Icelandair Team to divest tour operator next resort sale | Information

Icelandair Group is to promote its tour operator subsidiary Iceland Travel, as aspect of the continuing focus on its flight functions functions.

The wholly-owned subsidiary had been classified, together with resort business Icelandair Accommodations, as an asset held for sale in 2019.

Icelandair Team sold a 75% share in the lodge operation to Berjaya Property Ireland and closed the transaction, with a revenue of $15.4 million, in April past yr.

The enterprise suggests it has “decided to initiate” the course of action to sell Iceland Journey.

“During the gross sales course of action, the objective will be to maximise the value of the organization, even though at the similar time preserving the interests of Icelandic tourism, the company’s staff members and other stakeholders,” it states.

Icelandair Amsterdam-c-Icelandair

Icelandair Group states the subsidiary will “continue to provide a vital role” in providing services to holidaymakers in Iceland as the pandemic disaster commences to recede and travel demand from customers returns.

“There will be a need to have for increased efficiency in the Icelandic tourism marketplace and there are options for Iceland Travel to be in a primary role as a thorough company supplier for travelers,” it provides.

Icelandair Group has recruited economical firm Islandsbanki to serve as advisor. The group’s tourism products and services subsidiaries in 2019 created revenues of $168 million and a net financial gain of $2.1 million.