its Greece, Morocco, Eastern Europe, and Baltic local market management into “ cross-functional market management teams.” Country manager roles were removed for Greece, Morocco, Eastern Europe and the Baltics, incorporating Bulgaria, Hungary, Latvia, Estonia, Lithuania, Czech Republic, Romania, and Ukraine.

The source added that moving from a previous “matrix system” could prove disadvantageous. “You need strength at the local level,” he said. “It’s going to put pressure on them. They’ve taken the country senior leadership out, and went to a functional model. Sales on a global basis, finance on a global basis … they’re very big portfolios. It’s difficult to see how they can be nimble.”

‘A Light Raising’

And what about the extra cash the company secured? On August 20, CWT raised $250 million in new liquidity, following an exchange offer, including a $125 million equity injection from its principal shareholder Carlson, Inc — a family-run, privately held company.

At the time, Kurt Ekert, CWT’s president and CEO, said: “I am delighted that we have seen such a strong show of support and endorsement for our financial proposition, our growth strategy and our business plans by our shareholders, lenders and bond holders.”

That cash will likely be used to cover the costs of restructuring. “It’s a very light raising and I suspect the money will not be used on acquisitions and investments, but will stem the cash burn,” the sourced added. “They’ve got to fund the redundancies and restructuring program.”

However, CWT is in a relatively strong position to weather the storm due to its exposure to essential services clients, via its SatoTravel division in particular that caters to U.S. military and government business. It also has a dedicated energy, resources and marine division , with clients in these sectors likely to have continued their travel during the pandemic.

cwt travel revenue 2021

Kurt Eckert, CEO at CWT, speaking at the World Travel and Tourism Council Global Summit in Madrid, Spain, in 2017.

According to a recent Fitch Ratings report , CWT generates roughly two-thirds of revenue from transaction fee-based clients, and a third from management fees. In May this year, it also announced a strong performance for 2019 , with increases in transaction volumes, sales, and revenues. For the year ended December 31, 2019 its total transaction volume was $24.8 billion, with contracted new sales of $1.8 billion and revenues $1.53 billion.

Skift approached CWT for comment on whether it had outlined a recovery plan, based on geographical structures or market sectors, and whether it would look to make any acquisitions.

A spokesperson told Skift: “We remain totally focused on our B2B4E (Business-to-Business-for-Employees) innovation, and in meeting our commitments to clients and their travelers — wherever and in whatever form these might take.

“We look forward to further strengthening our leadership position following the implementation of our new operating structure — which underpins the commitments above. And, as we navigate through, and emerge from, the impact of the global Covid-19 pandemic, we do so from a secure financial base, with a talented and aligned team and we will continue to take measures to reduce our operating spend and respond with agility to the challenges posed by the pandemic.”

With travel slowly resuming, CWT, like the rest of the industry, will be looking forward to busier times. In the meantime, there’s the thorny issue of consolidation. The company’s been less bullish than its rivals, some of which haven’t shied away from announcing their intention to carry on building their empires.

Flight Centre Travel Group has been on a buying spree recently , even during coronavirus, with investments in TP Connects Technologies  and WhereTo .

CTM believes it has acquisition opportunities ahead of it, with the travel downturn creating a opportunity for industry consolidation. “CTM is well positioned to take advantage of any opportunity with its strong balance sheet,” the company said in its annual results .

American Express Global Business Travel, meanwhile, could be another suitable buyer. Since striking a deal with HRG in early 2018 , it also acquired Germany’s DER Business Travel in 2019 . Could be on the horizon?

“CWT is a potential acquisition target. I see them being a net loser unfortunately, and there are others out there who might take an opportunistic approach and make a consolidation play,” the source said, adding private equity firm Certares is probably already looking at the company right now.

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Tags: american express global business travel , certares , coronavirus , corporate travel management , ctm , cwt

Photo credit: Travel management company CWT has restructured into three operating divisions. Gemma Evans / Unsplash

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Rating Action Commentary

Fitch Affirms CWT Travel Group, Inc.'s 'CCC' IDR

Mon 12 Dec, 2022 - 3:55 PM ET

Fitch Ratings - New York - 12 Dec 2022: Fitch Ratings has affirmed CWT Travel Group, Inc.'s 'CCC' Long-Term Issuer Default Rating (IDR). In addition, Fitch has also affirmed the 'CCC' IDR for co-borrowers CWT US, LLC, CWT UK Group Ltd, and CWT Beheermaatschappij BV (collectively, CWT).

Concurrently Fitch has affirmed the 'B'/'RR1' rating to CWT's senior secured credit facility and the 'B-'/'RR2' rating to CWT's senior secured notes. There are no Rating Outlooks.

The 'CCC' IDRs reflects the potentially elongated recovery in global corporate travel stemming from current macroeconomic pressures. While CWT has seen a meaningful top-line rebound this year with dissipating cash-burn, liquidity could become challenged again should travel volumes recover softer than expected to stagnate. A track record of neutral or positive EBITDA and adequate liquidity continue to remain as catalysts for rating upgrade.

Key Rating Drivers

Macro Headwinds Elongates Recovery: Per Global Business Travel Association's industry reports, business travel saw a meaningful rebound in 2022 with global transaction value reaching roughly two-thirds of 2019 levels. While we expect pandemic-related challenges to dissipate, we anticipate macro headwinds to negatively impact the timing and pace of business travel's recovery.

Traditionally, the industry has shown a moderate degree of cyclicality due to demand volatility stemming from economic cycles or external shocks. Risk of softer near-term demand and ultimately an elongated industry recovery is further heightened when considering the prevailing trend of new workforce dynamics and proliferation of virtual/remote work environment post-pandemic. Fitch believes total transaction value of the industry will fully regain 2019 levels by 2025.

Liquidity at Inflection Point: Fitch estimates CWT to have roughly $90 million in total liquidity (cash plus revolver availability) at YE 2022. As expected, the company's liquidity buffer has declined since late 2021, but cash-burn has noticeably improved in 2H22. Fitch continues to believe that CWT has sufficient liquidity until and assuming its operating cash flow turn neutral by 2H23 and become positive thereafter. CWT's 'CCC' IDR reflects the potential liquidity risk should travel volume prove out to be significantly softer than expected in near term.

Margin Improvement on the Horizon: Inflation and the initial ramp-up cost, especially in areas of labor, have weighted on CWT's margins as revenues recovered. Fitch expects CWT's margins to improve meaningfully as revenues continue to normalize and its restructuring efforts become more visible. Leverage continues to remain irrelevant at current rating, but appears promising given the new capital structure in combination with forecasted margin improvement above the pre-pandemic levels. Long term, CWT could be upgraded into the 'B' IDR category as operations continue to recover and liquidity no longer becomes the primary driver of its rating. Fitch's base case forecasts leverage approaching 4.7x by 2024.

Company Diversification: CWT is diversified from a geographic, customer and contract type perspective, helping to moderate an impact from cyclical travel pressures (excluding idiosyncratic shocks like the pandemic). A majority of revenue is generated in the Americas and EMEA, with a growing presence in Asia. No single customer comprises a meaningful portion of total revenue, and CWT's business clients are also diversified across industries.

The company structures its contracts as either transaction fee-based (roughly two-thirds of revenue) or management fee-based, with the latter somewhat supporting cash flows in the event of travel volume declines. Positively, CWT has exposure to government and military travel, which is recovering at a faster pace than corporate travel.

Derivation Summary

CWT is a global operator in business travel management services with historically moderate leverage. Its closest peer is Amex GBT (NPR), which operates in the same travel vertical. The closest Fitch-rated public peer is Expedia Inc. (BBB-/Stable), which provides business-to-consumer travel services primarily to individuals and is more exposed to leisure travel.

Leisure travel saw a strong rebound during 2022 with major OTAs recording record-level gross bookings. This contrasts with corporate travel which Fitch expects an elongated path back to pre-pandemic level of transactions. Expedia has significantly larger scale, which had excess of $100 billion gross travel bookings and $1 billion in annual FCF during 2019, while it also has a long-established track record of adhering to a below 2.0x gross debt/EBITDA target.

Travelport and Sabre GLBL are also peers that operate in the global distribution system (GDS) business. Long term, Fitch believes the disintermediation risk of GDS companies from the travel funnel is greater than business travel management companies, with the latter offering high value-add services to corporate clients.

Fitch applied the strong subsidiary/weak parent approach under its Parent and Subsidiary Linkage Rating Criteria. Fitch views the linkage as strong across CWT's entities given the openness of access and control by the parent and relative ease of cash movement throughout the structure. The rated entities are viewed on a consolidated basis, and the ratings are linked.

Key Assumptions

Fitch's Key Assumptions Within the Rating Case for the Issuer:

--Traffic volumes gradually recovers to pre-pandemic levels by 2025. Fitch forecasts CWT revenues compared to 2019 levels to be down around 50% in 2022, 30% in 2023, and 10% in 2024;

--Adjusted EBITDA to turn positive in 2H'23. Given the structural savings in CWT's cost base, Fitch forecasts EBITDA margins reaching mid-teens once travel demand begins to normalize. Annual restructuring charges, which are added back to EBITDA, dissipates in 2023;

--Partial revolver draws as CWT withstands negative operating cash flow which Fitch expects a turn-around near mid-2023;

--Prudent capex programs to be continued in near-term as CWT balances between cash management and growth.

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that CWT would be reorganized as a going-concern in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim, and has assumed the $60 million revolver to be fully drawn at the time of recovery. The current recovery ratings contemplate roughly $775 million of secured debt claims.

Fitch estimates going-concern EBITDA in a scenario in which default may be caused by deep cyclical pressures, resulting in prolonged cash burn. Under this scenario, Fitch estimates a going-concern EBITDA of roughly $130 million, which is in-line with the agency's forecasted EBITDA between 2023 and 2024 to reflect a forward-looking view amid persistent weakness in corporate/managed travel.

This decline in EBITDA from the December 2019 peak is worse than CWT's performance during the last recession, reflecting the prolonged operating weakness in corporate travel and potential for some degree of cannibalized travel volumes due to proliferation of remote/virtual meetings.

Fitch assumes a going-concern recovery multiple of 6.0x for CWT. This is slightly above the 5.0x recovery multiple assumed by Fitch for certain peers, as the agency believes that the long-term disintermediation risk is lower for travel management companies compared with GDS companies. There are limited public transaction multiples in the travel services industry; however, CWT's recovery multiple is lower than acquisition multiples for Travelport in 2018 (11.0x) and Orbitz Worldwide in 2015 (10.3x).

CWT's valuation multiple per the November restructuring was 9.0x based on 2023 projected EBITDA and 4.0x based on 2024 projected EBITDA (6.5x mid-point). The implied enterprise value is similar to the valuation of the firm during the recent restructuring assuming the newly raised equity has minimal value.

In terms of priority ranking for the collateral, the revolver and term loan are considered priority over the secured notes and all three are secured by the same collateral. The collateral is essentially all of the assets of CWT though some (less than 10%) are not pledged given the associated costs with pledging assets in foreign jurisdictions.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive rating action/upgrade:

--An improvement in financial flexibility, primarily due to improving operational cash flow, such that utilization of one-time liquidity sources (e.g. revolver) is not required;

--Approaching neutral or positive EBITDA;

--Faster than anticipated recovery of managed business travel volumes.

Factors that could, individually or collectively, lead to negative rating action/downgrade:

--A liquidity crisis is perceived as unavoidable in the next 12 months-24 months;

--Persistent weakness in global managed travel volumes;

--Interest coverage sustaining at or below 1.0x.

Best/Worst Case Rating Scenario

International scale credit ratings of Non-Financial Corporate issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. For more information about the methodology used to determine sector-specific best- and worst-case scenario credit ratings, visit https://www.fitchratings.com/site/re/10111579 .

Liquidity and Debt Structure

Liquidity at Inflection Point: As described above, Fitch estimates CWT to have roughly $90 million in total liquidity (cash plus revolver availability) at YE 2022. With improvements in demand, cash burn has noticeably improved in 2H22. Fitch continues to believe that CWT has sufficient liquidity until its cash flow turn neutral in 2H23 and expects the company to maintain current level of liquidity thereafter. FCF trajectory will largely depend on the pace of recovery- but overall capex appears manageable. Refinancing risk is low as the next maturity is in 2026.

Issuer Profile

CWT Travel Group, Inc. (CWT)is a travel management company. Through its online and offline offerings, CWT offers management, reservations and booking services to a large number of corporate and government clients.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING

The principal sources of information used in the analysis are described in the Applicable Criteria.

ESG Considerations

Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. For more information on Fitch's ESG Relevance Scores, visit www.fitchratings.com/esg

  • senior secured

VIEW ADDITIONAL RATING DETAILS

Additional information is available on www.fitchratings.com

PARTICIPATION STATUS

The rated entity (and/or its agents) or, in the case of structured finance, one or more of the transaction parties participated in the rating process except that the following issuer(s), if any, did not participate in the rating process, or provide additional information, beyond the issuer’s available public disclosure.

APPLICABLE CRITERIA

  • Corporates Recovery Ratings and Instrument Ratings Criteria - Effective from 9 April 2021 to 13 October 2023 (pub. 09 Apr 2021) (including rating assumption sensitivity)
  • Parent and Subsidiary Linkage Rating Criteria - Effective from 1 December 2021 to 16 June 2023 (pub. 01 Dec 2021)
  • Sector Navigators: Addendum to the Corporate Rating Criteria - Effective from 28 October 2022 to 12 May 2023 (pub. 28 Oct 2022)
  • Corporate Rating Criteria - Effective from 28 October 2022 to 3 November 2023 (pub. 28 Oct 2022) (including rating assumption sensitivity)

APPLICABLE MODELS

Numbers in parentheses accompanying applicable model(s) contain hyperlinks to criteria providing description of model(s).

  • Corporate Monitoring & Forecasting Model (COMFORT Model), v8.1.0 ( 1 )

ADDITIONAL DISCLOSURES

  • Dodd-Frank Rating Information Disclosure Form
  • Solicitation Status
  • Endorsement Policy

ENDORSEMENT STATUS

cwt travel revenue 2021

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StarTribune

Another vestige of carlson travel empire sold, this one to amex spinoff for $570m.

Minneapolis-based CWT, a business travel and meeting management firm that was part of a prominent Minnesota family's business legacy, will sell to rival American Express Global Business Travel for $570 million, the companies announced Monday.

The merger, which should close in the latter half of this year, blends two of the biggest corporate travel entities. CWT, formerly Carlson Wagonlit Travel, started in its current form in the mid-1990s and touts 4,000 customers with a projected revenue of approximately $850 million this year. American Express spun off its global business travel (GBT) sector as a joint venture with an investor group in 2014, and GBT has rapidly grown through various mergers and acquisitions since.

CWT was not reachable for comment, including on if its global headquarters will remain in the state, if this will affect any jobs or if the CWT name will survive.

American Express said the deal means CWT customers will have access to its proprietary software and services.

"Joining forces with Amex GBT helps accelerate our vision of a tech-enabled future for business travel, where people and technology combine to deliver an exceptional customer experience," said Patrick Andersen, CEO of CWT, in a statement. "We are highly confident in the value creation of the combined company."

The privately held CWT — which investment funds like Redwood Capital Management, Monarch Alternative Capital and others own — will now be part of the public GBT, which debuted on the New York Stock Exchange in 2022. That came at a time when corporate travel was still in a precarious state after grinding to a halt in 2020 because of the pandemic.

Business travel still hasn't fully recovered to 2019 levels in terms of volume or spending, but that milestone could hit as soon as by the end of this year. So Jose Ferreira, owner of Coon Rapids-based Riverdale Travel, said this deal is timed for growth.

"For corporate travelers, I would say that service levels are going to improve," Ferreira said. "Both of these companies are still recovering from the pandemic."

Curt Carlson, namesake of the University of Minnesota's Carlson School of Management, started his family's business empire during the Great Depression, eventually venturing into the travel industry about 30 years later.

In 2021, the family gave up its ownership stake in Carlson Travel Inc. and its many related companies, including CWT, after the COVID-19 pandemic forced the business into bankruptcy. The family has also offloaded some of its large portfolio of hotels, including selling the Radisson Hotel Group Americas for $675 million to Choice Hotels International in 2022.

Burl Gilyard is the Star Tribune's medtech reporter.

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cwt travel revenue 2021

Amex GBT Agrees to Acquire Carlson Wagonlit Travel for $570 Million

Amex GBT and CWT Logos

Photo: Amex GBT 

American Express Global Business Travel (Amex GBT) is acquiring corporate travel agency Carlson Wagonlit Travel (CWT), for $570 million, marking a new chapter for one of the industry’s longtime corporate giants.

The deal is expected to close sometime in the second half of 2024. The transaction will be funded by a combination of stock and cash.

CWT, which says it serves 4,000 global customers, has been undergoing major changes in recent years, including taking on new equity owners in 2021. As recently as November, CWT underwent some balance sheet recapitalization aimed at deleveraging its balance sheet and strengthening its financial position. At that time, CWT said it had a “strong financial foundation and capital structure.”

In Monday’s announcement, CWT said that moving under Amex GBT will help its long-term vision and that it was “confident” in the future of the company.

“Joining forces with Amex GBT helps accelerate our vision of a tech-enabled future for business travel, where people and technology combine to deliver an exceptional customer experience. We are highly confident in the value creation of the combined company,” CWT CEO Patrick Andersen said.

It also said that, when the deal closes, its clients would have access to Amex GBT’s proprietary software, including programs like Neo1, Neo, and Egencia, and Amex GBT’s professional services.

TMR reached out to CWT to ask about the evolution of the CWT brand when the company does move under Amex GBT, and whether or not the CWT will remain. A spokesperson told TMR that "it’s very early in the process to discuss CWT as a brand. We are all proud of the name we have built in the marketplace and our ancestry. Today, we remain CWT."

Amex GBT’s CEO Paul Abbot said on Monday that bringing CWT under the Amex banner will “create more choice for customers, more opportunities for people, and more value for shareholders.”

CWT traces its roots back to 1872 when a Belgian innovator Georges Nagelmackers, who went on to create the Orient Express, founded Wagons-Lits, which means "sleeping cars."

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unwto tourism highlights 2022

Un tourism | bringing the world closer.

Unwto 2021: a year in review, 2021: tourism united, resilient and determined.

2021 has been a year of learning and adapting for tourism. It has proven that only by working together can the sector overcome challenges and embrace opportunities.

Gathering the global tourism community and developing concrete actions, UNWTO has led tourism’s response with the vision of not only restarting, but doing so in a more inclusive, innovative and sustainable way.

Jan

January - March

As global tourism faced up to a second year of unprecedented crisis , UNWTO began 2021 by counting the cost so far . At the same time, however, the emergence of vaccines brought hope . The Global Tourism Crisis Committee met to explore what this meant for safe travel and the restart of tourism, while the announcement of the winners of the UNWTO Global Start-up Competition recognized the role culture and creativity will play in tourism’s restart and recovery .  

Feb

April - June

Collaboration and innovation were the focusat the start of the second quarter. UNWTO partnered with IATA on a new Destination Tracker to give both tourists and destinations clear, impartial and trusted advice. And a new Start-up Competition was launched to find the best ideas for accelerating rural development through tourism. In May, the launch of the Best Tourism Villages by UNWTO generated significant interest from Members in every global region. 

Mar 2021

July - September

As destinations in Europe welcomed tourists back for the peak summer season, UNWTO highlighted the role of  digital solutions for the safe restart of the sector. But UNWTO also looked ahead, to a more sustainable future , working with key partners to  reduce plastic waste and consumption across every part of the sector. Together, we celebrated World Tourism Day around the theme of Tourism for Inclusive Growth, a message of solidarity and determination that was echoed on a global scale.

April 2021

October - December

The final quarter of 2021 began with cautious optimism as UNWTO’s Barometer showed signs of improvement in tourist arrival numbers during the summer season in the northern hemisphere. A new partnership with Netflix will bring the message of tourism as a driver of opportunity to a massive global audience, while in November, UNWTO was tourism’s voice at COP26 and signatories to the landmark Glasgow Declaration keep growing. Finally, against the backdrop of the UNWTO General Assembly , the programme of work for the coming biennium was approved and 77% of Members voted to secure a second mandate for the Secretary-General from 2022-2025.

Growing and Moving Forward

UNWTO brings together political leaders from across the globe to deliver a strong, coordinated response. Governments, destinations, fellow UN agencies and international organizations met at key international events joining efforts to rethink tourism. Institutional coordination has proven crucial to find the solutions that build a smarter, greener and safer tourism.

Leaving Nobody Behind

The pledge to ‘ leave nobody behind ’ means nobody should miss out : Not now as we support the sector in the face of crisis, and not in the future as tourism starts again. Tourism is a proven driver of equality and opportunity. And that’s why we turn words into actions, delivering guidelines and action plans , to ensure everyone can enjoy the opportunities tourism brings.

A Shared Vision

Advancing the transformation of the tourism sector , partnerships are the only way forward. In 2021, UNWTO signed agreements with international organizations and the private sector to step our vision for the future of tourism: innovation , education , sustainability , green investment , rural development.

From business as usual to Covid-19

Looking to the future

  • Regional Support Office for Asia and the Pacific (RSOAP)
  • Member States in Asia and the Pacific
  • SUSTAINABLE TOURISM OBSERVATORIES (INSTO)

Logo

World Tourism Barometer: September 2022

UNWTO updates World Tourism Barometer and reports international tourism back to 60% of pre-pandemic levels from January to July 2022

unwto tourism highlights 2022

Below are excerpts from the September 2022 release of the UNWTO Tourism Barometer :

  • The steady recovery reflects strong pent-up demand for international travel, especially in the months of June and July which are part of the Northern Hemisphere summer season. The easing or lifting of travel restrictions in an increasing number of countries also contributed to boost results.
  • International tourist arrivals almost tripled (+172%) in January-July 2022 compared to the same period of 2021. Numbers climbed from -64% in January 2022 (versus 2019) to -28% in July, the strongest month since the start of the pandemic.
  • Asia and the Pacific (+165%) saw arrivals more than double in the first seven months of 2022, though they remained 86% below 2019 levels.
  • The ongoing recovery can also be seen in outbound tourism spending from major source markets. Expenditure from France was at -12% in January-July 2022 compared to 2019 while spending from Germany stood at -14%. International tourism spending remained at -10% in Belgium, -23% in Italy and -26% in the United States.
  • The uncertain economic environment seems to have reversed prospects for a return to pre-pandemic levels in the near term. 61% of UNWTO Panel of Experts now see a potential return of international arrivals to 2019 levels in 2024 or later while those indicating a return to pre-pandemic levels in 2023 has diminished (27%) compared to the May survey (48%).

unwto tourism highlights 2022

Know more about the global tourism sector performance from January to July 2022 by checking the UNWTO World Tourism Barometer Volume 20, Issue 5 .

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TOURISM TRENDS 2022

unwto tourism highlights 2022

11 Aug TOURISM TRENDS 2022

The situation for tourism remains rather unusual as a result of the ongoing COVID-19 pandemic.

The crisis has marked a significant change for everyone, and above all for tourism, one of sectors hit hardest by the virus. 2020 was the year in which international tourism came to a near-complete standstill, and the only alternatives were domestic and local tourism.

2021 has seen some improvements, but only in a very subtle way as restrictions are still in place and many countries keep their borders fully or partially closed.

It is difficult to make an estimate for 2022 as it is not known how the pandemic will evolve. However, it is possible to talk about the new tourism trends that are likely to emerge over the coming year: – International travel with restrictions still maintained by both destinations and airlines in order to offer 100% security to the consumer.

– Reinforcement of COVID-19 testing; two years after the pandemic, COVID testing will still be in place as a preventive measure. – Conscious travel will be advocated. Travel to more distant destinations, but with prolonged durations of stay, as consumers look to enjoy as much of each place they visit as possible. – Green travel. Climate change is a problem that is present and growing. Consumers now are much more responsible and aware of the reality they live in on daily basis.

– A new trend is the “ed-ventures”. It is about combining education and holidays for the youngest members of the family. While adults may need to telework or attend meetings, their children can be doing workshops and learning in a playful way.

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Metallurgicheskii Zavod Electrostal AO (Russia)

In 1993 "Elektrostal" was transformed into an open joint stock company. The factory occupies a leading position among the manufacturers of high quality steel. The plant is a producer of high-temperature nickel alloys in a wide variety. It has a unique set of metallurgical equipment: open induction and arc furnaces, furnace steel processing unit, vacuum induction, vacuum- arc furnaces and others. The factory has implemented and certified quality management system ISO 9000, received international certificates for all products. Elektrostal today is a major supplier in Russia starting blanks for the production of blades, discs and rolls for gas turbine engines. Among them are companies in the aerospace industry, defense plants, and energy complex, automotive, mechanical engineering and instrument-making plants.

Headquarters Ulitsa Zheleznodorozhnaya, 1 Elektrostal; Moscow Oblast; Postal Code: 144002

Contact Details: Purchase the Metallurgicheskii Zavod Electrostal AO report to view the information.

Website: http://elsteel.ru

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40 facts about elektrostal.

Lanette Mayes

Written by Lanette Mayes

Modified & Updated: 02 Mar 2024

Jessica Corbett

Reviewed by Jessica Corbett

40-facts-about-elektrostal

Elektrostal is a vibrant city located in the Moscow Oblast region of Russia. With a rich history, stunning architecture, and a thriving community, Elektrostal is a city that has much to offer. Whether you are a history buff, nature enthusiast, or simply curious about different cultures, Elektrostal is sure to captivate you.

This article will provide you with 40 fascinating facts about Elektrostal, giving you a better understanding of why this city is worth exploring. From its origins as an industrial hub to its modern-day charm, we will delve into the various aspects that make Elektrostal a unique and must-visit destination.

So, join us as we uncover the hidden treasures of Elektrostal and discover what makes this city a true gem in the heart of Russia.

Key Takeaways:

  • Elektrostal, known as the “Motor City of Russia,” is a vibrant and growing city with a rich industrial history, offering diverse cultural experiences and a strong commitment to environmental sustainability.
  • With its convenient location near Moscow, Elektrostal provides a picturesque landscape, vibrant nightlife, and a range of recreational activities, making it an ideal destination for residents and visitors alike.

Known as the “Motor City of Russia.”

Elektrostal, a city located in the Moscow Oblast region of Russia, earned the nickname “Motor City” due to its significant involvement in the automotive industry.

Home to the Elektrostal Metallurgical Plant.

Elektrostal is renowned for its metallurgical plant, which has been producing high-quality steel and alloys since its establishment in 1916.

Boasts a rich industrial heritage.

Elektrostal has a long history of industrial development, contributing to the growth and progress of the region.

Founded in 1916.

The city of Elektrostal was founded in 1916 as a result of the construction of the Elektrostal Metallurgical Plant.

Located approximately 50 kilometers east of Moscow.

Elektrostal is situated in close proximity to the Russian capital, making it easily accessible for both residents and visitors.

Known for its vibrant cultural scene.

Elektrostal is home to several cultural institutions, including museums, theaters, and art galleries that showcase the city’s rich artistic heritage.

A popular destination for nature lovers.

Surrounded by picturesque landscapes and forests, Elektrostal offers ample opportunities for outdoor activities such as hiking, camping, and birdwatching.

Hosts the annual Elektrostal City Day celebrations.

Every year, Elektrostal organizes festive events and activities to celebrate its founding, bringing together residents and visitors in a spirit of unity and joy.

Has a population of approximately 160,000 people.

Elektrostal is home to a diverse and vibrant community of around 160,000 residents, contributing to its dynamic atmosphere.

Boasts excellent education facilities.

The city is known for its well-established educational institutions, providing quality education to students of all ages.

A center for scientific research and innovation.

Elektrostal serves as an important hub for scientific research, particularly in the fields of metallurgy, materials science, and engineering.

Surrounded by picturesque lakes.

The city is blessed with numerous beautiful lakes, offering scenic views and recreational opportunities for locals and visitors alike.

Well-connected transportation system.

Elektrostal benefits from an efficient transportation network, including highways, railways, and public transportation options, ensuring convenient travel within and beyond the city.

Famous for its traditional Russian cuisine.

Food enthusiasts can indulge in authentic Russian dishes at numerous restaurants and cafes scattered throughout Elektrostal.

Home to notable architectural landmarks.

Elektrostal boasts impressive architecture, including the Church of the Transfiguration of the Lord and the Elektrostal Palace of Culture.

Offers a wide range of recreational facilities.

Residents and visitors can enjoy various recreational activities, such as sports complexes, swimming pools, and fitness centers, enhancing the overall quality of life.

Provides a high standard of healthcare.

Elektrostal is equipped with modern medical facilities, ensuring residents have access to quality healthcare services.

Home to the Elektrostal History Museum.

The Elektrostal History Museum showcases the city’s fascinating past through exhibitions and displays.

A hub for sports enthusiasts.

Elektrostal is passionate about sports, with numerous stadiums, arenas, and sports clubs offering opportunities for athletes and spectators.

Celebrates diverse cultural festivals.

Throughout the year, Elektrostal hosts a variety of cultural festivals, celebrating different ethnicities, traditions, and art forms.

Electric power played a significant role in its early development.

Elektrostal owes its name and initial growth to the establishment of electric power stations and the utilization of electricity in the industrial sector.

Boasts a thriving economy.

The city’s strong industrial base, coupled with its strategic location near Moscow, has contributed to Elektrostal’s prosperous economic status.

Houses the Elektrostal Drama Theater.

The Elektrostal Drama Theater is a cultural centerpiece, attracting theater enthusiasts from far and wide.

Popular destination for winter sports.

Elektrostal’s proximity to ski resorts and winter sport facilities makes it a favorite destination for skiing, snowboarding, and other winter activities.

Promotes environmental sustainability.

Elektrostal prioritizes environmental protection and sustainability, implementing initiatives to reduce pollution and preserve natural resources.

Home to renowned educational institutions.

Elektrostal is known for its prestigious schools and universities, offering a wide range of academic programs to students.

Committed to cultural preservation.

The city values its cultural heritage and takes active steps to preserve and promote traditional customs, crafts, and arts.

Hosts an annual International Film Festival.

The Elektrostal International Film Festival attracts filmmakers and cinema enthusiasts from around the world, showcasing a diverse range of films.

Encourages entrepreneurship and innovation.

Elektrostal supports aspiring entrepreneurs and fosters a culture of innovation, providing opportunities for startups and business development.

Offers a range of housing options.

Elektrostal provides diverse housing options, including apartments, houses, and residential complexes, catering to different lifestyles and budgets.

Home to notable sports teams.

Elektrostal is proud of its sports legacy, with several successful sports teams competing at regional and national levels.

Boasts a vibrant nightlife scene.

Residents and visitors can enjoy a lively nightlife in Elektrostal, with numerous bars, clubs, and entertainment venues.

Promotes cultural exchange and international relations.

Elektrostal actively engages in international partnerships, cultural exchanges, and diplomatic collaborations to foster global connections.

Surrounded by beautiful nature reserves.

Nearby nature reserves, such as the Barybino Forest and Luchinskoye Lake, offer opportunities for nature enthusiasts to explore and appreciate the region’s biodiversity.

Commemorates historical events.

The city pays tribute to significant historical events through memorials, monuments, and exhibitions, ensuring the preservation of collective memory.

Promotes sports and youth development.

Elektrostal invests in sports infrastructure and programs to encourage youth participation, health, and physical fitness.

Hosts annual cultural and artistic festivals.

Throughout the year, Elektrostal celebrates its cultural diversity through festivals dedicated to music, dance, art, and theater.

Provides a picturesque landscape for photography enthusiasts.

The city’s scenic beauty, architectural landmarks, and natural surroundings make it a paradise for photographers.

Connects to Moscow via a direct train line.

The convenient train connection between Elektrostal and Moscow makes commuting between the two cities effortless.

A city with a bright future.

Elektrostal continues to grow and develop, aiming to become a model city in terms of infrastructure, sustainability, and quality of life for its residents.

In conclusion, Elektrostal is a fascinating city with a rich history and a vibrant present. From its origins as a center of steel production to its modern-day status as a hub for education and industry, Elektrostal has plenty to offer both residents and visitors. With its beautiful parks, cultural attractions, and proximity to Moscow, there is no shortage of things to see and do in this dynamic city. Whether you’re interested in exploring its historical landmarks, enjoying outdoor activities, or immersing yourself in the local culture, Elektrostal has something for everyone. So, next time you find yourself in the Moscow region, don’t miss the opportunity to discover the hidden gems of Elektrostal.

Q: What is the population of Elektrostal?

A: As of the latest data, the population of Elektrostal is approximately XXXX.

Q: How far is Elektrostal from Moscow?

A: Elektrostal is located approximately XX kilometers away from Moscow.

Q: Are there any famous landmarks in Elektrostal?

A: Yes, Elektrostal is home to several notable landmarks, including XXXX and XXXX.

Q: What industries are prominent in Elektrostal?

A: Elektrostal is known for its steel production industry and is also a center for engineering and manufacturing.

Q: Are there any universities or educational institutions in Elektrostal?

A: Yes, Elektrostal is home to XXXX University and several other educational institutions.

Q: What are some popular outdoor activities in Elektrostal?

A: Elektrostal offers several outdoor activities, such as hiking, cycling, and picnicking in its beautiful parks.

Q: Is Elektrostal well-connected in terms of transportation?

A: Yes, Elektrostal has good transportation links, including trains and buses, making it easily accessible from nearby cities.

Q: Are there any annual events or festivals in Elektrostal?

A: Yes, Elektrostal hosts various events and festivals throughout the year, including XXXX and XXXX.

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19th Edition of Global Conference on Catalysis, Chemical Engineering & Technology

  • Victor Mukhin

Victor Mukhin, Speaker at Chemical Engineering Conferences

Victor M. Mukhin was born in 1946 in the town of Orsk, Russia. In 1970 he graduated the Technological Institute in Leningrad. Victor M. Mukhin was directed to work to the scientific-industrial organization "Neorganika" (Elektrostal, Moscow region) where he is working during 47 years, at present as the head of the laboratory of carbon sorbents.     Victor M. Mukhin defended a Ph. D. thesis and a doctoral thesis at the Mendeleev University of Chemical Technology of Russia (in 1979 and 1997 accordingly). Professor of Mendeleev University of Chemical Technology of Russia. Scientific interests: production, investigation and application of active carbons, technological and ecological carbon-adsorptive processes, environmental protection, production of ecologically clean food.   

Title : Active carbons as nanoporous materials for solving of environmental problems

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2022 has been the year to rethink tourism. Countries around the world turned UNWTO's vision for a greener, smarter and more inclusive sector into real action. 2020 showed the relevance of tourism for sustainable development. 2021 laid the foundations for the transformation of the sector. In 2022, we made it happen. 2022 began on a positive note.

According to the latest UNWTO World Tourism Barometer, international tourism saw a strong rebound in the first five months of 2022, with almost 250 million international arrivals recorded. This compares to 77 million arrivals from January to May 2021 and means that the sector has recovered almost half (46%) of pre-pandemic 2019 levels. UN ...

International Tourism Highlights, 2023 Edition - The Impact of COVID-19 on Tourism (2020-2022) ISBN (printed version): 978-92-844-2497-9 ISBN (electronic version): 978-92-844-2498-6 DOI: 10.18111/9789284424986 Published by the World Tourism Organization (UNWTO), Madrid, Spain First published: September 2023 Revised and updated: October 2023

Find out the latest updates from the UNWTO on tourism trends, challenges and opportunities in 2022 and beyond. Learn about the UNWTO's activities, projects and partnerships in various regions and topics, such as sustainable tourism, gastronomy, investment and education.

International Tourism and COVID-19. Export revenues from international tourism dropped 62% in 2020 and 59% in 2021, versus 2019 (real terms) and then rebounded in 2022, remaining 34% below pre-pandemic levels. The total loss in export revenues from tourism amounts to USD 2.6 trillion for that three-year period. Go to Dashboard.

According to the latest UNWTO World Tourism Barometer, international tourist arrivals almost tripled in January to July 2022 (+172%) compared to the same period of 2021. This means t he sector recovered almost 60% of pre-pandemic levels. The steady recovery reflects strong pent-up demand for international travel as well as the easing or lifting ...

The time is now to seize this opportunity to rethink how we do tourism. The official World Tourism Day celebration will be held in Bali, Indonesia, on 27 September, highlighting the shift towards tourism being recognized as a crucial pillar of development. Wonderful Indonesia - Witness the 42nd World Tourism Day 2022 in Bali, Indonesia!

In terms of tourist numbers, the year 2022 is expected to close with over 900 million international arrivals, despite growing challenges pointing to a softening of the recovery pace. International tourist arrivals: 2020, 2021 and Scenarios for 2022 (monthly change over 2019,%) Source UNWTO World Tourism Barometer: November 2022 Press Release.

January - March. As global tourism faced up to a second year of unprecedented crisis, UNWTO began 2021 by counting the cost so far.At the same time, however, the emergence of vaccines brought hope.The Global Tourism Crisis Committee met to explore what this meant for safe travel and the restart of tourism, while the announcement of the winners of the UNWTO Global Start-up Competition ...

Below are excerpts from the latest World Tourism Barometer May 2022 issue: According to the latest UNWTO World Tourism Barometer, international tourism saw a 182% year-on-year increase in January-March 2022, with destinations worldwide welcoming an estimated 117 million international arrivals compared to 41 million in Q1 2021.

The UNWTO Elibrary is an online service from the World Tourism Organization (UNWTO) with a broad coverage of tourism and related subject areas. ... International Tourism Highlights, 2023 Edition - The Impact of COVID-19 on Tourism (2020-2022) Revised and updated, October 2023. Released: December 2023.

The 7th UNWTO World Forum on Gastronomy Tourism will be held from Monday, December 12 to Thursday, December 15, 2022 (4 days).

The economic contribution of tourism (tourism direct gross domestic product) is estimated at US$1.9 trillion in 2021, above the US$1.6 trillion in 2020, but still well below the pre-pandemic value of US$ 3.5 trillion. The latest UNWTO Panel of Experts survey indicates that 61% of tourism professionals expect better performance in 2022 than in 2021.

Below are relevant points to the July 2022 World Tourism Barometer: Nearly 250 million international trips were recorded worldwide in the first five months of the year, more than three times the number of arrivals recorded in the same period of 2021 (77 million). Robust performance is also reflected in hotel occupancy rates.

2022-10-28. Below are excerpts from the September 2022 release of the UNWTO Tourism Barometer: The steady recovery reflects strong pent-up demand for international travel, especially in the months of June and July which are part of the Northern Hemisphere summer season. The easing or lifting of travel restrictions in an increasing number of ...

International tourism continues to outpace the global economy. 2. Driven by a relatively strong global economy, a growing middle class in emerging economies, technological advances, new business models, affordable travel costs and visa facilitation, international tourist arrivals grew 5% in 2018 to reach the 1.4 billion mark.

UNWTO Tourism Academy | TOURISM TRENDS 2022. The situation for tourism remains rather unusual as a result of the ongoing COVID-19 pandemic. The crisis has marked a significant change for everyone, and above all for tourism, one of sectors hit hardest by the virus. 2020 was the year in which international tourism came to a near-complete ...

International Tourism Highlights, 2023 Edition - The Impact of COVID-19 on Tourism (2020-2022) Revised and updated, October 2023 Published: December 2023 Pages: 32

International Tourism Highlights, 2020 Edition. Published: January 2021 Pages: 23. eISBN: 978-92-844-2245-6 | ISBN: 978-92-844-2244-9. Abstract: 2019 was another year of strong growth, though international arrivals grew below the exceptional rates seen in 2017 (+7%) and 2018 (+6%). Demand was somewhat weaker for travel to advanced economy ...

Main Activities: Iron and Steel Mills and Ferroalloy Manufacturing | Nonferrous Metal (except Copper and Aluminum) Rolling, Drawing, and Extruding. Full name: Metallurgicheskii Zavod Electrostal AO Profile Updated: February 22, 2024. Buy our report for this company USD 29.95 Most recent financial data: 2022 Available in: English & Russian ...

40 Facts About Elektrostal. Elektrostal is a vibrant city located in the Moscow Oblast region of Russia. With a rich history, stunning architecture, and a thriving community, Elektrostal is a city that has much to offer. Whether you are a history buff, nature enthusiast, or simply curious about different cultures, Elektrostal is sure to ...

Catalysis Conference is a networking event covering all topics in catalysis, chemistry, chemical engineering and technology during October 19-21, 2017 in Las Vegas, USA. Well noted as well attended meeting among all other annual catalysis conferences 2018, chemical engineering conferences 2018 and chemistry webinars.

In the city of Elektrostal in Russia, a drone attack occurred. It's reported that no one was injured as a result of the incident. Additional details, including the particulars of the attack, potential motives or responsible parties, have not been provided. However, the fact that a drone was used as a means of attack underscores

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Metallurgicheskii Zavod Electrostal AO (Russia)

In 1993 "Elektrostal" was transformed into an open joint stock company. The factory occupies a leading position among the manufacturers of high quality steel. The plant is a producer of high-temperature nickel alloys in a wide variety. It has a unique set of metallurgical equipment: open induction and arc furnaces, furnace steel processing unit, vacuum induction, vacuum- arc furnaces and others. The factory has implemented and certified quality management system ISO 9000, received international certificates for all products. Elektrostal today is a major supplier in Russia starting blanks for the production of blades, discs and rolls for gas turbine engines. Among them are companies in the aerospace industry, defense plants, and energy complex, automotive, mechanical engineering and instrument-making plants.

Headquarters Ulitsa Zheleznodorozhnaya, 1 Elektrostal; Moscow Oblast; Postal Code: 144002

Contact Details: Purchase the Metallurgicheskii Zavod Electrostal AO report to view the information.

Website: http://elsteel.ru

EMIS company profiles are part of a larger information service which combines company, industry and country data and analysis for over 145 emerging markets.

To view more information, Request a demonstration of the EMIS service

19th Edition of Global Conference on Catalysis, Chemical Engineering & Technology

  • Victor Mukhin

Victor Mukhin, Speaker at Chemical Engineering Conferences

Victor M. Mukhin was born in 1946 in the town of Orsk, Russia. In 1970 he graduated the Technological Institute in Leningrad. Victor M. Mukhin was directed to work to the scientific-industrial organization "Neorganika" (Elektrostal, Moscow region) where he is working during 47 years, at present as the head of the laboratory of carbon sorbents.     Victor M. Mukhin defended a Ph. D. thesis and a doctoral thesis at the Mendeleev University of Chemical Technology of Russia (in 1979 and 1997 accordingly). Professor of Mendeleev University of Chemical Technology of Russia. Scientific interests: production, investigation and application of active carbons, technological and ecological carbon-adsorptive processes, environmental protection, production of ecologically clean food.   

Title : Active carbons as nanoporous materials for solving of environmental problems

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