Air Canada continues to expand its international network. What makes a new destination attractive, and how do you decide where to fly next?

Air Canada has become a global carrier that connects Canada and the Americas to the world. Globally ambitious, we have placed strategic focus on expanding in international markets, scaling our three international gateways in Toronto, Montreal and Vancouver and investing in a modernized fleet. Rooted in Canada, which is increasingly recognized as a global destination in its own right, Air Canada is now proudly one of the continent’s most far-reaching international airlines and part of a select group of airlines to fly to all six inhabited continents.

When we assess new destinations, we look beyond point-to-point demand to consider how a route can strengthen Canada’s role as a natural bridge between continents, using our advantageous geography along major traffic flows, our hubs and our network scale to connect customers more efficiently across the Americas, the Atlantic and Asia-Pacific markets. Our teams evaluate travel demand, tourism trends, trade flows and broader economic factors, while also ensuring we deploy aircraft where they can deliver the greatest benefit to customers and the airline. The most attractive destinations are those that expand customer choice, elevate Canada’s position on the world stage and make the overall Air Canada network stronger, more relevant and more competitive globally.
 

New aircraft such as the A321XLR are making thinner long-haul routes more viable. How could this change which destinations travelers can access directly?

Air Canada’s Airbus A321XLR provides new, game-changing capabilities to our network. Over the next 12 months, Air Canada is leveraging the aircraft to unlock new markets, improve service on existing routes, enable more year-round operations, and elevate our premium experience across North America. For customers, this means more destinations, more convenience, and, in our GlowingHearted cabins, more comfort to travel the world.
 

Airlines can significantly influence the growth of a destination. How important is collaboration between airlines, airports and tourism authorities when developing new routes?

The strongest opportunities emerge when airlines, airports, tourism authorities and local stakeholders share a common vision and work together to build sustainable, long-term demand. Together, this supports enhanced choice and greater convenience for the customer, while also stimulating additional economic opportunities. The best cases are those that are seamless for the customer, with efficient infrastructure and the right connectivity that, when combined with effective marketing, facilitate tourism and trade flows. When these elements converge, air connectivity can benefit more than just the airline and industry partners; it acts as a conduit for economic growth for all the communities involved.
 

Travelers increasingly expect a seamless experience from booking through to arrival. Where do you see the biggest opportunities to remove friction from the international journey?

We continue to invest heavily in an end-to-end customer experience strategy, rolling out fleet-wide cabin redesigns, upgraded international amenities, complimentary beer, wine and made-in-Canada premium snacks on all flights and expanded airport lounge spaces. Air Canada is also modernizing the passenger journey, rolling out fast, free Wi-Fi for Aeroplan Members on board Air Canada’s flights across North America and select Sun destinations, with full expansion across international destinations planned. And there will be much more to come. We are also investing in technology to streamline the airport journey, and we continually add to Air Canada’s award-winning app to enable customers to plan, manage, check in and stay up to date on their trips, including baggage status, at all times.
 

Competition between airlines and destinations for international travelers is intensifying. Over the next decade, what will separate the destinations that successfully attract new air connectivity from those that get left behind?

Air Canada’s global ambition drives its international growth strategy. Over the next decade, the destinations that succeed will be those that think beyond individual routes and position themselves as part of a broader global travel ecosystem. Air Canada’s international growth gives us the opportunity to connect more communities to the Americas and the world, while also reinforcing Canada’s role as a compelling global destination. For Air Canada, the strongest opportunities will be in markets with resilient demand, efficient infrastructure, strong tourism and trade fundamentals and partners that share a long-term vision for sustainable growth. Canada’s natural geography gives us a powerful advantage: our hubs are well placed to link flows across the Atlantic, Pacific and the Americas. Destinations that are aligned with this, invest in the customer journey and collaborate with airlines to build demand over time will be best positioned to attract new air connectivity.

Today's travelers are increasingly looking for authentic, memorable experiences rather than simply visiting a destination. How has Amigo Tours adapted its offering to meet these changing expectations, and what trends are shaping the future of guided travel?

One of the biggest misconceptions in travel today is that travelers no longer want to visit the iconic landmarks. They absolutely do. If someone travels to Paris, they want to see the Eiffel Tower. If they visit Barcelona, they want to experience La Sagrada Familia. Those places have become global symbols for a reason. What has changed is how people want to experience them.

At Amigo Tours, we haven't moved away from the world's most famous attractions—we've reinvented the way travelers experience them. That means offering first-entry access before the crowds arrive, visiting during quieter periods, working with expert art and history guides who bring these monuments to life and designing experiences that feel personal rather than rushed. The destination remains the same, but the memory becomes completely different.

Travelers today value quality over quantity. They are less interested in checking attractions off a list and more interested in understanding the stories, people and culture behind them. The role of a guided tour has evolved from simply providing logistics to creating meaningful moments that travelers will remember long after they return home. I believe the future of guided travel isn't about finding new places—it is about discovering new ways to experience the places everyone dreams of visiting.
 

With destinations becoming more competitive than ever, what role do curated tours and local experiences play in helping visitors connect more deeply with the culture, history and communities they are exploring?

Destinations today welcome travelers from every corner of the world, and those travelers arrive with very different expectations. Some are looking for the perfect photo for Instagram. Others want to have dinner with a local family, participate in community projects, explore neighborhoods beyond the historic center or learn directly from local artisans. Tourism has become incredibly diverse, and that diversity is one of its greatest strengths. Because of that, destinations need to build a broad portfolio of experiences rather than focusing only on their headline attractions.

This has two major benefits. First, visitors stay longer. We consistently see that travelers who immerse themselves in local culture often spend more than twice as many nights in a destination compared with traditional sightseeing visitors. Second, destinations create repeat visitors. The traveler who visits Rome for the first time wants to see the Colosseum and the Vatican. But if that first experience exceeds expectations, they are much more likely to return to discover completely different experiences. The future belongs to destinations that offer reasons to come back, not just reasons to visit once.
 

Technology is transforming the travel industry, from digital booking platforms to AI-driven personalization. How is Amigo Tours using innovation to enhance the customer journey while maintaining the human touch that makes guided experiences so valuable?

Technology has become an essential part of the travel industry. Twenty-five years ago, many people booked hotels by telephone or fax. Today, digital distribution is the norm. Experiences are following the same path, although several years behind hotels and airlines. Today, only around 40 percent of experiences worldwide are booked online, meaning the growth potential remains enormous.

A traveler who misses the opportunity to visit the Colosseum because tickets have sold out is far more likely to reserve attractions in advance on their next trip. Experiences are entering an era of dynamic pricing similar to airlines and hotels. Booking earlier will often mean better prices while helping destinations manage demand more efficiently.

At Amigo Tours, we've invested for years in digital distribution systems, dynamic pricing and technology that adapts to demand. Technology should never replace the human element—it should enhance it. Through one of our strategic technology partners, we maintain continuous communication with travelers from reservation until several days after their experience. Guests receive updates, practical information and direct support throughout their journey. This has helped increase our average customer rating from 8.7 to 9.4. Technology works best when it removes friction and allows our people to focus on creating unforgettable experiences.
 

Sustainable tourism has become a key priority across the industry. How is Amigo Tours working with local partners and communities to ensure tourism creates long-term economic, cultural and environmental benefits?

Sustainability is part of every decision we make. We have invested in more environmentally efficient vehicles, adopted policies that minimize waste generation during our tours and work closely with destinations to ensure waste is handled responsibly.

One of our greatest lessons came from expanding into Japan, where we experienced one of the world's most disciplined approaches to waste management and respect for public spaces. We have adapted many of those practices across other destinations where we operate. Strong local partnerships help ensure tourism generates lasting economic value while preserving the cultural identity that makes each destination unique.
 

Looking ahead, what do you believe will define the next generation of experiential travel, and how is Amigo Tours positioning itself to meet the evolving expectations of global travelers?

Innovation has always been at the heart of Amigo Tours. Opening operations in Japan and succeeding in Spain were both considered unlikely by many people, but innovation and calculated risk made them possible.

Every year we run our Experience Lab, where teams create new products and improve existing ones. Not every idea succeeds, but every idea teaches us something. Every month we review every product, analyzing demand, traveler behavior and customer feedback. We even have a dedicated team that reads every review across OTAs and our own channels to identify opportunities for improvement.

Some experiences, however, have remained successful for more than 20 years, proving that exceptional experiences never go out of style. The future of experiential travel will combine innovation, technology and personalization with something that cannot be automated: genuine human connection.

The travel industry has shifted from simply attracting visitors to creating unforgettable experiences. AREA15 has redefined what a destination can be. Why do you think experiential entertainment has become such a powerful tourism driver?

There are a couple of reasons. Social media has amplified people's desire to discover and share unique experiences, but there's also been a real evolution in travel preferences. For years, we've believed in the idea of moving people from being spectators to active participants. Today that seems obvious, but when we were developing AREA15 back in 2016, it was still a relatively new way of thinking.

People want more than a transaction with a brand. They want something tangible, emotional and memorable. Great brands have always understood this. Apple Stores, Nike and even FAO Schwarz aren’t simply places to buy products; they create experiences. The experience economy has always existed, but today it's become one of the strongest ways for brands to build genuine emotional connections with people.
 

AREA15 has created an entirely new category by combining immersive entertainment, art, technology and retail. What lessons can destination leaders learn from your success?

One of the biggest lessons is not trying to copy what's already around you. Las Vegas is already the entertainment capital of the world, so our goal wasn't to replicate what existed but to add something completely different.

The second lesson is to know exactly who you are as a brand and never compromise on that identity. We invested heavily in defining our values before we built anything. Art, immersive storytelling and being alternative without becoming inaccessible have always been central to AREA15.

When you look at the world's most successful brands, they remain incredibly consistent in who they are. That's something destination developers should remember. Understand your identity, stay true to it and don't be afraid to be different.
 

Today's travelers, particularly younger generations, are looking for authenticity, immersive experiences and shareable moments. What do you think travelers will be looking for over the next decade?

I actually think this goes beyond younger generations. In an age dominated by AI and digital content, people increasingly value experiences that feel real, physical and connected to genuine communities. People want something they can touch, smell, experience and share together. Those emotional connections will become even more important.

At the same time, audiences are becoming increasingly fragmented into smaller communities. You can't be everything to everyone, but you can create a place where many different communities feel welcome. Authenticity remains critical, but established intellectual property also has value. Creating entirely new brands is possible, but it's a much harder journey. Attractions like Meow Wolf had an existing identity that helped accelerate awareness, while brands like Disney and Universal demonstrate how powerful strong storytelling and recognized IP can be.

Ultimately, visitors want to have fun. They also know when something has been created with genuine passion versus something that's simply been built to make money. Authenticity is something consumers recognize immediately.
 

AREA15 has become one of the most talked-about entertainment destinations in the world. What was the original vision, and how has that evolved?

The vision has always centered around creativity and discovery. Early concepts looked very different, but the underlying principle never changed. We wanted to create an off-the-beaten-path destination that felt like discovering a secret world. That idea still defines AREA15 today.

One of the things we're most proud of is creating an environment where artists, creators and partners have the freedom to express themselves without unnecessary limitations. Many developments try to tightly control every aspect of the experience. We've deliberately encouraged creativity to spill out in unexpected ways.

Even an addition like the iconic 747 emerging from the building wasn’t part of the original concept, but it perfectly reflects our DNA. We constantly ask ourselves, "What's the coolest thing we can do next?" Right now, that means the transformation of the 747 into Altair Sky Lounge, our new luxury social destination with retro-futurist interior design elements and panoramic views of the Las Vegas Strip.
 

Looking ahead, what technologies are you most excited about that will shape the visitor experience over the coming years?

It's impossible not to mention AI. That said, we firmly believe the future is physical first. AI won't replace real-world experiences; if anything, it will make them even more valuable. Where AI becomes exciting is in powering the experience behind the scenes. It can improve operations, streamline business processes and enable much greater personalization for guests.

The challenge is balancing that personalization while ensuring visitors still share a common experience. You want people to have their own journey, but you also want them talking about many of the same memorable moments afterwards.

Beyond AI, I'm excited by augmented reality and robotics. AR can enhance physical spaces and create entirely new forms of personal expression. Robotics also has huge potential, not to replace people but to remove repetitive tasks so staff can focus on delivering memorable human interactions.
 

On a more personal note, when you eventually retire, what legacy would you like to leave behind?

I've always enjoyed disruption. I like challenging convention and doing things that people are initially afraid to attempt. Traditional developers would never have built something like AREA15. What excites me most is that we've shown creativity and placemaking can work differently.

If I could be remembered as someone who helped transform the way destinations are created and demonstrated that creativity should be at the center of placemaking, that would be something I'd be incredibly proud of.

Soo, before we discuss the future of hospitality and entertainment, could you introduce yourself and tell us a little about your background and the evolution of Bally's?

My background is really in investing and business transformation. For many years I focused on acquiring and turning around businesses, and gaming became a particularly interesting sector because, despite being an incredibly attractive industry, companies often underperform through poor capital allocation rather than poor fundamentals.

Our journey with Bally's began with a single casino in Rhode Island. From there we expanded through a disciplined strategy of acquisitions, operational improvements and selective development. Today Bally's operates casinos across the United States, has a significant online gaming presence in Europe, lottery operations internationally and continues to expand into new global markets. What began as a single turnaround has evolved into a diversified international entertainment business.
 

Bally's has grown far beyond traditional casino operations. How has the role of integrated resorts changed within the destinations they serve?

Gaming alone is no longer enough. Historically, casinos were the primary reason people travelled to destinations like Las Vegas, but today's visitors expect a much broader experience. That means hospitality, entertainment, restaurants, retail, live events and increasingly sport all becoming part of one integrated destination.

Our job is to create places that people actively choose to visit, not simply because there's a casino there, but because the overall experience is compelling. That's why we've continued investing beyond gaming into entertainment, online experiences and destination developments. Ultimately, we're building entertainment ecosystems rather than standalone casinos.
 

Las Vegas continues reinventing itself as one of the world's leading tourism destinations. How important has the convergence of sport, hospitality and entertainment become in shaping its future?

Las Vegas is one of the most fascinating tourism markets anywhere in the world because it has continually evolved. Originally, gaming was the city's primary attraction, but today gaming represents only around a quarter of the city's overall tourism revenues. The city has successfully diversified into live entertainment, luxury hotels, restaurants, conventions and now major professional sports. The arrival of franchises like the Raiders, the Athletics and potentially an NBA team reflects the maturity of the market.

People don't visit Las Vegas purely to gamble anymore. They come for an entire entertainment experience, and sport has become an increasingly important part of that evolution. The willingness of Las Vegas to continually reinvent itself is what has allowed it to remain globally competitive.
 

Bally's has several major developments underway, including Las Vegas, Chicago and New York. How do you ensure every destination reflects its own local identity rather than becoming a standardized global brand?

Every market is different, and it's important to recognize that. Many of our existing casinos are regional businesses serving customers who live within a relatively short drive. Destinations like Las Vegas, New York and Chicago are completely different because they're attracting millions of international visitors every year. That means every project has to reflect the character of its local market.

Our brand stands for fun and entertainment, but how that comes to life should vary depending on where we operate. We don't believe in forcing identical experiences into every location. Instead, we want every property to contribute something meaningful to its own destination while remaining recognizably Bally's.
 

One of Bally's most ambitious developments is the transformation of the former Tropicana site in Las Vegas. What makes projects like this so important to the future of tourism?

Redevelopment is essential. The Tropicana was an iconic property with tremendous history, but the reality is that destinations can't stand still. Cities have to continue investing if they want to remain competitive. Las Vegas understands that better than almost anywhere else. There was a willingness to replace an aging property with something that better reflects where the city is heading.

That's one of the strengths of Las Vegas. Different stakeholders, regardless of politics or commercial interests, generally recognize that moving the city forward benefits everyone. That collective ambition is one of the reasons Las Vegas continues outperforming so many other destinations.
 

Bally's operates across physical gaming, online gaming and lottery services. How important is diversification to your long-term strategy?

I see Bally's as a portfolio of opportunities rather than simply a casino company. My responsibility is allocating capital where we believe the greatest opportunities exist. Sometimes that's destination resorts. Sometimes it's regional gaming, online gaming, sports betting or lottery services. They're all different parts of the same broader ecosystem.

Having that flexibility allows us to respond to changing markets while continuing to build long-term value across multiple areas of the industry. The common thread is that they're all highly regulated businesses with strong long-term fundamentals.
 

Tourism destinations are competing harder than ever for visitors. What do you believe separates the cities that continue to grow from those that struggle?

The destinations that succeed are the ones willing to evolve. Las Vegas is a perfect example. It recognized that gaming alone wouldn't sustain future growth, so it invested in entertainment, hospitality, major sporting events and entirely new visitor experiences. That's created a destination that constantly gives people reasons to return.

Every city has to understand what makes it unique and continue building on those strengths rather than relying on what worked decades ago. Tourism is becoming increasingly competitive, and standing still is rarely an option.
 

Finally, looking ahead over the next decade, what do you hope Bally's will have become?

I hope Bally's becomes recognized as a genuinely global gaming and entertainment company. Today the industry is still largely fragmented, with operators tending to focus on individual countries or regions. I think there's a real opportunity to build a global brand that customers recognize wherever they travel. That means continuing to grow across different jurisdictions, different forms of gaming and different entertainment experiences while maintaining a consistent promise to our customers.

If, 10 years from now, people see Bally's as a trusted international entertainment brand rather than simply a casino operator, I think we'll have achieved something very significant.

Derek, before we discuss the future of Las Vegas tourism, could you introduce yourself and tell us a little about Circa and your vision for the property?

I'm Derek Stevens, chief executive officer of Circa Las Vegas, as well as The D Las Vegas and the Golden Gate Hotel and Casino, which my brother and I own. Circa is our flagship property and one of the newest resort destinations in Las Vegas. From the very beginning, we wanted to create something that couldn't easily be replicated.

Today we're home to the world's largest sportsbook, the world's largest outdoor sportsbook viewing experience at Stadium Swim and Legacy Club, our rooftop lounge overlooking the entire Las Vegas skyline. Every element was designed to create experiences that people simply couldn't find anywhere else.
 

Traveler expectations have evolved dramatically over recent years, particularly around luxury and experience. How did those changing expectations influence the way Circa was designed?

We began designing Circa in 2017, before the pandemic, and even then we could clearly see a growing shift towards higher-end travel. We made a conscious decision to build significantly more suites than a traditional hotel because we believed guests were looking for more space and a more premium experience.

We also focused on details that people genuinely appreciate but don't always consciously notice. Our ceilings are around a foot higher than standard hotel rooms, which creates a much greater feeling of openness. We designed larger bathrooms, better mirrors, more luggage space and rooms that work for the way people travel today.

Luxury isn't simply about expensive finishes. It's about comfort, convenience and creating an environment that feels genuinely spacious. The pandemic certainly accelerated that trend, but in my view it had already been building steadily for many years.
 

Across the travel industry we're seeing experiences becoming just as important as destinations themselves. How has Circa positioned itself as a reason to visit Las Vegas rather than simply a place to stay?

Experiences have become absolutely central to modern travel. People work incredibly hard throughout the year and when they finally take time away, they want something memorable that they simply can't recreate at home. For us, sport has become one of the biggest drivers of that.

Las Vegas has evolved into one of the world's leading sports tourism destinations, and we've built Circa around that opportunity. Our sportsbook and Stadium Swim create an atmosphere that allows thousands of people to experience major sporting events together, even if the game itself isn't taking place in Las Vegas.

During major events like the World Cup, we saw enormous numbers of international fans traveling to the city simply to be part of that atmosphere. Those shared experiences are becoming just as valuable as attending the event itself.
 

Circa has developed a very clear identity around sports and entertainment. How important is having that point of difference in such a competitive destination?

It's absolutely essential. Every successful resort needs to understand exactly who it's serving. Some properties excel through luxury shopping, others through fine dining or conventions. Las Vegas is fortunate because each resort contributes something different to the overall destination.

At Circa, we've focused on entertainment, sports and the unique atmosphere of Fremont Street. That's one of the strengths of Las Vegas. Rather than every property trying to offer exactly the same experience, each develops its own identity while collectively strengthening the destination. Competition is incredibly strong here, but differentiation is what allows everyone to succeed.
 

One aspect that often surprises visitors is the collaborative nature of the Las Vegas hospitality industry. How important is that partnership between competitors?

It's actually one of the defining characteristics of Las Vegas. Yes, we're highly competitive businesses, but we also recognize that when one property succeeds, the entire city benefits.

On Fremont Street, the casino owners meet regularly. If one of us brings a major convention or event to downtown, everyone supports it because we know visitors will experience multiple properties during their stay. The same applies across the wider Strip. If MGM secures another major residency or a huge sporting event comes to Allegiant Stadium, that's positive for every hotel in Las Vegas because it attracts more visitors to the city. We compete every day, but we're all working towards the same objective, which is making Las Vegas the most exciting destination possible.
 

Downtown Las Vegas offers a very different atmosphere from the Strip. How do you see its role evolving as the city continues to grow?

Downtown and the Strip are far more complementary than many people realize. Geographically they're only a couple of miles apart, but they offer very different experiences. I often describe downtown as having a much stronger sense of Americana, whereas the Strip has a much more international feel. One of the statistics people are often surprised by is that Fremont Street attracts around 24 million visitors each year, making it one of the most visited tourist destinations in the United States.

Despite having only around 6,000 hotel rooms, we welcome enormous numbers of visitors because people staying on the Strip also come downtown to experience the live entertainment, outdoor concerts, bars and atmosphere. Every night our goal is simple. We throw the biggest party in Las Vegas. Whether it's your first evening in the city or your last, we want downtown to become one of the highlights of your trip.
 

Sport has become one of the biggest catalysts for Las Vegas tourism. How significant has that transformation been, and what opportunities do you see ahead?

It's been transformational. The arrival of the Vegas Golden Knights was a huge milestone, followed by the Raiders, and those developments fundamentally changed perceptions of Las Vegas as a sports destination.

Looking ahead, the Athletics will have an enormous impact. Baseball brings 81 home games every season, which creates consistent demand throughout the summer months. The NBA will also be a significant addition when it arrives. Combined with major concerts, international sporting events and global entertainment, these investments ensure Las Vegas continues attracting visitors throughout the entire year rather than relying on traditional tourism patterns. Sport has become one of the city's strongest economic drivers.
 

Finally, Las Vegas has built a reputation for constantly reinventing itself. What do you believe will ensure the city remains one of the world's leading tourism destinations over the next decade?

Reinvention has always been part of Las Vegas' DNA. The city has never been afraid to invest, innovate or evolve. Whether it's new resorts, worldclass entertainment, major sporting franchises or completely new visitor experiences, we're always looking ahead rather than standing still.

That's one of the reasons Las Vegas continues growing while many destinations become static. Visitors know that every time they come back, they'll discover something new. As long as we continue investing in unique experiences and giving people reasons to return, I believe Las Vegas will remain one of the world's great tourism destinations for many years to come.

The all-inclusive model has evolved significantly in recent years. What are travelers expecting from resorts today that they simply weren’t asking for a decade ago?

Club Med invented the all-inclusive concept 75 years ago. For us, the future of all-inclusive lies in constantly redefining it, the same restless instinct that made us the pioneers in the first place. Today, travelers are looking for quality, simplicity and meaningful experiences. Families in particular want holidays that create genuine opportunities for connection and discovery, whether that’s children learning a new sport, parents having the space to properly switch off or the whole family experiencing the culture of a destination together. They still value the freedom and reassurance of having everything taken care of, but increasingly they expect that convenience to come without compromising on quality, authenticity or choice.

That shift is very much behind Club Med’s transformation over the past two decades and our move into the premium space. We have invested significantly in our resorts, service, food, wellness and activities to create an all-inclusive experience built around premium comfort, local character and memorable experiences. We continue to see growing demand at the top end of our portfolio, with our Exclusive Collection resorts continuing to see strong growth with UK customers. Earlier this year, Club Med was also named to the TIME100 Most Influential Companies of 2026 list in the Innovators category, recognizing our role in reshaping all-inclusive travel into a premium global proposition across both sun and ski destinations.
 

Club Med operates in destinations around the world. What makes a new destination attractive to the brand, and what do you look for before entering a new market?

Pioneering isn't our history, it's our habit. Seventy-five years on, that instinct still drives where we go next. When considering a new destination, we look for the right balance between accessibility and discovery: somewhere guests will feel confident travelling to, but which can also introduce them to experiences they might not otherwise have considered, still in the safe and familiar environment of our resorts. Increasingly, that can mean looking beyond traditional holiday patterns. We are seeing growing interest in our mountain resorts during the summer, for example, as travelers seek alternatives to the hotter southern Mediterranean and are drawn to fresh air, nature and active experiences for all ages.

We also look closely at whether a destination can offer something genuinely distinctive and allow guests to connect with its landscape and culture. Our new South African resort is a great example, bringing together a beach holiday and safari in a combination that has never previously been offered in South Africa. Asia is another important region for our long-term growth, with Borneo opening later in 2026. Just as important is what we can give back: when we enter a new destination, we look for opportunities to develop the local economy by creating employment, building skills and partnering with local suppliers and communities so that our presence strengthens the destination rather than simply drawing from it. These destinations are reflective of where we see travel heading: towards premium experiences that offer a strong sense of place, immersion in nature and the opportunity to discover something new, while retaining the quality and reassurance guests associate with Club Med.
 

Travelers increasingly prioritize experiences when deciding where to go. How is that changing the role of the resort from simply somewhere to stay into part of the destination itself?

Resorts can no longer simply be the place you return to after experiencing a destination; they have to be an experience in their own right. Travelers increasingly value connection, discovery and time together and that is particularly true for modern families, which we find often span three generations. At Club Med, activities, sport, culture, food and well-being are integral to the holiday rather than optional additions. We also offer a wide range of active and cultural excursions across all of our resorts, many of which are included within our standard all-inclusive packages. So while there is more than enough to experience within the resort itself, guests who want to explore further afield are able to immerse themselves in the wider destination with the same ease as what’s on their doorstep. That could mean a Vespa trip through Sicily, tea with Berber families in Marrakech or a guided glacier hike in the Alps during summer. Whatever their interests, we want to give guests opportunities to experience not only the resort but the culture, people, landscape and character of the destination around it.

At the same time, the all-inclusive model gives guests clarity over cost and removes much of the planning and decision-making that can get in the way of actually enjoying their time together. Families account for 76 percent of our guests from the UK, so we also think carefully about creating a resort experience that works for different generations and allows people to spend time both together and independently.

Club Med invented the kids' club concept nearly 60 years ago, and it remains at the heart of the family experience today. Our all-inclusive kids' clubs cater for children from as young as four months through to 18 years old, with age-appropriate opportunities to make friends, try sports such as padel or water skiing and gain independence, while parents and grandparents have time to enjoy the resort in their own way. It is something British families particularly respond to: children can discover a new sport or passion while their parents genuinely switch off, and very often it is the children who become the biggest advocates for returning.
 

Luxury travel is becoming less about traditional ideas of exclusivity and more about personalized experiences, wellbeing and access. How is Club Med adapting to this changing definition of luxury?

For us, modern luxury is increasingly about freedom: the freedom to spend your holiday exactly as you choose, with exceptional experiences readily available and the details taken care of. That might mean outstanding food, time dedicated to well-being, discovering a new sport or simply having uninterrupted time together as a family. The value of premium all-inclusive is that guests don't have to choose between ease and experience, but instead quality, service and a breadth of possibilities are all built into their stay.

That philosophy has underpinned Club Med’s strategic transformation to a premium upscale positioning, which we completed in 2024. Today we offer premium and luxury all-inclusive holidays across more than 60 resorts worldwide, alongside our Exclusive Collection for guests seeking an elevated level of accommodation, service and experience. Demand shows that this evolution is resonating. We opened our first Exclusive Collection ski resort in Val d’Isere in 2022 and it continues to be one of our most popular resorts for British travelers every season. Our Exclusive Collection resort in Cefalù, Sicily, is up 40 percent compared with last summer, and our private island in the Seychelles has become a favorite for long haul winter sun travelers seeking the luxury of the Indian Ocean. For us, luxury isn't simply about exclusivity for its own sake; it's about making a guest's time feel effortless, personal and exceptionally well spent.
 

As destinations compete aggressively for international visitors, there is a risk that successful locations become overcrowded and lose some of what made them attractive. What responsibility do major resort operators have in helping destinations grow without compromising their identity?

Major resort operators have a responsibility to think carefully not only about how they operate within a destination but where they choose to develop in the first place. At Club Med, we see an opportunity to introduce travelers to less explored parts of countries they already know and love. South Africa is a great example: while the Cape and Kruger are already firmly established on the international tourism map, our new resort is on the Dolphin Coast, north of Durban. It’s a beautiful part of the country with a year-round climate that remains relatively undiscovered by many international travelers. Its location also enables us to combine the coast with an inland safari lodge, giving guests the opportunity to experience another side of South Africa. We are taking a similar approach with Borneo, opening this November.

That responsibility continues in how we operate. Tourism should contribute to a destination rather than simply consume it, so we focus on creating meaningful links with local communities, from local employment and sourcing to cultural experiences and excursions that encourage guests to discover the area’s heritage and traditions. More than 65 percent of the fresh produce used by Club Med in 2024 was sourced within each resort’s home country, while our Happy to Care program brings together our wider commitments to local development, heritage and environmental impact. 94 percent of Club Med resorts are Green Globe Certified at the end of 2025, and we are using AI-powered systems to tackle food waste, with a target to reduce it by 30 percent by 2030 from the 2019-2024 baseline. Ultimately, responsible growth should help preserve what makes a destination distinctive while creating opportunities for its communities and giving travelers compelling reasons to discover somewhere new.

Tomáš, thank you for joining me today. To begin, could you introduce yourself and tell us a little about Daytrip?

Of course. Before founding Daytrip, we operated a local shuttle bus company in Central Europe. While most of our business focused on traditional transport, we noticed that a growing number of travelers were asking for something different. They wanted private drivers who could take them from one destination to another while stopping at castles, wineries, historic towns and other places of interest along the way. The journey itself was becoming part of the holiday experience.

I built a simple online tool that allowed customers to customize these itineraries, and that's when we realized this wasn't just a local opportunity. It was a service that could work anywhere in the world.

Today, Daytrip operates in more than 130 countries, providing private door-to-door transfers with authentic sightseeing experiences along the route. We've expanded beyond city-to-city transfers into airport transfers, day trips and hourly drivers, all with the same goal of making travel easier, more authentic and far more enjoyable.
 

Travelers are increasingly looking beyond the traditional tourist hotspots. How is Daytrip helping people discover more authentic destinations and experiences?

This is exactly the trend we're excited to support because it benefits everyone involved, from travelers and local communities to destinations themselves. Many people arrive at a major airport or city but want to explore places that sit outside the traditional tourism routes. These destinations often aren't well connected by rail or public transport, yet they can offer some of the most memorable experiences.

Daytrip makes those places easily accessible through private drivers who remove the stress of navigating unfamiliar transport systems or driving in another country. Our sightseeing stops also introduce travelers to villages, wineries, castles and cultural landmarks they may never have discovered otherwise. Just as importantly, our drivers are local people rather than scripted tour guides. They bring genuine knowledge of the region, sharing personal recommendations and local insights that create a much richer experience than simply traveling from A to B.
 

Luxury travel has evolved considerably over the past decade. How important is creating a seamless door to door journey, and how is Daytrip helping deliver that experience?

Luxury today is much more about convenience, confidence and authenticity than expensive extras. Travelers want to know exactly who is collecting them, what vehicle they'll be traveling in and what to expect throughout their journey. That peace of mind is incredibly valuable, particularly when traveling in unfamiliar destinations.

While we offer different vehicle categories for different budgets, our customers consistently prioritize reliability, comfort and genuine local experiences over traditional luxury features. A clean, comfortable car with a knowledgeable local driver often creates a far more memorable journey than a premium vehicle with little personal interaction. Ultimately, we're helping remove the uncertainty from travel while adding meaningful experiences that travelers increasingly value.
 

We're seeing a growing emphasis on personalized travel experiences. Have you noticed a shift in how travelers are planning their trips?

Absolutely. The iconic landmarks will always remain important. Visiting the Eiffel Tower or the Grand Canyon is something many people want to experience at least once. However, we're seeing a growing number of travelers who have already visited these famous attractions and are now looking for something more personal. Rather than spending an entire holiday in one or two major cities, they're creating bespoke itineraries that combine larger destinations with smaller towns, countryside locations, local food experiences and hidden cultural gems.

This shift towards personalized travel benefits everyone. Travelers enjoy more authentic experiences, while smaller destinations gain tourism in a more sustainable way without facing the pressures of overtourism seen in many major cities.
 

Technology continues to reshape every aspect of travel. How is it changing the way people plan and experience their journeys?

Artificial intelligence has become impossible to ignore. Whether travelers use AI directly or work with travel advisors who use these tools, people can now build highly personalized itineraries based on their individual interests rather than following standard travel guides.

We believe technology should empower travelers to create the journeys they truly want, while companies like Daytrip ensure those itineraries can be delivered seamlessly in the real world. Technology can help plan the perfect trip, but the human experience still matters enormously. That's where our local drivers continue to play such an important role by providing authentic connections that technology alone simply can't replace.
 

Daytrip now operates across more than 130 countries. What are the biggest challenges that come with maintaining that global network while continuing to expand?

Maintaining consistent quality across such a diverse global network is probably our biggest challenge. We're not simply an aggregator that lists whatever services happen to be available. We work very closely with our local partners to ensure customers receive the same high standards of punctuality, professionalism and customer service wherever they travel.

Every country presents different challenges. In some markets it's about safety standards, while in others it's pricing, infrastructure or operational efficiency. Markets like Canada involve enormous distances, while countries such as China introduce different cultural and language considerations. There are still destinations we'd like to expand into, but we would always rather grow carefully while protecting the quality of the experience than expand too quickly and compromise our standards.
 

Looking ahead, what do you believe will define the next generation of travel experiences, and how is Daytrip positioning itself for the future?

The future of travel is becoming increasingly personalized, but it's also creating new challenges. Artificial intelligence is making it easier than ever for travelers to discover places that were once considered hidden gems. Destinations that previously attracted only a handful of visitors can suddenly become global travel trends almost overnight through AI recommendations and social media.

That creates both opportunities and responsibilities for destinations and travel companies. Our role is to help travelers access a wider range of authentic experiences while supporting destinations in a way that creates long-term value rather than simply following short-lived trends. Whether people choose private transfers, self-drive holidays or public transport, the industry is moving towards a more connected travel ecosystem where journeys become experiences in their own right.

At Daytrip, we're continuing to expand our range of services so travelers can move seamlessly between airports, cities, countryside destinations and local attractions, all while enjoying authentic local insight. We believe the future of travel isn't just about getting somewhere. It's about making every stage of the journey memorable.

Dubai International has consistently set the benchmark for global aviation. As passenger expectations continue to evolve, how is Dubai Airports redefining what the airport experience of the future looks like?

Passenger expectations evolve quickly, especially as technology becomes embedded in everyday life. Airports were traditionally designed around processes and institutional boundaries, not around the end-to-end travel journey. At DXB, we’ve deliberately shifted that thinking.

Our focus is flow. We use real-time data to anticipate demand, remove unnecessary interventions and bring airlines, government agencies and service partners together through the oneDXB community. That collective approach allows us to deliver a consistent experience at extraordinary scale, with 95.2 million guests passing through DXB in 2025.

As Dubai’s first and last impression, the airport should reflect the city’s energy and hospitality. The best experience is one where guests can focus on their journey, not the processes around it. Technologies like the Red Carpet Smart Tunnel in Terminal 3 help speed up border control so travel feels effortless rather than transactional.
 

Artificial intelligence, biometrics and digital technologies are transforming the passenger journey. Which innovations do you believe will have the greatest impact on creating a truly frictionless travel experience over the next decade?

The most valuable innovations are the ones that genuinely eliminate friction, rather than simply moving an existing process onto a screen. Biometrics can create a secure, continuous identity across the journey, reducing repeated document checks. AI allows us to forecast passenger flows, baggage volumes and operational pressure more accurately, which means we can act before congestion appears.

The bigger opportunity lies in connecting these capabilities across airlines, border agencies, security, ground handlers and the airport operator. Passengers interact with many organizations, but the journey should never feel fragmented. Ultimately, the best technology is the least visible. Guests experience fewer stops and greater certainty, without seeing the complexity behind it.
 

With global passenger numbers continuing to rise, how can airports balance capacity, operational efficiency and sustainability while continuing to deliver a world-class customer experience?

Airports can’t respond to every increase in demand by simply adding more buildings. We have to become much more efficient with the infrastructure and resources already available. DXB has grown from around 30 million passengers in 2007 to over 95 million today without expanding physically at the same rate. Data, AI and automation help us manage flows more precisely, reduce waiting time and avoid wasted energy.

These gains support capacity, sustainability and the passenger experience at the same time. Our upgrades to cooling and lighting systems already save around 120 million kilowatt-hours annually. That same thinking is being applied from day one at Dubai World Central—Al Maktoum International (DWC), allowing it to expand progressively while remaining efficient, resilient and easy to navigate.
 

Dubai has established itself as one of the world's leading global hubs. What role does connectivity play in driving tourism, economic growth and the continued success of destinations in an increasingly competitive global market?

Connectivity gives Dubai access to a global marketplace far larger than its immediate geography. It brings visitors into the city, gives businesses access to customers and talent, supports trade and strengthens Dubai’s appeal as a place to live and invest.

DXB connects Dubai to more than 260 destinations, placing around a third of the world’s population within four hours and two-thirds within eight hours. The value of that network lies not just in reach, but in frequency and reliability.

Aviation in Dubai has never developed in isolation. The airport and airline network has grown alongside the city’s ambitions for tourism, trade and investment, with each reinforcing the other. In a highly competitive global market, the easiest cities to reach are often those best positioned to attract opportunity.
 

Looking ahead, what do you believe will define the next generation of airports, and how is Dubai Airports positioning itself to remain at the forefront of innovation and global aviation leadership?

The next generation of airports will need to move significantly more people without becoming more complicated. That means designing operations around flow, anticipating pressure before it builds and using flexible infrastructure that can expand with demand.

Airports are fundamentally the interface between surface transport and aviation. If people can move easily and confidently through that interface, you’ve done your job well, regardless of scale. Data and technology will play a critical role, but only if they simplify the experience rather than add layers of complexity.

This thinking is central to DWC. The $35 billion development gives us the opportunity to rethink how an airport operates from the ground up, designing around efficiency, connectivity and the guest experience rather than retrofitting solutions later. Ultimately, DWC will have capacity for up to 260 million passengers a year.

The real challenge isn’t size. It’s operating at that scale while still making the experience feel intuitive and personal for every traveler. If we achieve that, DWC won’t just be one of the world’s largest airports; it will be one of the easiest to move through.

As one of the world's largest online travel platforms, eDreams has a unique view of global booking behavior. What are the biggest changes you've seen in how travelers search for, book and experience travel over the past decade, and what trends do you believe will define the next generation of tourism?

The most significant change has been the move from largely transactional travel search towards a much more personalized, individualized, connected and flexible experience. A decade ago, customers would often research and purchase each part of a trip separately. Today, they increasingly expect one platform to help them discover a destination, instantly compare a vast range of options, combine different elements and manage the resulting journey.

Mobile technology accelerated that shift, but AI is now taking it further. Travelers increasingly expect platforms to anticipate and understand their preferences, identify relevant options quickly and support them if their plans change. At the same time, value is no longer simply about securing the lowest headline price. It also encompasses convenience, flexibility, protection and access to ongoing benefits. The rapid growth of Prime, our travel subscription program that recently surpassed 8 million members, demonstrates how subscriptions transform travel from transactional bookings into long-term customer relationships.

Booking behavior is evolving differently depending on the trip. For anticipated events like a summer season, our 2026 global data shows travelers committing even earlier: 74 percent of bookings for July and August trips were made more than 90 days before departure, up from 72 percent in 2025. At the same time, shorter breaks are becoming a bigger part of the mix. Trips under a week now make up 37 percent of global summer bookings, up from 36 percent a year earlier, with 3 to4 day breaks the fastest-growing length (18 percent, up from 17 percent), showing how travelers react quickly to a weather window or a sudden opportunity.

Flexibility in travel is no longer a luxury but a necessity. Whether it’s the ability to change plans or combine multiple providers in one booking for the best value, travelers want options that adapt to their lives, not the other way around. The era of rigid, one-size-fits-all travel is over.

Travelers are increasingly prioritising transformational and purpose-driven journeys, trips designed not just for relaxation, but for learning and personal growth. Purpose-driven itineraries often bring together multigenerational families or friend groups, allowing shared meaning and deeper connections across generations.

The next generation of tourism will therefore be defined by journey orchestration rather than search alone. AI will move from recommending options to helping assemble and complete complex trips; subscriptions will continue to make travel more accessible; and travelers will expect flights, accommodation, ground transport and support to work together as one connected experience.
 

Destinations around the world are competing harder than ever to attract international visitors. From the data and insights available through your platform, what characteristics make a destination stand out, and how are traveler priorities continuing to evolve?

Our data shows that established favourites remain resilient, particularly for accessible city breaks, but travelers are also open to alternatives. In our 2026 global booking data for summer time, Palma de Mallorca, Barcelona and Paris are the three most-booked destinations, and among established destinations, the fastest-growing are Rio de Janeiro (up 21 percent year-on-year), Seville (up 14 percent) and Funchal (up 12 percent).

Priorities are also becoming more dynamic. Flexibility matters because people are booking closer to departure and responding to changing circumstances. Weather can redirect demand towards cooler destinations, while concerts and sporting events can rapidly elevate a city’s international profile. Travelers are also looking beyond price to assess the complete proposition: journey time, accommodation choice, cancellation options, local experiences and how easily everything can be booked and managed.

Newer entrants are moving even faster: Podgorica is up 99 percent, Punta Cana 45 percent and Warsaw 20 percent. That suggests travelers are not necessarily abandoning leading destinations; they are widening their consideration set to include places offering a compelling combination of culture, connectivity and value. For destinations, this means success increasingly depends on understanding intent as it emerges and converting that interest into a simple, bookable proposition.
 

Artificial intelligence and data analytics are transforming every stage of the travel journey. How is eDreams using technology to create more personalized, intuitive and seamless booking experiences, and what role do you see AI playing in the future of travel planning?

AI has been at the heart of eDreams ODIGEO for more than a decade. Our proprietary technology makes more than six billion predictions every day, allowing us to tailor recommendations, rank relevant options and present customers with choices that better reflect their preferences. The objective is not to add technology for its own sake, but to reduce complexity and make travel easier, more intuitive and better value.

That intelligence is supported by an architecture that processes more than 100 terabytes of high-quality information each day. It helps us manage an enormous range of possible combinations across flights, hotels, packages, car rental, insurance and ancillary services. Crucially, our backend booking engine is owned by us, and bookings are completed securely on our specialized platform. That operational capability enables us to create combinations and itineraries that may not be available from any single provider, while giving customers one place from which to book and manage their journey.

Travel is a complex, high-value purchase, so recommendations must be accurate and the underlying platform must be able to complete and service the booking reliably.

For eDreams, conversational AI represents a new interface and acquisition channel through which our proprietary technology, travel inventory and specialized booking engine can deliver greater value to customers.
 

Today's travelers increasingly expect a connected experience, from the moment they begin researching a trip through to arriving at their destination. How important is collaboration between online travel platforms, airlines, accommodation providers and destinations in delivering that frictionless journey?

Collaboration is fundamental because the traveler experiences one journey, even though that journey may involve many different providers. A flight, train, hotel, transfer and local experience might sit in separate systems, but customers do not view them as isolated transactions. They expect accurate information, consistent communication and effective support across the entire trip.

Online travel platforms play a crucial role in connecting that fragmented ecosystem. eDreams ODIGEO works with nearly 700 airlines, bringing together accommodation, packages, car rental, insurance and other travel services. Through our specialized platform and proprietary backend booking engine, we can compare and combine this supply, including creating itineraries that may not exist on an individual provider’s website. Customers save time, gain access to additional value and have a single point of contact for servicing and disruption. Prime, our travel subscription program, unifies all travel products into one seamless experience. Prime members enjoy guaranteed savings across every product, alongside end-to-end priority support for every journey. By combining custom itinerary creation with dedicated premium servicing from start to finish, we deliver a complete, high-value travel solution through a single ecosystem.

Achieving a truly connected journey requires deeper real-time integration. Airlines and accommodation providers need to share accurate availability and disruption information; platforms need to turn that information into clear, timely customer support; and destinations can contribute insight into transport, events and local conditions. Collaboration can also help destinations understand evolving demand and encourage visitors to consider different seasons, neighborhoods or gateways.

Ultimately, a frictionless journey depends on both technology and clear accountability. Customers should not have to understand the complexity behind the travel ecosystem. The industry’s responsibility is to make that complexity invisible while ensuring that support remains available when it matters most.
 

Looking ahead, what do you believe will define the world's leading travel platforms over the next decade? How will innovation, customer expectations and changing travel behaviors reshape the relationship between travelers, destinations and the companies that connect them?

The leading platforms will be those that combine intelligence with execution. It will not be enough to inspire a traveler or generate an attractive itinerary. A platform must be able to compare live options, complete the booking securely, manage complexity and provide reliable support throughout the journey. Deep travel expertise, proprietary technology and trusted supplier relationships will therefore become more—not less—important as AI develops.

Customer expectations will also continue to rise. Travelers will expect experiences that are personalized without being intrusive, comprehensive without being complicated and automated without losing human judgment. They will want a single platform that can understand their intent, coordinate different elements of a trip and respond quickly when circumstances change. Value, flexibility and trust will sit alongside price as central purchasing considerations.

Subscription models will reshape the relationship further. Instead of interacting with a platform only when they make an individual booking, customers can receive recurring value, member-only benefits and more relevant experiences over time. Prime’s growth beyond 8 million members demonstrates the appetite for that model and its potential to make travel more accessible.

For destinations, the relationship will become more responsive and data-informed. Platforms can help identify shifts in intent, connect destinations with suitable audiences and simplify the path from inspiration to a confirmed trip. In return, collaboration with destinations and travel providers will enable richer information and more joined-up experiences.

Every major technological change has prompted predictions that online travel platforms will be disintermediated. In practice, eDreams ODIGEO has continually evolved because travelers still need choice, comparison, trust and execution—and we have built the scale, proprietary technology and supplier relationships to deliver all four. AI represents the next wave of that evolution: a transition from searching for individual products to orchestrating the whole journey. We believe the platforms that succeed will be those with the infrastructure, data, supplier relationships and operational expertise to turn an intelligent recommendation into a real, securely managed booking, which is the model we have built.

Etihad has significantly expanded its global network in recent years. What is driving that growth, and how do you decide which new destinations to connect to Abu Dhabi?

A few years ago, we embarked on our most ambitious growth strategy to date. Since then, we have transformed Etihad into the fastest-growing airline in the world while maintaining strong financial discipline. Our growth is a direct reflection of our ambition to bring more visitors to Abu Dhabi and make it one of the most connected cities in the world.

We have grown our fleet from around 65 aircraft post-pandemic to 130 today; we have expanded our network significantly, adding 17 new destinations last year and 15 more this year. And we have delivered four consecutive years of profitability, while investing heavily in product to ensure we’re delivering an extraordinary customer experience for our guests.

When we evaluate new destinations, we consider how a route can strengthen Abu Dhabi, supporting tourism, facilitating trade, attracting investment and creating opportunities for businesses and communities. We focus on markets where we see sustainable long-term demand, and where Etihad can create value through the right aircraft, frequency and guest experience, with the goal of bringing more people to our home, Abu Dhabi.
 

Abu Dhabi is increasingly establishing itself as a global tourism destination rather than simply a connecting hub. What role does Etihad play in attracting travelers to the emirate and supporting that transformation?

Etihad plays a central role because connectivity is what makes tourism growth possible; for many visitors, their first experience of Abu Dhabi begins with us. Today, we connect Abu Dhabi to more than 120 destinations and are bringing increasing numbers of visitors directly to the emirate.

By 2030, we expect to welcome 10 million visitors to Abu Dhabi each year. Initiatives such as the Etihad Stopover Programme support this ambition by giving travelers a taste of what the emirate has to offer and encouraging them to return.

More broadly, aviation acts as an economic multiplier. Etihad contributes more than AED 130 billion in economic impact to the UAE economy and generates approximately AED 29 billion in annual service export revenue. Those benefits extend well beyond aviation, supporting tourism, trade, investment and job creation.

What makes Abu Dhabi especially compelling today is the combination of world-class infrastructure, extraordinary architecture, natural beauty, year-round sunshine and an inspiring range of cultural and leisure experiences. Our role is to make the emirate more accessible to global travelers, whether they are visiting for business, leisure, investment or education.
 

Competition between the major global airlines and hubs has never been stronger. What will ultimately differentiate the airlines that succeed over the next decade?

The airlines that succeed over the next decade will be those that combine three things: operational excellence, financial discipline and an extraordinary customer experience; growth alone is not enough. What’s important is the ability to consistently deliver an exceptional experience while continuing to invest for the future.

I also believe airlines with a strong connection to their home market will be best positioned to succeed. Etihad's growth is closely linked to Abu Dhabi's growth, and vice versa. As the emirate becomes an increasingly important destination for tourism, business, talent and investment, that creates long-term opportunities for both the city and the airline. We are proud to be the national airline of the UAE and to showcase the warmth, ambition and hospitality of Abu Dhabi to the world.
 

Premium travelers increasingly expect personalization, technology and seamless service throughout their journey. How is Etihad responding to those expectations while maintaining the human element of hospitality?

Premium travel has evolved significantly. Today’s travelers are looking for an exceptional end-to-end experience that feels effortless and memorable. At Etihad, our focus is on delivering experiences that go beyond expectations. That means investing in every stage of the journey from our $1 billion fleet retrofit program and newest cabin products to elevated dining, enhanced privacy and extraordinary service focused on well-being.

We’ve significantly expanded our First offering, introducing dedicated concierge services, global chauffeur transfers, personalized airport experiences and enhanced inflight hospitality, while making First available on more routes. These investments are designed to create a premium experience that is consistent and seamless throughout the journey.

This commitment reflects our broader vision of going beyond borders. For us, that means looking beyond transportation to create experiences that guests genuinely value and remember. It means bringing together inspired hospitality, premium comfort and the warmth that Abu Dhabi is known for, ensuring every journey feels distinctive from beginning to end.

Ultimately, travelers remember how an airline made them feel. That is why we continue to invest in the people, products and experiences that set Etihad apart and make every journey worthy of the premium traveler.
 

Looking 10 years ahead, what do you want Etihad’s global network to look like, and how do you see the airline helping shape the next generation of international travel and tourism?

Ten years from now, I believe Etihad will be recognized as one of the world’s most respected airlines and one of the most important enablers of Abu Dhabi’s global ambitions. By the end of this decade, we aim to reach around 200 aircraft, serve 140 to 150 destinations and welcome tens of millions of guests each year. The network will be broader, deeper and better connected across the world’s highest-growth markets.

More importantly, I believe Etihad plays a meaningful role in shaping the future of connectivity. Aviation is about far more than transportation. It creates opportunities for tourism, trade, investment and cultural exchange. It helps ideas, talent and businesses move across borders.

I see Etihad continuing to strengthen the emirate’s position as a global destination and a gateway to opportunity. If more people choose Abu Dhabi as a place to visit, invest, work, study and build businesses, then we will have achieved something far greater than simply growing an airline.

Jim, before we discuss the future of private aviation, could you introduce yourself and tell us a little about your journey and the story behind flyExclusive?

I've been flying for around 35 years now. I always joke that I got my pilot's license when I was 19 and that it was only 10 years ago, although these days nobody believes me anymore.

I'm still an active pilot today. I hold ATP type ratings on eight different jets and fly myself on both business and personal trips all over the world. That gives me a very personal understanding of the industry because I'm not just running the business, I'm also using it as a customer.

Building flyExclusive has been an incredible journey. I genuinely love what we do and feel fortunate to have spent my career creating a company that's focused on delivering an exceptional private aviation experience.
 

Expectations within private aviation have evolved significantly in recent years. How has flyExclusive adapted to meet the changing demands of today's premium traveler?

Customers certainly expect beautiful aircraft, modern interiors and excellent presentation, but those things alone are no longer enough. Today they're looking for flexibility, transparency and, above all, reliability. If someone books a flight for 10 o'clock, they expect to leave at 10 o'clock. It really is that simple.

Private aviation is ultimately about respecting people's time. Our challenge is balancing that customer expectation with operating an incredibly expensive asset efficiently enough to build a successful business.

From the very beginning we've structured flyExclusive differently. We built significant operational scale before expanding into the retail market, which means we can continue growing without compromising the experience customers expect. At the end of the day, customers simply want you to show up when you say you will with an exceptional aircraft. If you consistently deliver that, everything else follows.
 

flyExclusive has developed a distinctive operating model. What sets the business apart from many other private aviation providers?

One of our biggest differentiators is vertical integration. We control almost every aspect of the customer experience ourselves. We maintain our own aircraft, operate our own paint facilities, refurbish interiors in-house, have our own avionics capabilities and are building our own pilot training centre.

That means when customers fly with flyExclusive, they're flying on our aircraft, maintained by our mechanics, refurbished by our technicians and operated by our pilots. That level of control allows us to maintain quality while scaling efficiently, and it gives customers a consistently high standard of service every time they fly with us.
 

More travelers are placing greater value on flexibility and control over their journeys. How do you see private aviation reshaping the future of global mobility?

Commercial airlines have probably become the biggest advertisement for private aviation. When people experience cancellations, delays and crowded terminals, they begin looking for alternatives. Private aviation isn't simply about luxury. It's about productivity.

This morning alone I woke up in Massachusetts, had breakfast, flew to Raleigh, took one of my children to camp, dropped my wife home, stopped at the dry cleaners and still made it into the office before this interview. You simply couldn't achieve that commercially.

Our customers are highly productive people, and they place enormous value on every minute of their day. One of our company values is "Minutes Matter" because that's exactly what we're selling. The ability to fly directly between destinations, use smaller airports closer to where people actually need to be and remain in complete control of their schedule fundamentally changes how people travel. That's why demand for private aviation continues to grow.
 

Technology is transforming every part of the travel industry. How is flyExclusive using innovation to enhance both the customer experience and operational performance?

Technology has the potential to improve almost every aspect of our business. As you grow from operating a handful of aircraft to managing hundreds of daily flights, technology becomes absolutely critical. Artificial intelligence can simplify booking, improve communication, automatically generate itineraries and even help our teams prepare for customers before they arrive at the airport. If customers choose to share their location, we can begin coordinating their arrival in real time so crews are ready the moment they reach the terminal.

Internally, technology also drives huge operational efficiencies. We've invested heavily in our own systems because better information ultimately means better service. For us, technology isn't replacing people. It's giving our teams better tools to deliver an even smoother customer experience.
 

As demand continues to increase, what are the biggest challenges involved in scaling the business while maintaining the level of service customers expect?

The biggest operational challenge is aircraft maintenance. Every aircraft that isn't flying isn't serving customers, so returning aircraft to service as quickly as possible is absolutely essential. Fortunately, recruiting pilots hasn't been a major issue for us because we've built a culture that people genuinely want to be part of.

Our greatest challenge is ensuring we can continue maintaining aircraft efficiently while acquiring enough additional aircraft to support growth without compromising service. That balance between operational efficiency and customer experience is what ultimately determines success in this industry.
 

Experiences increasingly influence how and why people travel. Have you seen changes in the way customers use private aviation around major events and destinations?

Major events always generate significant demand. Whether it's the Super Bowl, the Kentucky Derby or international sporting events, people want the flexibility that private aviation provides. For our customers, gaining access to those events usually isn't the challenge. Their biggest priority is arriving safely, efficiently and on time.

Because of our scale, we're often able to secure airport slots, parking and operational access that smaller operators simply can't. We also host events ourselves, but they're really about strengthening relationships and thanking customers rather than generating new demand. Ultimately, our role is making sure customers get where they need to be when others can't.
 

Competition within private aviation continues to grow. What separates the companies that succeed from those that struggle?

This is an incredibly capital-intensive business. Success depends on having the right aircraft, operating them efficiently and understanding every aspect of the customer experience.

My background as a pilot has given me a unique perspective because I've experienced the operational challenges personally. I understand what customers expect, how aircraft perform and how important it is to recover quickly when something unexpected happens.

Aircraft utilization is another critical factor. If competitors are flying their aircraft significantly fewer hours than we are, it's much harder for them to build a profitable business. The ability to maintain aircraft efficiently and keep them flying creates a tremendous competitive advantage, and that's something we've focused on from the beginning.
 

Finally, if we were having this conversation 10 years from now, what would you hope flyExclusive is known for, and how do you see the future of private aviation evolving?

My ambition has never been to simply become the biggest operator. I want us to be recognized as the best. I want customers to describe flyExclusive as world class in every respect, from communication and transparency to reliability and service.

Technology will certainly help us personalize the experience even further. It can help crews know customers better, anticipate their preferences and make every interaction feel seamless. Private aviation isn't going anywhere. For highly productive people trying to balance demanding careers with family life, it's simply the most efficient way to travel. Even 10 years from now, I hope we'll have built an operation that's dramatically better than it is today.

That said, I know myself well enough to know I'll still be looking for ways to improve it. That's just my nature. No matter how good we become, there will always be another opportunity to get better.

Las Vegas is constantly reinventing itself. What did Fontainebleau set out to bring to the Strip that you felt was missing from the market?

When Fontainebleau Las Vegas was introduced to the market, our ownership asked themselves one question: what does Las Vegas need? The answer was a resort built on true integrated luxury, where every touchpoint, from the moment a guest arrives to the moment they leave, hits that same high bar. Las Vegas has always led the world in entertainment and gaming. What we wanted to add was a resort experience rooted in refined glamour, bold design-forward architecture, a culinary portfolio that rivals the best cities in the world, and a level of hospitality that feels personal, built on real connection.

With 36 first-to-market restaurant and bar concepts, the only MICHELIN One Key designation for a resort and casino in Nevada, and 3,644 luxury rooms and suites in a 67-story integrated resort, our team set out to make a real mark on the Las Vegas market. Almost three years in, and we're just getting started.
 

Luxury travelers increasingly value experiences as much as the hotel itself. How is that changing the way Fontainebleau approaches hospitality, dining and entertainment?

Today's luxury traveler is curating an entire trip, one built around experiences found only here. With that in mind, we've built one of the most diverse and ambitious culinary collections on the Strip: 36 first-to-market concepts spanning everything from Chef Gabriela Cámara's Cantina Contramar to Papi Steak and Don's Prime, plus a vibrant collection of bars, lounges and casual dining spots that give guests a reason to stay on property morning through night. It carries into our entertainment offerings inside BleauLive Theater, purpose-built to host world-class entertainment at the highest level, like our residencies for Marc Anthony, Pitbull, Keith Urban and much more to come.

The same goes for Lapis Spa & Wellness, our gaming floor, pool experience and retail collection, all designed with the same intentionality as the rooms themselves. We think of dining, entertainment and hospitality as one seamless experience, and the guest should feel that from their first interaction to their last. We supplement these experiences with world class hospitality and service delivered by our over 6,000 team members who dedicate themselves to providing a personal touch to every stay.
 

Las Vegas is becoming increasingly defined by major sports, entertainment and cultural events. How important are these experiences in attracting a new generation of visitors to the destination?

Over the last few years, we've seen how major entertainment moments bring a new type of visitor to Las Vegas and to Fontainebleau Las Vegas. Sports started with an experiment, hockey in the desert, and it flourished. Now we have the NFL, MLB construction underway and an NBA franchise being awarded later this year. Las Vegas will be one of the premier sports destinations in the country, and those events drive tens of thousands into the city each weekend. This is a whole new Las Vegas as we continue to reinvent this town.

Uniquely, once these new customers get exposed to the Las Vegas experience and stay at some of our world-class resorts, they’ll see that they can also experience that layered, experience-driven way of traveling. That is exactly what Las Vegas and Fontainebleau Las Vegas are built to deliver. Residencies at Sphere, conventions like CES and sporting events like the Super Bowl have an impact that lasts far beyond one weekend. Those high-caliber events build Las Vegas' reputation as a must-visit destination year-round, and Fontainebleau Las Vegas is positioned to capture that demand.
 

Competition at the luxury end of the Las Vegas market is intense. What does a resort need to offer today to persuade travelers to choose one property over another?

In a market with exceptional options, the resorts that stand out are the ones where every decision, every partnership, every design choice and every service interaction reflect a clear and consistent point of view. Las Vegas travelers are smart, and they can feel when a resort is curated and has invested in every detail that shapes their stay.

At Fontainebleau Las Vegas, that point of view is rooted in the brand's 70-year legacy of timeless elegance and hospitality, translated for Las Vegas in a way that feels fresh. It's a 67-storey vertically integrated resort, with 550,000 square feet of customizable meeting and convention space, making it one of the most capable venues in the city for leisure and business travelers alike.

You feel it on our gaming floor too, where design and service come together to create something elevated. It shows in our nightlife, with LIV Las Vegas bringing a globally recognized brand to our resort, and in the pool experience spanning 6.5 acres. In a competitive market, that consistency across everything we do is ultimately what earns loyalty and brings guests back.
 

Looking 10 years ahead, how do you expect Las Vegas to evolve as a global destination, and what role do you want Fontainebleau to play in that next chapter?

Las Vegas is already one of the great global destinations, and we believe its best chapter is still ahead. Over the next decade, we'll watch the city grow into a true cultural capital, known for gaming and entertainment, and just as much for world-class sports, art, cuisine and live experiences found only here. The continued growth of the city's professional sports ecosystem, the global cultural impact of venues like Sphere, the growth of professional sports teams in the market and the return of institutions like the MICHELIN Guide after 17 years are all signals of that evolution.

Fontainebleau Las Vegas' role in that next chapter is to stay at the forefront of luxury: keep raising the bar and continue to innovate the experience, keep attracting the world's best culinary and entertainment talent and keep delivering the kind of experiences that make guests choose Las Vegas, and choose Fontainebleau Las Vegas. Ten years from now, we want Fontainebleau Las Vegas recognized as one of the most sought-after luxury resorts in the world, a step beyond being one of the best in Las Vegas.

Harry Reid International Airport is the gateway to one of the world's most visited destinations. How does the airport balance operational excellence with creating a memorable first and last impression for millions of visitors each year?

We serve as the first and last impression of the destination, and we take that responsibility seriously. For us, that means creating a strong sense of place that reflects what makes the Las Vegas Valley unique. Where else are you greeted by the sights and sounds of slot machines the moment you exit the jet bridge, welcomed by showgirls on the airfield for a new service flight, or able to visit a pop-up marriage license bureau at baggage claim on Valentine’s Day weekend? Even our TSA videos feature local celebrities sharing what you can and can’t bring through the checkpoint.

Of course, none of that matters without a safe, secure and reliable travel experience. We work closely with our airline partners, federal agencies and numerous public and private partners to deliver that every day. But as the airport in Las Vegas, we also have a unique opportunity to create an “Only in Vegas” experience that reflects the energy and personality of the destination.

As we move forward with modernizing some of our aging infrastructure, maintaining that sense of place and identity will remain an important part of how we think about the future of Harry Reid International Airport (LAS).
 

Las Vegas continues to attract record numbers of leisure travelers, convention delegates and major sporting events. How has Harry Reid International Airport evolved to support the city's rapid growth and changing visitor profile?

Las Vegas has evolved significantly as a destination, and the airport has evolved with it. We are serving a diverse mix of leisure travelers, convention attendees and guests coming for major sporting and entertainment events. Supporting that growth requires close coordination across the entire destination.

We work closely with partners including the LVCVA, airlines, the resort corridor, the FAA and event organizers to understand their needs and how major events will integrate with airport operations. For example, coordination for events such as the Formula 1 Las Vegas Grand Prix and Super Bowl LVIII began nearly a year in advance. The success of these events starts and ends with the airport, from managing cargo and equipment arriving well ahead of an event to accommodating significant increases in private jet activity.

At the same time, the aviation industry itself is changing, with airlines carrying more passengers on larger aircraft while much of our existing infrastructure was built for a different era of aviation. Because LAS is landlocked, we will have to be particularly strategic about how we add capacity and improve the airport within our existing footprint. Our modernization program is designed to address those realities: improving the passenger journey and critical infrastructure while maintaining operations throughout construction.

It is a long-term effort, but it is essential to ensure LAS Airport can continue to support the growth, major events and global prominence of this region.
 

Airports are increasingly becoming strategic partners in destination development rather than simply transport hubs. How does Harry Reid International Airport work alongside the LVCVA, airlines and the wider hospitality industry to strengthen Las Vegas' global competitiveness?

Our success is ultimately tied to the success of the destination, so collaboration is essential. We work closely with partners such as the LVCVA, airlines and the broader hospitality and tourism industry to understand where the demand is and how the airport can support that vision. That includes planning for future air service, major events and international connectivity.
 

Passenger expectations continue to evolve, with greater demand for seamless, efficient and technology-enabled journeys. What investments and innovations are having the greatest impact on the passenger experience at Harry Reid International Airport?

We are designated as TSA’s Innovation Airport. At Terminal 3, LAS Airport is home to TSA’s Innovation Checkpoint—the only one of its kind in the country. It provides a real-world environment to test new screening technologies and processes that can ultimately make security screening more efficient and improve the passenger experience.

But some of the technology having the greatest impacts takes place behind the scenes. We were an early adopter of a common-use system platform, which allows multiple airlines to share airport infrastructure rather than having facilities dedicated to a single carrier. That gives us the flexibility to expand or contract operations with airlines, reassign facilities or respond quickly when operational needs change.

These capabilities are particularly valuable in a dynamic market like Las Vegas, where passenger demand can shift quickly and major events can create significant changes in activity. As we modernize the airport, we are looking not only at what passengers will see but also at the technology and systems behind the scenes that allow us to operate more efficiently and adapt quickly.
 

Looking ahead, what do you believe will define the next generation of international airports, and how is Harry Reid International Airport positioning itself to remain one of the world's leading aviation gateways?

For LAS Airport, that means investing today with the future in mind. It starts with modernizing our existing infrastructure so we can continue to provide the best possible first and last impression of the Las Vegas Valley. Ultimately, remaining a leading global gateway means never standing still. We have to continue evolving alongside our passengers, our airline partners and the destination we serve.

For readers who may be less familiar with Hilton Grand Vacations, could you begin by introducing yourself and explaining the company’s approach to vacation ownership?

Hilton Grand Vacations is a vacation ownership company focused on helping members enjoy high-quality accommodation while giving them the flexibility to explore a broad and growing range of destinations.

The foundation of our business is the relationship we build with our members and owners. Vacation ownership is different from a traditional hotel stay because it creates a much longer relationship with the traveler. Our members are not simply choosing a property for one trip. They are joining a community and gaining access to a network of resorts, destinations and experiences that they can enjoy over many years.

That gives us a valuable opportunity to understand what people are looking for when they travel. We speak with our members regularly and listen carefully to where they want to go, what types of experiences they value and how their expectations are changing. The accommodation naturally remains extremely important. People expect well-located resorts, high-quality facilities and a consistent level of service. However, the wider proposition increasingly extends beyond the property itself. Our responsibility is to help members make the most of the destination. That means giving them access to experiences, partnerships and events that can create a stronger emotional connection with the places they visit.

Las Vegas is a good example. It remains one of our members’ most popular destinations, but the reasons people visit have evolved considerably. Many of our members return for the restaurants, entertainment, sporting events and wider experience rather than focusing primarily on the casino experience. It is one of the few destinations where travelers can find globally recognized restaurants, major entertainment venues, luxury hospitality and international sporting events concentrated in one place. That diversity helps explain why people remain so loyal to it and why they continue to return.

Therefore, our role is to provide more than just a stay. We want to help members experience destinations in a deeper and more memorable way.
 

Travelers are increasingly prioritizing experiences and flexibility over traditional definitions of luxury. How is Hilton Grand Vacations adapting to those changing expectations?

The definition of luxury has changed significantly. It is no longer determined only by the physical quality of a property, the size of a room or the level of service someone receives. Those things still matter, but travelers are increasingly placing value on access, flexibility and the ability to enjoy experiences that feel personal and difficult to replicate.

People want to return from a holiday with stories. They want to feel that they have done something distinctive, connected with a destination and created memories with the people they traveled with. That shift aligns very naturally with the vacation ownership model because our members typically have more time and flexibility than someone taking a short hotel stay. They can plan their travel differently, return to destinations they love and explore new places with the confidence that they will receive the quality they expect.

We have responded by placing a much greater emphasis on experiences. Across the business, we create approximately 3,800 events, many of which are built around local culture, entertainment, sport, food and access. The objective is not simply to offer someone a ticket to an event. We want to create something they would struggle to arrange independently.

That might mean attending a basketball game but also gaining access to the floor before the game while the team is practicing. It could mean enjoying hospitality in a suite, meeting someone connected with the event or attending a private dinner before a concert.

The same principle applies to destinations. We want to help members discover what makes a place special beyond the attractions that appear in every conventional travel guide. That requires a combination of strong properties, local knowledge and relationships with organizations that can provide meaningful access.

Travelers also want choice. One member may be interested in sport, while another may be looking for food, music, outdoor activities or cultural experiences. The more we understand those preferences, the more effectively we can help people find the destinations and experiences that suit them. Ultimately, the future of luxury travel will be less about simply providing more and more physical amenities. It will be about providing relevance, access and experiences that feel personal to the traveler.
 

How does the vacation ownership model help destinations build long-term visitor loyalty while encouraging members to stay longer and explore beyond the most familiar tourist areas?

One of the strongest benefits of vacation ownership is that members generally spend more time in a destination. They are not necessarily arriving for one or two nights, visiting the most recognizable attractions and then leaving. They often have the opportunity to stay longer, settle into the destination and explore it at a different pace.

For the traveler, a longer stay creates more opportunities to understand a place. They can visit local neighborhoods, discover independent restaurants, participate in activities and see parts of the destination that someone on a very short trip may never experience.

For the destination, it can help distribute visitor spending across a much wider range of businesses. The economic value does not remain concentrated within one hotel or one tourism district. It reaches restaurants, transport providers, entertainment venues, attractions and local partners.

Las Vegas again provides a useful example. Many visitors naturally spend time on the Strip, but members staying for longer can also move beyond it. They can explore restaurants and experiences elsewhere in the city and develop a much broader understanding of what Las Vegas offers. That is important because successful destinations cannot rely only on one attraction or one traditional reason to visit. Las Vegas has demonstrated an extraordinary ability to evolve from a destination associated primarily with gaming into a much broader entertainment and hospitality ecosystem. Food, Formula 1, professional sport, concerts, major conferences and world class restaurants have all created new reasons to visit.

For Hilton Grand Vacations, loyalty is created by combining a reliable resort experience with reasons to return. Members may love a particular property, but they also return because the destination continues to offer something new.

At the same time, the wider network gives them the confidence to explore unfamiliar places. They know the standard of accommodation and service they can expect, which reduces some of the uncertainty that can come with trying a new destination.

The model therefore supports two forms of loyalty. It strengthens the relationship between members and the destinations they already love, while also building loyalty to a network that encourages them to discover somewhere different. The more successfully we connect the accommodation with the destination experience, the more valuable that relationship becomes.
 

Partnerships are central to creating those experiences. How does Hilton Grand Vacations work with local and global organizations to give members access that they could not easily obtain on their own?

Partnerships are extremely important because they allow us to create something more distinctive than a conventional ticket or reservation. We have a team dedicated to developing relationships with organizations in the destinations where our members travel. Those partners may be restaurants, stadiums, sports organizations, entertainment companies or local experience providers.

The starting point is always the member. We ask what would make the experience feel genuinely special and what we can provide that someone would not normally be able to arrange by themselves. For example, we have a relationship with the New York Yankees and can use a suite to create experiences around the game. We also work with the Kia Center in Orlando, where members can attend basketball games.

However, our objective is not simply to send someone to the venue. We look for ways to add access. That could include going down to the floor before the game while the team is practising, followed by dinner and hospitality before the event begins.

The same approach applies to music. A private concert becomes much more memorable when it includes the right entertainment, a high-quality dinner and an environment where members feel that the event has been designed especially for them.

We also have major relationships with organizations including Bass Pro Shops, NASCAR, Formula 1 and the LPGA. Our Formula 1 event partnership in Las Vegas is particularly relevant because the event itself has become a major tourism driver. It brings together sport, entertainment, hospitality and the identity of the destination in a very powerful way. With the LPGA, we are involved with the Tournament of Champions in Orlando. The format brings together leading players and celebrities, and we create three concerts during the week. Our owners enjoy it, the players respond positively and the event offers much more than a traditional golf tournament.

Someone could independently purchase a ticket to a sporting event. The question for us is whether they would also receive access to private concerts, meet-and-greets or other experiences surrounding it. That is where the value of partnership becomes clear. The best partners understand that we are trying to create an experience rather than simply fill seats. They help us provide something authentic, memorable and aligned with what our members want.

Those relationships also strengthen destinations because they encourage visitors to engage with more of the local economy. Members may arrive because of the resort, but partnerships introduce them to venues, restaurants, events and organizations that give them a deeper connection with the place. The common thread is uniqueness. We are always asking how we can provide an experience that someone could not easily purchase or arrange on their own.
 

Artificial intelligence is beginning to transform how travelers discover and plan holidays. How is Hilton Grand Vacations using technology to make the experience more personal and useful for members?

Technology has enormous potential to help people understand what is available to them and make better decisions about where they travel. The challenge in travel is rarely a lack of information. Travelers now have access to an overwhelming amount of information. The difficulty is narrowing it down and identifying what is genuinely relevant to their interests.

We are working on tools that can help members discover destinations based on the kind of experience they want. A member may begin with an idea rather than a location. They may want a warm destination with outdoor activities, family experiences and a particular type of accommodation. Technology can help interpret those preferences and recommend a destination that fits. Hawaii's Big Island might be suggested as one option. Once the member selects the destination and chooses the dates and resort, an itinerary builder can begin creating a potential plan for the trip. That itinerary can draw on information we hold about the local area, the partnerships we have developed and our HGV Ultimate Access events. It can then suggest what three or four days in the destination might look like.

The value is not simply convenience. It helps travelers understand the full potential of the destination before they arrive. A conventional online search may return the most popular attractions. Our opportunity is to introduce members to experiences that are more relevant, more distinctive and connected with the access our partnerships provide.

Artificial intelligence can also help people discover destinations they may not previously have considered. Instead of repeatedly returning results for the most famous places, it can connect a traveler's interests with smaller or less traditional destinations. That could become increasingly important as travelers search for experiences that are not overcrowded and do not feel identical to what everyone else is doing.

However, technology must support the human experience rather than replace it. The objective is not to remove all personal interaction or allow an algorithm to dictate how someone spends their holiday. The objective is to make discovery easier, present useful choices and help members build a journey that reflects what they genuinely enjoy. The more effectively we combine member insight, destination knowledge and technology, the more relevant the experience becomes.
 

If we were having this conversation again in 2036, how different do you believe the travel experience would be, and will the next decade bring greater change than the previous 10 years?

I believe the next 10 years will bring considerably more change than the previous decade, largely because artificial intelligence is accelerating the speed at which the travel industry can understand and respond to individual preferences.

AI will change how people discover destinations, how they plan their holidays and how they identify experiences that match their interests. The most significant change may be the way destinations and experiences become increasingly connected.

Traditionally, travelers often began with the place. They decided they wanted to visit Las Vegas, Hawaii or Orlando and then looked for activities after making that decision. In the future, more people may begin with the experience they want and allow technology to guide them towards the most appropriate destination.

Someone may be looking for a particular outdoor activity, cultural experience, sporting event or type of food. Technology can identify places where that experience is available and introduce the traveler to destinations they may never have considered. That creates significant opportunities for smaller and less traditional destinations. People are increasingly interested in experiences that feel different, less crowded and less predictable. AI can help surface those opportunities, particularly when they are difficult to find through a standard search.

For Hilton Grand Vacations, listening to our members will remain central to the process. One of the advantages of being a large vacation ownership company is that we have an ongoing relationship with our owners and members. They tell us where they want to go, which destinations interest them, which tools would be useful and what types of experiences they want us to create. That feedback will continue to guide where we expand and how we develop the member proposition.

We will continue to provide high-quality resorts and experiences because that remains the foundation of the business. Our members give us strong satisfaction scores, and maintaining that quality will always be important. However, we will also continue building the connection between the resort and the destination.

The future will involve a deeper blending of accommodation, experience and place. Travelers will expect the entire journey to feel connected, from the way they discover the destination and book the resort through to the itinerary they follow once they arrive. Technology will help them find experiences, compare possibilities and plan more effectively. At the same time, human relationships, local partnerships and quality hospitality will remain essential to delivering the experience itself.

By 2036, I expect travelers will be discovering a much broader range of places and enjoying experiences that are more closely aligned with their personal interests. The most successful travel companies will be those that use technology to make that discovery easier while continuing to provide the quality, trust and human connection that turn a trip into a lasting memory.

Darrell, thank you for joining me. To begin, can you tell us a little about yourself and the story behind Intrepid Travel?

I am one of the founders of Intrepid Travel. The business started around 35 years ago after a group of us spent a significant amount of time traveling independently around the world. Through those experiences we realized that independent travel offered a much deeper understanding of destinations, cultures and communities than traditional tourism often provided.

At the time, we felt there was a gap in the market for travel experiences that allowed people to immerse themselves in a destination rather than simply pass through it. We believed there was an opportunity to create something that combined adventure, authenticity and meaningful local connections.

The early years were far from easy. We were undercapitalized and growth was slow for several years. However, once the business gained momentum, it expanded rapidly. Today, Intrepid operates in more than 120 countries, has a presence in over 40 markets around the world and is approaching $1 billion in annual revenue.
 

Travelers are increasingly looking for authentic experiences rather than simply visiting famous landmarks. How has that shift influenced the way Intrepid approaches tourism?

I think it starts with recognizing some of the challenges tourism has created over the past decade. Overtourism has become a major issue in destinations across Europe and beyond. Whether it is parts of Spain, Italy, Machu Picchu or Angkor Wat, many places have experienced visitor numbers that are difficult to sustain.

Social media amplified that trend by encouraging people to visit the same iconic locations. At a certain point, travelers begin asking themselves what comes next. Once everyone has taken the same photograph in front of the same landmark, the experience can start to feel hollow. What we are seeing now is a growing desire to understand what lies beneath the surface of a destination. Travelers want authentic encounters, local culture and meaningful interactions with people. They want experiences that feel unique rather than simply checking locations off a list.

For us, successful tourism is about creating genuine connections between visitors and local communities. When tourism is managed well, travelers have richer experiences and local people benefit in a way that feels positive and sustainable.
 

Sustainability has become one of the defining conversations within the travel sector. What role should travelers and tourism businesses play in shaping a more sustainable future?

I would like to see travelers become more thoughtful about the choices they make. Sustainability can mean many different things, but at its core it comes down to understanding your impact. That includes how you travel, where your money is spent, how you engage with local communities and what kind of experience you are seeking. It is also about being willing to look beyond the most obvious destinations.

Take Spain as an example. There are a handful of locations that receive enormous visitor numbers every year, yet there are countless other towns, villages and regions that are equally remarkable but receive very little tourism. By encouraging travelers to spread out and explore more widely, we create better experiences while distributing economic benefits more evenly.

The industry also has a responsibility to help travelers make those decisions. We need to highlight alternatives and demonstrate that some of the most rewarding travel experiences can often be found away from the crowds.
 

Overtourism remains one of the industry's biggest challenges. What responsibility do travel companies have in directing travelers towards emerging destinations?

There are really two levels to that responsibility. The first is encouraging travelers to consider destinations they may not have previously thought about. Instead of automatically choosing the most popular countries, we can introduce people to places that are less established but offer incredible experiences.

The second is helping travelers explore destinations differently once they have made their choice. If somebody decides they want to visit Italy or Spain, the question becomes: Hw do we move them beyond the traditional routes and encourage them to explore smaller communities, rural regions and lesser-known experiences.

As our brand has grown, people have increasingly trusted us to show them a different side of familiar destinations. That trust allows us to help distribute tourism more effectively and create experiences that feel fresher and more authentic.
 

Having spent more than three decades in the industry, what do you believe has been the biggest change in traveler expectations since Intrepid was founded?

The biggest shift has been the growing demand for meaningful experiences. When we started, many travelers were focused on seeing famous landmarks and ticking destinations off a list. Today there is a much greater desire to understand culture, connect with local communities and experience destinations in a deeper way.

Travelers increasingly want stories rather than souvenirs. They want memorable interactions, authentic food, local perspectives and experiences that feel personal. That evolution has been one of the most significant changes we have witnessed and, in many ways, it aligns perfectly with the philosophy that Intrepid was built upon.
 

Intrepid has experienced impressive growth over the years. What is next for the business?

Growth remains a major focus for us. We already operate in around 120 countries, so there are relatively few entirely new markets left to enter, but there are enormous opportunities to deepen our presence and expand experiences within existing destinations.

Travel trends are cyclical. Countries move in and out of favor, and part of our role is adapting our product offering to reflect those shifts. Last year we grew by around 29 percent, which is a remarkable result for a company that has been operating for 35 years.

Over the next five years we expect continued strong growth. That will involve new products, new experiences and continued innovation, while remaining true to the principles that have always defined Intrepid.

Interestingly, some of the trips we launched decades ago are still running today. They have evolved over time, but the core concept remains relevant because authentic travel experiences never really go out of fashion.
 

What do you see as the biggest challenge facing the travel industry over the coming years?

Climate change is undoubtedly one of the biggest challenges facing the sector. The industry still has significant work to do in taking responsibility for its environmental impact and becoming more proactive in addressing long-term sustainability challenges. Extreme weather events, changing travel patterns and increasing pressure on destinations will all shape the future of tourism.

The challenge is not simply reacting to those changes when they occur. It is about planning ahead and building a more resilient and responsible tourism industry for the future.
 

Finally, which destinations do you believe represent the next major opportunities for tourism growth?

One country that stands out to me is Brazil. It is an extraordinary destination with incredible diversity, culture, nature and experiences, yet international tourism remains relatively underdeveloped compared with its potential.

Every few years we see destinations emerge and capture global attention. We have seen it happen with Iceland, Vietnam, Morocco and, more recently, Albania. Predicting exactly when a destination will have its moment is never easy, but Brazil feels like a country with enormous untapped potential.

What makes tourism fascinating is that these shifts are often difficult to predict. Sometimes destinations rise unexpectedly, driven by changing traveler interests, improved infrastructure or simply a growing awareness of what they have to offer. The important thing is that travelers remain curious. There is still a vast world beyond the traditional tourism hotspots, and many of the most rewarding experiences can be found in places that have yet to receive widespread attention.

Lagardère Travel Retail operates across more than 50 countries and has been serving travelers since the nineteenth century. How would you describe the company’s role within the modern travel ecosystem?

Lagardère Travel Retail has operated in travel locations since 1852. We began in railway stations and gradually expanded into metro stations, airports, motorways and other transport environments. Today, airports represent the largest part of our business.

We operate restaurants and retail outlets across more than 50 countries and generated more than €6 billion in turnover last year. However, what makes travel retail distinctive is not simply the location. It is the behavior of the customer.

A traveler is very different from someone visiting a traditional shopping destination. People go to an airport primarily to catch a flight, not to shop or dine. Our mission is therefore to transform travelers into customers by understanding their circumstances, their available time and what they need at that precise moment.

Time is probably the most important factor in our business. Someone rushing through a railway station with children may need water, magazines and food as quickly as possible. A passenger with three hours before an international flight may want to discover a niche perfume, enjoy a restaurant or spend time exploring luxury products. Our responsibility is to create the right experience for each of those passengers.
 

Airports are increasingly becoming destinations in their own right rather than simply transport hubs. How is Lagardère Travel Retail helping shape that evolution?

Our mission is to make the airport a place where people enjoy arriving and spending time. For many passengers, the holiday or business trip should begin when they arrive at the airport, not only when they land at their destination. The key is creating relevant experiences. Someone traveling through London City Airport will not necessarily want the same experience as someone traveling through Malaga or Alicante.

In Alicante, for example, we operate a Wetherspoon pub because there is a significant British passenger base and the concept is relevant to those travelers. In Malaga, we operate brands including Costa Coffee and Giraffe, which similarly reflect the profile of the airport’s passengers.

Bilbao provides another example. We operate the shops and restaurants there, and the airport experience strongly reflects Basque identity through local food, wine, architecture and hospitality. A passenger returning home can continue experiencing Basque culture until the moment they board their flight.

That sense of place will become increasingly important. Airports do not want to look identical. Heathrow does not want to become a copy of Gatwick, just as Paris, Amsterdam and Frankfurt all want their own identity. Over the next decade, I believe we will see greater segmentation, stronger local identity and more sophisticated experiences for premium travelers. At the same time, efficiency will remain essential for passengers who simply want to make a quick purchase and reach their gate.
 

Travelers increasingly expect a frictionless journey. How are technology and artificial intelligence helping improve the airport retail experience?

The first thing to understand is that the passenger experiences the airport as one journey, even though that journey involves many different stakeholders. From the moment someone arrives by taxi until they board the aircraft, they may interact with more than 20 different organizations, including airlines, security, border control, baggage handlers, retailers and transport providers. If one part of that journey fails, it can damage the passenger’s perception of the entire airport.

Within retail and hospitality, we use technology where it improves the experience. However, we are not technology driven. We are experience driven. For a passenger in a hurry, the most relevant technology may be a self-checkout that allows them to buy a bottle of water and leave the store within 20 seconds. Mobile checkout can also allow a member of staff to complete a transaction immediately without forcing the customer to queue.

For passengers looking for discovery, technology serves a different purpose. Artificial intelligence can help someone select a perfume based on their preferences, personality or age. QR codes can allow customers to learn about the story behind a local wine, olive oil or regional product.

Technology can connect the traveler directly with the producer. A fifth-generation winemaker explaining the history of a family vineyard creates a far more powerful experience than information displayed on a shelf. The objective is always to use technology in a way that is relevant to the location, the passenger and the experience we are trying to deliver.
 

What do you believe will be the biggest disruption facing travel retail over the next five to 10 years?

I do not believe there will be a complete revolution in airport infrastructure within that time frame. Airports are enormous, long-term assets and major structural changes take many years to deliver. Artificial intelligence will clearly be disruptive, although it is difficult to predict precisely how far it will develop over the next decade.

What gives travel retail a unique position is the continued importance of physical connection. People may increasingly buy products online, but if they want to fly from London to Malaga, they still need to physically enter an airport, board an aircraft and spend time within that environment. That creates an important opportunity for travel retail. We continue to have physical contact with millions of passengers who may have one, two or three hours available before their flight.

The greatest change will probably be the evolution of consumer behavior. The products people buy, the food they eat and the services they expect will be very different in 10 years. Lagardère Travel Retail has been adapting to those changes since 1852. We originally sold books in railway stations. Twenty years ago, many of our stores were focused heavily on newspapers, books and tobacco. Today, much of the demand is for food, beverages, salads and sandwiches. Our responsibility is to continually adapt the offer and remain relevant as customer behavior changes.
 

How do you balance serving premium travelers with meeting the needs of passengers looking for speed, simplicity and value?

That is one of the defining characteristics of travel retail. We know how to serve premium customers. We operate luxury brands, including Hermès in Paris, and understand the expectations associated with high value products and highly demanding clients.

However, within the same airport, we may also need to serve a family rushing to a flight, a business traveler who wants speed or a group of friends returning from a weekend away. Those customers are looking for completely different experiences, even though they may be traveling through the same terminal.

A luxury boutique often delivers a highly consistent global experience. Travel retail has to do almost the opposite. We have to adapt to different airports, nationalities, passenger profiles, journey purposes and levels of available time. The challenge is ensuring we can serve all of those needs effectively within the same travel environment.
 

Sustainability remains one of aviation’s greatest challenges. Where do you believe Lagardère Travel Retail can make the biggest contribution?

The biggest ambition for the industry should be contributing collectively to decarbonization. For Lagardère Travel Retail, that includes sourcing products responsibly and continually examining how we can reduce the environmental impact of what we sell and how we operate.

A locally sourced product sold in Malaga will naturally have a different carbon footprint from a bottle of champagne transported to Sydney. However, certain products can only be produced in particular regions. The question is how we ensure they are produced and transported in the most efficient way possible. Retail is only one small part of the aviation ecosystem, and we must approach our contribution with humility. The environmental impact of a Costa Coffee outlet is relatively small compared with the total footprint of a flight.

However, every stakeholder must participate. Aircraft manufacturers are developing more fuel-efficient aircraft. Airports are installing solar panels and improving their infrastructure. Retailers must also reduce their impact through sourcing, operations and product selection. Travel remains a fundamental human desire. People continue to prioritize flying, even when their household budgets are under pressure. Our collective responsibility is therefore to reduce aviation’s environmental impact so people can continue traveling while feeling confident that the industry is making meaningful progress.
 

Finally, what should be the long-term priority for Lagardère Travel Retail as the industry continues to evolve?

The priority is not simply entering a new geography or opening a particular type of restaurant. It is remaining relentlessly focused on relevance. Passenger expectations will change. Consumption habits will change. Technology will change the way customers are served, and sustainability will influence what people choose to buy.

Our responsibility is to understand those changes and continually deliver the most relevant experience for each traveler, whether they are buying water in a hurry, discovering a regional product or enjoying a premium dining experience before their flight. That ability to adapt has defined Lagardère Travel Retail for more than 170 years, and it will remain central to our future.

Max, before we discuss the future of luxury travel, could you introduce yourself and tell us a little about your journey and the story behind Le Collectionist?

I'm the CEO and one of the co-founders of Le Collectionist, a company we founded 12 years ago that has grown to become one of Europe's leading luxury villa rental brands.

My own story has shaped the business in many ways. I grew up between Brittany, Saudi Arabia and Greece, and hospitality was always a huge part of my family life. My parents had an open house where there was always another place at the table, people were always welcome and bringing people together became something that felt very natural to me.

Before Le Collectionist I worked in finance, but I realized it wasn't where my passion was. Hospitality felt completely different because it's about creating memorable moments for people. Building Le Collectionist certainly hasn't been a straight line. We've experienced incredible highs alongside some very difficult periods, but every challenge has helped shape the company into what it is today.
 

Luxury travel has evolved significantly over the past decade. What do you believe has fundamentally changed in the way affluent travelers define luxury today?

I think authenticity has become the defining characteristic of luxury. Fifteen or 20 years ago, luxury was often about large international hotel brands and ticking certain boxes that defined a five-star experience. Then boutique hotels emerged and challenged that thinking. They weren't trying to follow traditional rules. Instead, they focused on creating something distinctive and personal.

Today we're seeing even the biggest luxury brands moving in that direction. It's no longer enough to deliver beautiful accommodation. Every property needs to tell the story of its destination through its architecture, design, local culture and the people who bring it to life. Luxury today isn't about looking the same everywhere in the world. It's about celebrating what makes every place completely unique. That aligns perfectly with Le Collectionist because every villa in our portfolio has its own identity and its own story to tell.
 

Beyond the properties themselves, what emerging trends are you seeing among today's affluent travelers?

One of the biggest changes is that people are traveling more slowly. Rather than rushing between several destinations, they're spending longer in one place and really immersing themselves in the local lifestyle. We're also seeing guests becoming much more intentional about the experiences they want. A few years ago, luxury often meant having every possible service available. Today, guests are looking for experiences that genuinely reflect who they are.

For example, someone training for a marathon may ask for meals tailored to a very specific nutritional program rather than a formal restaurant-style dining experience. Wellness, performance and personal routines have become much more important.

We're also seeing significant growth during the shoulder seasons. September, October, May and June have become incredibly popular because guests increasingly prioritize the destination itself over traveling during traditional peak periods. People are building deeper relationships with the places they visit rather than simply checking destinations off a list.
 

Artificial intelligence is transforming almost every industry. Where do you see AI creating genuine value within luxury hospitality, and where will the human touch always remain essential?

For us, AI has one purpose. It should improve the customer experience. If someone comes to me with an AI project that's purely about reducing headcount or improving internal efficiency, that isn't our priority. We use AI to better understand our guests.

For example, conversations with our sales and concierge teams can be securely transcribed and summarized so we build richer customer profiles and remember the details that genuinely matter to each guest. That allows us to personalize every stay much more effectively.

At the same time, there are some things technology should never replace. Relationships are incredibly important in luxury hospitality. Many of our guests know their advisor personally. We've been invited to weddings, family celebrations and important life events because those relationships develop over many years. I don't believe AI will ever replace that human connection. Hospitality has the word "human" at its heart, and I think that's something our industry should always protect.
 

Le Collectionist manages thousands of exceptional properties across multiple destinations. How do you maintain such a highly personalized experience while continuing to grow?

Growth only works if you stay disciplined. Today we manage around 2,300 properties, but we deliberately keep our portfolio carefully curated. Every year we both add and remove properties to maintain the quality of the collection.

We also understand our customers extremely well. Around 80 percent of our guests are families, so we build experiences around their specific needs.

Not every guest wants exactly the same service. Someone booking one of our Essential properties may simply want excellent value and support with a handful of services, while someone staying in one of our Iconic properties may expect a fully bespoke 24-hour concierge experience.

Our Essential Collection is your ticket to explore our universe. These homes offer a classic luxury experience and concierge assistance before your arrival, providing you access to a selection of optional services.

Our Signature Collection embodies the essence of our expertise, where exceptional homes meet the art of personalization. With dedicated concierge support before and during your stay and access to a selection of key services and experiences, every detail is curated to create a holiday that is fully yours.

Our Iconic Collection invites you into our finest homes—designed to truly inspire awe. They are exceptionally equipped and naturally come with our highest level of bespoke holiday tailoring.

The important thing is making every guest feel that we genuinely know them. Sometimes that isn't about extravagant gestures. It's simply remembering that they don't drink alcohol, preparing something their children will enjoy or welcoming them with the small details that show we were expecting them. That's what good hospitality has always been about.
 

Much is often made of younger affluent travelers changing the luxury market. Have you seen a significant shift in what Millennials and Generation Z expect from high-end travel?

Honestly, I don't think they're as different as many people suggest. Fundamentally, they still want to spend quality time with friends and family and enjoy memorable experiences together. The biggest difference is probably how they communicate. Younger guests generally prefer handling everything digitally through an app or WhatsApp rather than making phone calls.

But once they're actually traveling, the experiences they're looking for are remarkably similar. They still value beautiful places, thoughtful service and meaningful time together. I don't believe those expectations have changed nearly as much as people sometimes assume.
 

Looking ahead, where do you see the greatest opportunities for Le Collectionist, both geographically and in terms of evolving traveler demand?

We always follow our guests. Rather than deciding where we want to expand, we ask them where they want us to be. We're seeing increasing demand for destinations beyond the traditional luxury hotspots. Mountain destinations are becoming popular during the summer, while some coastal destinations are attracting more visitors throughout the winter.

Our largest customer base is American travelers visiting Europe, and I think there are still significant opportunities to introduce more of those guests to destinations they may not yet have considered. The European Alps, for example, remain one of the world's greatest ski destinations, and we see tremendous potential to continue growing there as well.
 

Finally, when you think about the future of luxury travel, what type of destination do you believe will define the next decade?

I actually think the biggest luxury will become simplicity. People are increasingly looking for quieter destinations, beautiful natural surroundings and places where they can genuinely disconnect.

For me, luxury isn't about crowds or being seen. It's about silence. It's about spending time somewhere peaceful, enjoying nature and slowing down. We're already seeing destinations in northern Europe and mountain regions attracting much more attention because travelers are searching for cooler climates, more space and a stronger connection with nature.

Personally, I believe that's where luxury travel is heading. The greatest luxury in the future won't necessarily be having more. It will be having the time and space to truly enjoy where you are.

Stefanie, thank you for joining me today. Lufthansa Systems has played a pivotal role behind the scenes of global aviation for decades, providing the technology that enables airlines to operate more efficiently every day. As global air travel enters its next phase of growth, what technologies do you believe will have the greatest impact on helping airlines and airports improve operational efficiency while delivering a better passenger experience?

The aviation industry is entering a period where managing scale and managing disruption have become inseparable. Passenger numbers continue to grow, while airlines are simultaneously dealing with increasing operational complexity. That means digital technology is becoming absolutely essential.

If we look at airline operations, turnaround management is a good example. A short haul aircraft may only have between 25 and 40 minutes on the ground before departing again, while a long haul aircraft may have between 90 and 120 minutes. That is an incredibly short period of time to coordinate aircraft, crews, passengers, baggage and airport operations. Every minute matters.

At the same time, operations are rarely as planned. Every day brings new challenges, whether that is adverse weather, changing airspace restrictions, geopolitical events or fuel availability. Recent developments in the Middle East, for example, have demonstrated how external events can immediately affect flight planning, fuel logistics and operational decision-making across the globe.

The more aviation grows, the greater the need for intelligent digital support capable of reflecting those constantly changing operational situations. Our role is to help airlines manage disruption before it impacts the passenger. Ultimately, passengers simply want a smooth journey. They do not want to think about delayed aircraft, missed connections or lost baggage. If we are successful, those operational complexities remain largely invisible.

Disruption management has become one of the defining challenges of modern aviation, and technology is increasingly the key to ensuring that growth does not come at the expense of the passenger experience.
 

The traveler journey has become almost entirely digital, from booking and biometrics through to boarding and post-flight engagement. At the same time, many airlines continue to operate legacy systems alongside newer technologies. Where do you believe the industry has made the biggest progress, and where is there still significant work to be done?

I completely agree that this is one of the biggest discussions taking place across aviation today. At Lufthansa Systems, we often describe ourselves as creating the digital mirror of an airline. That means we reflect every aspect of an airline's operation, from long established legacy environments through to the newest AI-driven capabilities. Naturally, that creates a very broad technology landscape.

Every airline is different. Every airport is different. Each organization has developed its own digital maturity over many years, working with different technology providers, handling partners and operational systems. There is never just one interface or one technology environment.

Our responsibility is therefore not simply introducing new technology. It is integrating all of those different systems, backgrounds and levels of maturity into one connected operational environment.

That has become even more important with the emergence of artificial intelligence. Today, conversations are no longer limited to IT departments and software implementation teams. We are increasingly working directly with commercial leaders, operations teams and airline executives because AI has become a strategic business capability rather than simply a technology project.

Artificial intelligence itself is not new for us. We have been investing in AI for approximately eight years, with AI-driven capabilities already integrated into our portfolio for around five years. Today we offer solutions such as AI-enabled Operations Control Centres, where enormous amounts of operational data can be analyzed in real time to identify patterns, recommend actions and support operational decision making. The challenge is not replacing legacy technology overnight. It is building intelligently on what already exists while allowing airlines to benefit from the innovation now available.
 

Looking ahead ten years, how do you believe passenger expectations will evolve? What do you think travelers will expect from airlines that perhaps they do not expect today?

I believe passengers will increasingly stop thinking about individual flights and instead expect a completely connected travel experience. Today we often think in terms of booking an airline ticket. In the future, the journey itself becomes the product. That journey begins before a passenger even arrives at the airport and continues well beyond the flight.

The industry is already moving towards concepts such as One Order, bringing together flights, hotels, rail, ground transportation and other travel services into one integrated booking and servicing experience. Rather than managing multiple reservations individually, passengers will increasingly expect everything to work together seamlessly.

Technology will also become much more intelligent in helping travelers make decisions. AI agents may begin supporting travelers from the very start of their journey, helping them search, plan and personalize every aspect of their travel. If we are successful, passengers may not even realize where one provider ends and another begins. They simply experience one connected journey rather than a collection of separate bookings.

Interestingly, the better we do our job, the more invisible we become. Lufthansa Systems works largely behind the scenes, but by digitally connecting airlines and their partners we can significantly increase the value delivered to passengers without them necessarily recognizing the technology enabling it. That, to me, is the future of customer experience.
 

Technology is evolving at an extraordinary pace, particularly with artificial intelligence. What is the biggest challenge facing Lufthansa Systems today, and how do you see that challenge evolving over the next decade?

If you had asked me that question five years ago, I would probably have said our biggest challenge was demonstrating that digital technology creates genuine business value. Fortunately, that discussion has changed significantly. Today the challenge is ensuring that one of the world's most highly regulated industries can keep pace with technological innovation.

Aviation will always place safety above everything else. Our customers operate within an environment governed by rigorous regulation, certification requirements, cybersecurity standards and operational procedures. Those standards exist for very good reasons. The opportunity now is finding intelligent ways to combine those regulatory requirements with technologies such as artificial intelligence.

At Lufthansa Systems, we work closely with airlines to bridge those two worlds. Innovation should never compromise safety or security. Instead, technology should strengthen operational resilience while creating better commercial outcomes and improving the passenger experience.

Ultimately, digital innovation creates business value. It enables airlines to operate more efficiently, generate additional revenue opportunities and improve operational performance. Regulations should not become barriers to innovation. Instead, our responsibility is finding ways to innovate responsibly within those existing frameworks. That balance between regulation, security and technological progress will remain one of the defining challenges for aviation over the coming decade.
 

Collaboration across aviation has never been more important. Looking across the industry today, where do you see the biggest barriers to future growth?

Interestingly, I do not believe collaboration between technology providers, airlines and airports is the greatest challenge. My biggest concern is the increasing level of geopolitical uncertainty affecting global aviation.

Events taking place around the world have immediate operational consequences. Airspace closures, regional conflicts, fuel availability and rapidly changing regulations all influence airline operations on a daily basis. These are external factors that nobody within the industry can fully control, yet they significantly affect operational efficiency and profitability.

People are often surprised to learn that airlines generate only around $7 of profit per passenger on average. When you consider the enormous operational complexity required to safely transport millions of passengers around the world, that is an incredibly challenging business model. Sometimes I joke that you have to be slightly crazy to work in aviation.

Then again, aviation has always been built around managing complexity. As I often say, a flight is essentially a managed crash that successfully brings an aircraft safely back to the ground. Disruption management is therefore part of the DNA of everyone working within this industry.
 

Finally, if you could solve one challenge facing global aviation over the next decade, what would it be?

My biggest wish is that the industry fully recognizes the value artificial intelligence can bring. Too often AI is viewed as something that conflicts with regulation or legacy systems. I believe that is entirely the wrong perspective.

Artificial intelligence should be recognized as a capability that supports airlines in combining operational complexity, regulatory compliance, security requirements and commercial performance into one intelligent ecosystem. That requires courage because aviation quite rightly maintains exceptionally high standards around safety and certification. However, I firmly believe AI can help strengthen those standards rather than weaken them.

For me, the future is not about choosing between legacy systems and innovation. It is about integrating both in a way that creates additional value for airlines while delivering a stronger, more seamless passenger experience. If the industry embraces AI as an enabler rather than seeing it as a contradiction, I believe we will unlock the next generation of aviation.

Meliá has increasingly incorporated wellness, lifestyle, and experiential elements across its portfolio, including the evolution of brands such as Paradisus. How are changing traveler expectations influencing the way Meliá thinks about the modern resort experience?

Today’s travelers are looking for more from a resort experience than beautiful accommodations and traditional amenities. They increasingly want travel to have a positive impact on how they feel, while also creating a genuine connection to the places they visit. That shift is influencing how we think about the modern resort experience at Meliá, particularly within the Paradisus by Meliá, where we are continuing to evolve the traditional all-inclusive model into an experience that is centered around well-being, culture and a deeper sense of place.

At Paradisus, that evolution is reflected in our Wellness Designed by Destination® philosophy, which starts with the belief that well-being is not universal, it is influenced by the culture, nature, pace and spirit of each destination. Rather than treating the destination simply as the backdrop of the resort, it becomes the starting point for the experience. Architecture and design respond to the surroundings, gastronomy draws from local ingredients and traditions, wellness is inspired by the rhythms and rituals of the location and culture programming creates opportunities for guests to engage more meaningfully with the community. As a result, no two Paradisus resorts are intended to feel exactly alike, because no two destinations are alike.

Our Destination Inclusive® program brings this philosophy to life by transforming the resort into a gateway to cultural immersion. Depending on the property, guests can participate in experiences ranging from local artisan and culinary workshops to wellness rituals, cultural storytelling and opportunities to explore the surrounding environment. At the newly reopened Paradisus Cancún, for example, guests can experience the natural beauty of the destination through a sunset cruise on Nichupté Lagoon, while other programming incorporates elements of local culture and Mayan heritage.

Well-being is also becoming much more integrated into the overall experience. Rather than viewing wellness solely through the lens of the spa, we are thinking about how movement, nutrition, mindfulness, nature and opportunities to disconnect can be woven throughout a guest’s stay. Ultimately, we believe the modern resort experience is becoming more personal, experiential and connected to place. Luxury today is increasingly about giving travelers the freedom to shape their stay around what matters most to them, whether that is well-being, cultural discovery, gastronomy, meaningful time with family or simply the opportunity to slow down and reconnect with themselves and their surroundings.
 

Fashion, design, gastronomy and wellness are increasingly becoming part of the destination itself rather than simply complementary amenities. How is Meliá using partnerships and collaborations to create more distinctive experiences for its guests?

We see partnerships as an opportunity to bring different worlds into hospitality in ways that feel authentic to each of our brands and relevant to how people want to experience destinations today. Increasingly, our collaborations extend beyond traditional hotel amenities, bringing together fashion, design, gastronomy, beauty, well-being and culture to create immersive experiences that guests can actively engage with while also connecting our hotels more closely with their local communities.

Across the portfolio, we are partnering with globally recognized brands to rethink how guests interact with hotel spaces. At ME Lisbon, for example, our collaboration with Lacoste transformed the Attiko Rooftop Pool Bar for the summer, bringing the fashion brand’s distinctive identity into the space through furniture, textiles and design. The partnership extends beyond a seasonal activation, with ME Lisbon becoming the first hotel within the Meliá Hotels International hotel portfolio to introduce Lacoste-designed uniforms for its teams, further integrating the collaboration into the hotel experience.

Ultimately, the most successful collaborations are those that go beyond brand visibility and become part of the guest journey. By partnering with brands that share our values and complement the individual identity of our hotels, we can create experiences that feel unexpected yet relevant, from what guests eat and drink to how they engage with design, fashion, gastronomy and well-being. In doing so, our hotels become more than places to stay; they become dynamic lifestyle spaces that reflect and contribute to the destinations around them.
 

As travelers increasingly prioritize experiences and personal well-being alongside traditional ideas of luxury, how is Meliá redefining what premium hospitality looks like?

We believe premium hospitality today is defined not only by exceptional service, design and comfort, but by the quality and relevance of the experiences we create for our guests. Travelers are increasingly thoughtful about how they spend their time, and they are looking for experiences that allow them to connect with a destination, prioritize their well-being and engage with culture, gastronomy and lifestyle in ways that feel personal and meaningful.

Across Meliá’s portfolio, we are responding by creating experiences that reflect these changing priorities while allowing each of our brands to express luxury through its own identity. At Paradisus by Meliá, our Destination Inclusive® philosophy creates a deeper connection to place through experiences rooted in local culture, nature and gastronomy, while well-being is increasingly integrated throughout the guest journey. At ME by Meliá, hotels serve as creative hubs that connect guests with the contemporary culture of their destinations through design, gastronomy, fashion, music and art.

At ZEL Punta Cana, the resort’s approach to active and social well-being is complemented by the Rafa Nadal Tennis Center, where guests can train using the methodology of the Rafa Nadal Academy through personalized tennis and padel programs adapted to different ages and skill levels. The experience brings together sport, physical conditioning and personal development, offering another way for guests to incorporate movement and well-being into their vacation.

Within Gran Meliá, we are also exploring how extraordinary moments can become the centerpiece of the travel experience itself. For the 2026 total solar eclipse, for example, we created two highly curated journeys across Mallorca and Menorca, combining stays at Hotel de Mar Gran Meliá and Villa Le Blanc Gran Meliá with private travel and an exclusive eclipse viewing at sea. The experience reflects a broader shift we are seeing in luxury travel: access to something rare, memorable and deeply connected to a particular moment and place can be just as meaningful as the traditional hallmarks of luxury.

Ultimately, we see the future of premium hospitality as more personal, experiential and connected. Traditional markers of luxury remain important, but they are increasingly complemented by something less tangible: the ability to spend time well. Whether that means discovering the culture of a destination, prioritizing personal well-being, sharing a memorable meal or experiencing a once-in-a-lifetime natural phenomenon, our role is to create opportunities for guests to experience luxury in ways that feel meaningful to them.
 

Meliá operates across a diverse international portfolio of destinations. How do you create a globally recognizable hospitality experience while ensuring individual properties remain connected to the culture and identity of their locations?

Creating a globally recognizable hospitality experience while preserving the identity of each destination is about finding the right balance between consistency and authenticity. For Meliá, guests should recognize the brand wherever they are in the world, while at the same time feeling that they are genuinely experiencing the place they have chosen to visit.

Our brands provide that global consistency. Whether guests stay at Gran Meliá, ME by Meliá, Paradisus, INNSiDE or Meliá Hotels & Resorts, they can expect a distinctive brand identity, consistent quality and high standards of hospitality. This consistency gives travelers the confidence and familiarity they look for when choosing an international hotel group, while allowing each brand to express its own personality.

But consistency does not mean uniformity. We do not believe in a “one-size-fits-all” approach. Each hotel should have a strong sense of place, reflected in its architecture, design, gastronomy, experiences and, above all, in the people who bring the destination to life. Brands such as The Meliá Collection are particularly focused on capturing the character and story of each property and its surroundings, ensuring that the experience feels genuinely rooted in its destination.

This is also at the heart of our Travel for Good program, which reflects our belief that tourism can and should have a positive impact on the destinations where we operate. For us, responsible tourism goes beyond reducing the environmental footprint of our hotels. It is also about contributing to the well-being and long-term development of local communities and destinations.

That means working with local communities and suppliers, supporting local employment and entrepreneurship, promoting local culture and heritage and incorporating local products, gastronomy and experiences into the guest journey. It also means protecting the natural environments that make many of our destinations unique. In this way, being connected to a destination is not something added to the hotel experience; it is part of how we operate.

Ultimately, our ambition is not simply to operate hotels around the world, but to become part of the destinations themselves. The goal is for guests to feel that the experience is unmistakably Meliá, while also being something they could only have experienced in that particular place. I believe this balance between global excellence and local authenticity is increasingly important for today’s traveler. People want the reassurance of a trusted international brand, but they also want to discover something genuine, meaningful and rooted in the place they are visiting. That is the balance we strive to achieve as we continue to grow internationally.
 

Looking ahead over the next five to 10 years, which changes in traveler behavior do you believe will have the greatest influence on the hospitality industry?

Over the next five to 10 years, I believe one of the most significant shifts in hospitality will be travelers’ growing expectations for hotels to understand them more while also helping them connect more deeply with the destinations they visit. The industry will need to move beyond simply providing accommodation toward creating experiences that feel increasingly personal, meaningful and relevant to each guest.

Personalization will be a major driver of this evolution. Technology, data and artificial intelligence will enable us to better anticipate guest preferences and create a more seamless journey, from inspiration and booking through the stay itself. However, I don’t believe technology will diminish the human side of hospitality. In many ways, the opposite will be true. As technology simplifies more transactional and routine interactions, genuine human connection, empathy and intuitive service will become even more valuable.

At the same time, travelers are increasingly seeking experiences rather than simply choosing destinations. They want opportunities to engage with local culture, gastronomy and communities in ways that feel authentic and distinctive to the place they are visiting. This will be particularly important in luxury and lifestyle hospitality, where the experience surrounding a stay can be just as influential as the hotel itself.

Responsible travel will also become a fundamental expectation rather than a point of differentiation. Travelers will increasingly look to hospitality companies to operate responsibly and contribute positively to the destinations and communities in which they are present. This is closely aligned with Meliá’s Travel for Good program and our belief that tourism has the ability and responsibility to create lasting value for the destinations in which we operate.

The boundaries between business and leisure travel will also continue to evolve. Flexible and remote working have already changed when, why and for how long people travel, creating greater opportunities for extended stays and journeys that combine work, leisure and personal experiences. Hotels will need to respond to this more fluid approach to travel with spaces, services and experiences that can adapt to different needs throughout the same stay.

Ultimately, I believe the hospitality companies that will lead the next decade will be those that successfully balance innovation with humanity, using technology to make travel more intuitive, personalized and seamless while preserving the genuine human connection that remains at the heart of hospitality.

Qantas is one of the world’s most recognized airline brands. Could you begin by introducing your role and explaining how the company operates across its international network?

I am the CEO of the International and Freight division at Qantas Airways. Qantas is Australia’s national carrier, operating both domestic and international services, alongside a substantial freight operation and frequent flyer business.

The group’s two primary airline brands are Qantas and Jetstar, which allow us to serve different parts of the market. Qantas provides the full-service proposition for domestic and international travelers, while Jetstar gives us the ability to compete strongly within the value focused segment.

My role is particularly focused on the international network and freight business. International aviation is strategically important to Australia because of the country’s geographic position. Most of our major international markets are a considerable distance away, so the ability to connect Australia efficiently with the rest of the world remains central to everything we do.
 

International travel continues to evolve as destinations compete for visitors and stronger global connections. How is Qantas positioning itself for the future, and what role do airlines play in shaping successful destinations?

Australia’s geographic position creates a very different operating environment from many other aviation markets. We have some shorter international routes, but many of our most important destinations are 12, 13 or 14 hours away.

Our response has been to focus increasingly on nonstop, point-to-point services. We believe direct connectivity can redefine the relationship between travelers and destinations. It removes complexity from the journey, makes previously difficult markets more accessible and creates its own source of demand.

We have already demonstrated that through services such as Perth to London, Perth to Paris, Perth to Rome and our connections into the United States. We have also announced our first Sydney to Las Vegas services, operating between December and February.

Seasonal routes are an important part of the strategy. They allow us to enter a market for a defined period, understand the demand profile and then determine whether the season can be extended. Perth to Paris began seasonally and has subsequently become a year round service. We have followed a similar approach with other markets, including Sapporo, which is particularly attractive to Australian travelers during the ski season.

The next major step will be Project Sunrise. We plan to begin nonstop Sydney to London services, followed relatively quickly by Sydney to New York. Those flights will take around 20 to 21 hours and will represent the longest scheduled passenger services in the world.

The more destinations we can connect directly through better aircraft technology, the more opportunities we create for tourism, business travel and economic exchange. Airlines therefore play a major role in determining which destinations become more accessible, more competitive and more attractive to international travelers.
 

Qantas has announced a seasonal nonstop service between Sydney and Las Vegas. How do you evaluate whether a new seasonal route can become a permanent part of the network?

Seasonal services provide us with an opportunity to test the underlying strength of a market before making a longer-term commitment. We normally begin by operating during the period when demand is expected to be strongest. We then assess how passengers respond, whether the service stimulates additional demand and how the route performs commercially. If the market develops positively, we can extend the operating season and potentially move towards a year round service.

That is what we have done with several routes. Perth to Paris is now year round, while the seasons for Perth to Rome and Sydney to Sapporo have also been extended. Las Vegas is an interesting market because we have already been flying there in connection with the National Rugby League event. That has allowed us to develop a degree of confidence in the route and understand the appetite among Australian travelers.

The expanded seasonal service will support that event, but it will also capture wider leisure demand. Las Vegas is a globally recognized destination with a strong entertainment, hospitality and conference economy. The timing of the flights also coincides with significant conference activity, creating potential demand from the business community in New South Wales. Our intention is to begin with a defined season, assess the response and determine whether the route can grow over time.
 

Passenger expectations have changed significantly over the past decade. How is Qantas evolving to deliver the seamless and personalized experience travelers now expect?

Our flight lengths mean that we have to think very carefully about every aspect of the passenger experience. We have worked closely with the Charles Perkins Institute in Australia to understand how the onboard environment can support passenger well-being. That includes the lighting inside the aircraft, the timing and composition of meals, movement during the journey and the creation of dedicated well-being spaces on our new aircraft.

The objective is not simply to make the flight more comfortable while passengers are onboard. We want them to arrive at their destination feeling better acclimatized and experiencing less disruption from jet lag.

Technology also plays an increasingly important role throughout the digital journey. Passengers expect the different stages of their experience to feel connected, from booking and check-in through to the airport, the flight itself and arrival.

We are also seeing a significant shift towards premium products. We no longer regard premiumization as a temporary trend. We believe it is a structural change in the market. Travelers are increasingly choosing to prioritize discretionary spending on travel and experiences. That may mean traveling more frequently, taking a longer holiday or paying for a higher level of comfort.

As a result, airlines are investing more capacity in First Class, Business Class and Premium Economy. We are also introducing products such as Economy Plus, which gives passengers the option to pay for additional space and comfort without moving into a full premium cabin. The challenge is to offer a wider range of products while ensuring every passenger receives a high-quality experience.
 

You describe premiumization as a structural change rather than a passing trend. What is driving that shift?

The movement towards premium travel began before the pandemic, but it has accelerated since international travel returned. One of the clearest changes is the way people allocate their discretionary income. Many travelers are placing greater value on holidays, cruises, events and memorable experiences. They may choose to take more trips each year, or they may decide to improve the quality of the journey when they do travel.

That change has created stronger demand for premium cabins and intermediate products such as Premium Economy. Passengers want more choice rather than a simple decision between Economy and Business Class.

The aviation industry has had to adapt, but aircraft configurations cannot be changed quickly. Redesigning a cabin, adjusting seat numbers and introducing a different mix of products takes time. Airlines around the world have therefore been working to ensure that the configuration of their fleets reflects the way demand is changing. For Qantas, the priority is to understand what passengers value and ensure we have the right range of products available across the network.
 

Qantas is undertaking the largest fleet investment in its history. What does that investment say about your long term vision for aviation?

The current fleet program is the largest in Qantas’s 106-year history. Project Sunrise and the Airbus A350 receive considerable attention because of the unprecedented range of those aircraft, but the investment is much broader.

We are introducing Airbus A321XLR aircraft to replace parts of the Boeing 737 fleet. We are also bringing in Airbus A220s to replace the Boeing 717s and adding more Boeing 787s to complement the existing international fleet.

Our objective is to operate the most fuel efficient and range efficient fleet possible. New aircraft bring important sustainability benefits through lower fuel consumption and reduced emissions. They also improve operating economics and provide customers with a more modern onboard experience. Range is particularly important for Qantas because it gives us access to markets that could not previously be served directly. The combination of better economics, improved fuel efficiency and greater range creates opportunities to reshape the international network over the coming decade.
 

Technology is transforming every part of aviation. Which innovations do you believe will have the greatest impact over the next decade?

For Qantas, the most important technological development begins with the aircraft. Advances in range, fuel efficiency and aircraft configuration allow us to serve markets that were previously beyond the practical limits of nonstop travel. That is the foundation of much of our international strategy.

Beyond the aircraft itself, technology is helping us understand and improve the customer experience. The airline industry has discussed personalization for many years, but connected aircraft and stronger digital systems are now making it possible to deliver that experience more effectively. That can include allowing passengers to preorder meals, understanding their preferences before they board and creating a more connected relationship between the digital and onboard journey.

Technology is also improving the way the airline operates. Predictive maintenance allows us to identify potential technical issues earlier and use our engineering resources more efficiently. Customer data helps us understand what passengers are consuming onboard and where we can reduce waste or improve the product.

Artificial intelligence will increasingly influence the way airlines distribute and sell tickets. The channels through which people discover and purchase travel are likely to change considerably, and airlines will need to understand how to operate effectively within that new environment.

The technology dividend therefore reaches almost every area of the business. Some applications improve the passenger experience. Others reduce cost, strengthen maintenance or improve operational performance. The challenge is identifying where investment creates the greatest value and accelerating it responsibly.
 

How are you using technology to create a genuine customer benefit rather than introducing innovation for its own sake?

Project Sunrise is a strong example of how we are trying to use technology to achieve a clear passenger outcome. The service itself addresses what Australians sometimes describe as the tyranny of distance. It removes a stop from journeys between Australia and major global cities, but the opportunity goes beyond simply reducing the number of connections.

We are integrating research, cabin design and technology to make the journey more comfortable. The aircraft will include a well-being zone where passengers can move and stretch during the flight. We have also developed a sophisticated lighting program with several different cabin lighting phases. Those settings are designed around the destination and the passenger’s body clock, helping people adjust gradually and potentially reducing the effects of jet lag.

The principle is that technology should serve the passenger. We are not adding features simply because they are available. We want every element to contribute to a more comfortable journey and a better arrival experience.
 

Project Sunrise is one of the most ambitious programs in commercial aviation. What have been the greatest challenges involved in bringing it to life?

It is an exceptionally complex undertaking and has required years of planning. One of the earliest challenges was working with Airbus to create a bespoke version of the A350 with the additional fuel capacity required for these routes. Airbus is initially producing 12 of these aircraft for Qantas.

We also had to build confidence in the commercial case. A flight of more than 20 hours is a new proposition, so we needed to determine whether passengers would be willing to remain onboard for that length of time and whether they would pay a premium for the convenience of traveling nonstop.

The aircraft will have only 238 seats. Other airlines may operate the same size of aircraft with around 350 seats, making our configuration one of the least dense A350 layouts in the world. That creates a very different passenger experience, but it also means the economics depend on customer demand and the willingness to pay for a premium service.

Perth to London has provided an important test case. We have operated that route for several years, and passengers have demonstrated that they are willing to spend 17 hours onboard and pay more for the convenience of traveling directly.

The operational complexity is equally significant. We have been analyzing wind patterns, temperatures, payload requirements and potential flight paths into London and New York. We use a system called Constellation to examine the conditions every day and understand how they may affect the operation. Crew planning is another major consideration. We need to train pilots and cabin crew for these specific services, manage fatigue carefully and provide suitable crew rest facilities onboard.

We also have to prepare for disruption. If an aircraft needs to divert, we must know which airports are suitable, how passengers will be supported and how the wider operation will be affected. Every element, from aircraft numbers and training requirements to flight planning and customer care, has to work together. Our goal is not only to launch the service successfully, but to deliver something that our customers and employees can be proud of.
 

Strong partnerships are becoming increasingly important across the travel ecosystem. How does Qantas work with airlines, airports and tourism organizations to build successful routes?

Partnerships are fundamental to the reach and performance of our network. We have an important relationship with Emirates, as well as our partnerships across the oneworld Alliance. Those airlines extend our connectivity into destinations that Qantas does not serve directly.

Tourism organizations are equally important. We work closely with Tourism Australia to encourage international visitors to travel to the country, while also collaborating with regional tourism bodies in markets around the world. At our Sydney headquarters, for example, we recently hosted around 280 travel agents and wholesalers for a program focused on North America and Canada. Regional tourism organizations participated because the relationship between the airline, travel trade and destination is essential for stimulating demand.

Airports also have a major role. Deploying an aircraft into a new international market requires significant capital. Airlines have many potential destinations competing for that aircraft, so airport support can influence the commercial viability of a route. The strongest results come when the entire ecosystem works together. Airlines provide the connectivity, tourism bodies create demand, airports support the operation and travel partners help convert interest into bookings. Every organization has an interest in making the route successful because the benefits extend beyond the airline to the visitor economy and the destination as a whole.
 

Australia remains one of the world’s most aspirational destinations. How is Qantas helping strengthen its position among international travelers?

We are deeply connected with Tourism Australia, which creates the overarching international proposition for the country. Australia’s states and territories then have their own marketing budgets and destination priorities. We work with them to develop offers and stimulate demand, particularly during lower seasons when additional international visitors can have a greater economic impact. This combination works well. Tourism Australia presents the national story, while states such as New South Wales, Queensland and Victoria can focus on the particular experiences and destinations they want to promote.

Events are also becoming an increasingly powerful driver of travel. We have seen the impact created by major concerts, international sporting competitions and large cultural events. Travelers are increasingly willing to plan an entire journey around an experience. That may be a Taylor Swift concert, a rugby tour, a football tournament or another major event.

Australia will host the Rugby World Cup, and we have also seen enormous demand around international sporting events. An NFL game in Melbourne, for example, sold around 100,000 tickets within a very short period.

Governments recognize that events stimulate tourism, hospitality, transport and the wider local economy. They are therefore becoming more active in attracting major events, particularly during periods when demand might otherwise be lower.

For Qantas, those events create opportunities for scheduled services, additional capacity and charter operations. They give travelers a specific reason to make the journey and can introduce international visitors to destinations they may not previously have considered. The connection between aviation, tourism and events will become increasingly important as destinations compete for global attention and travelers continue to prioritize experiences.

Sam, Quark Expeditions has launched its 2028 and 2029 Antarctic seasons earlier than ever before. What is driving that demand, and what are travelers looking for from polar expeditions today?

We are really reacting to demand. We are seeing stronger forward sales for Arctic and Antarctic small ship expeditions than at any point in our history, with bookings significantly further ahead than we would normally expect at this stage. What is particularly interesting is the changing profile of the guest.

Polar expedition travel was once largely the preserve of bucket-list travelers and people seeking a very niche experience. Today, it is becoming much broader. We are seeing a convergence of travelers who want luxury, people who are active and adventurous and guests with a strong interest in wildlife and the natural world.

There is also a broader shift towards truly immersive travel. People increasingly want experiences that feel meaningful and transformative rather than simply visiting another destination. Polar travel fits very naturally into that demand because these are places where the destination, wildlife, landscape and expedition experience are completely interconnected.
 

The definition of luxury travel has changed considerably. How does Quark Expeditions define luxury within the expedition travel experience?

For me, luxury is increasingly about highly personalized and deeply immersive experiences. Of course, guests still expect the traditional elements of luxury. They want comfortable accommodation, excellent facilities, a spa and high-quality service. But what makes an expedition genuinely luxurious goes much further than that.

At Quark, one of the most important elements is the level of expedition staffing. We typically operate with approximately one expedition team member for every six guests. That creates an incredibly high-touch environment. Guests are surrounded by experts who can help them understand the wildlife, landscapes, history and science of the places they are exploring. It becomes a much more intimate and immersive experience.

That is where I think the definition of luxury is moving. It is not simply about material comfort. It is about access, expertise, personalization and the opportunity to experience something genuinely extraordinary.
 

As travelers become more knowledgeable about remote destinations such as Greenland, Antarctica and the Canadian Arctic, how are their expectations changing?

I think there are two major changes taking place. The first is the role technology and AI are playing in educating travelers before they arrive. Guests, travel agents and advisors now have access to far more information about expedition travel. They understand the importance of traveling on a smaller vessel, choosing the right itinerary and understanding exactly what type of experience they are looking for. Reviews, digital content and AI-enabled search are giving people a much stronger understanding of what they want before they book.

The second major change is sustainability. Travelers increasingly want reassurance that the operators they choose share their values. They want companies to be transparent about emissions and environmental policies, particularly when traveling to extremely sensitive environments such as Antarctica, Greenland and the Norwegian Arctic. Guests are becoming much more conscious of the impact of their travel choices, and they expect operators to demonstrate that they are acting responsibly.
 

Polar tourism is growing rapidly, but these are also some of the world's most sensitive ecosystems. How do you balance growing demand with the responsibility to protect those environments?

Polar operators work within extremely strict regulations, and rightly so. There are very specific rules governing vessel activity, proximity to wildlife, landing sites and the periods of the year when certain activities can take place.

When people talk about overtourism in Antarctica, it is important to put the scale into perspective. Polar expedition tourism remains a very small part of the global cruise industry, and the areas of Antarctica that expedition operators actually visit represent only a tiny fraction of the continent.

However, growth means operators still have a significant responsibility. For us, one of the most important considerations is the quality and environmental performance of our fleet. Modern vessels typically produce lower emissions and have equipment designed to reduce disturbance to wildlife and sensitive environments.

We have invested heavily in modernizing our fleet. Between 2019 and 2025, Quark’s average fleet age dropped from 37 to five years, cutting absolute carbon emissions by 21 percent and per-passenger emissions by 31 percent. Those are the types of decisions responsible operators need to make if we want to continue giving people access to these extraordinary places while protecting them for the future.
 

The expedition itself is only one part of the journey. How important are the experiences travelers have before and after visiting the polar regions?

It has become a major focus for us. Our guests are often traveling enormous distances to join an expedition, so we increasingly want to make the broader journey part of the experience. This year, we introduced a series of pre- and post- expedition extensions.

For somebody traveling through Argentina, for example, that might mean visiting Torres del Paine or Iguazu Falls. If they are traveling through Finland or Iceland, it creates an opportunity to experience more of the local culture and destination as part of the overall itinerary.

Within the expedition itself, we are also responding to growing demand for learning and participation. People do not want to be passive travelers. They want to develop skills, understand the environments they are visiting and engage more deeply with the experience.

One example is our guided photography program. Guests can travel with a dedicated photography guide as part of a specialist group and explore from their own Zodiac while learning how to capture the landscapes and wildlife around them. For us, the opportunity is both to extend the journey and to enrich it, giving travelers more opportunities to learn, participate and engage with the destinations they are visiting.
 

Science appears to be becoming an increasingly important part of expedition travel. How are guests able to engage with researchers during their journey?

I think the expedition industry is moving much closer towards citizen science. We, along with a number of other operators, regularly carry scientists and researchers aboard our vessels. Over the last couple of seasons, we have provided somewhere in the region of $400,000 worth of berths in kind to scientists carrying out research. That research might involve studying seabird populations, tagging whales, analyzing samples or investigating changes within these ecosystems.

There is a very strong appeal for guests because many people traveling with us are deeply curious about climate change, wildlife and the science behind the environments they are visiting. All of our vessels already offer extensive educational programming, with guests hearing from experts in areas such as marine biology, glaciology and history.

When researchers are onboard, guests can also hear directly about their work, meet them, spend time with them and understand what they are discovering. On some vessels, including World Voyager, we also have equipment that allows guests to participate in and support aspects of that research themselves. That ability to move from simply observing a destination to actively understanding and contributing to the science taking place there is something people find incredibly rewarding.
 

Beyond science, what kinds of experiences do you believe will shape the next generation of polar expedition travel?

There will always be strong demand for genuinely unique exploratory experiences. One area where we are seeing particularly significant demand is our helicopter program. Our flagship, Ultramarine, has two helicopters that allow guests to reach places that simply would not otherwise be accessible. That might mean traveling onto the Greenland Ice Sheet or reaching extraordinary locations such as the Snow Hill emperor penguin colony in the Weddell Sea. Those moments create a genuine sense of exploration.

People want to feel that they have reached somewhere extraordinary, somewhere few people will ever experience. I think the combination of scientific engagement, expert-led learning and access to increasingly remote environments will play a major role in shaping the future of expedition travel.
 

Looking further ahead, what would you like the future of Quark Expeditions and the wider polar expedition industry to look like?

One of the things I would most like to see is the industry moving towards cleaner fuels. At the moment, one of the challenges is simply availability. Supplying the volumes of alternative fuels required in some of the most remote regions of the world remains difficult. But I would love to see Quark and the wider industry transition towards biofuels and other cleaner fuel solutions as that infrastructure develops.

I would also like to see further expansion of our overland programs before and after expeditions. There is an opportunity to encourage people to take longer journeys while flying less. Longer holidays with fewer flights can create richer experiences while also helping reduce the emissions associated with the overall journey.

And finally, for Quark, it is about continuing to explore. We are one of the few businesses entirely dedicated to polar expedition travel, so we want to keep finding new itineraries and new ways of taking people deeper into these regions. Whether that is exploring the Northwest Passage, visiting the Snow Hill emperor penguin colony or developing entirely new itineraries, the ambition is to give guests that extraordinary feeling of being genuine explorers. That sense of discovery is ultimately what polar expedition travel is all about.

Federico, thank you for joining me today. To begin, could you tell us a little about your career and the journey that has led you to Radisson Hotel Group?

I have been fortunate to build my career across consumer goods, entertainment and hospitality. I started at Procter & Gamble, where I spent 16 years working across Spain, Belgium, Sweden and Portugal. P&G was a real school of business analysis, diagnosis and problem-solving, and it shaped the way I still approach leadership today.

I then moved into hospitality, initially with NH Hotels, before joining Disneyland Paris, where I led marketing and sales across Disneyland Paris and other international businesses. It was a fascinating experience and an opportunity to contribute to a significant commercial transformation.

In 2012, I returned to NH Hotel Group as CEO, leading the company until 2017, when I joined Radisson at a pivotal moment in its history. I was asked to bring together Carlson and Rezidor and help shape what would become Radisson Hotel Group as it exists today.

We established a clear ambition to become one of the world’s leading hotel groups and built a long-term strategy focused on disciplined execution rather than short-term success.

Looking back, one of the achievements I am most proud of is that we created a more integrated and truly international hotel company. Since then, we have strengthened our brand portfolio, expanded our commercial and operational capabilities, invested significantly in technology and built a culture that continues to support sustainable growth.
 

Radisson has undergone significant transformation over the past decade. What has been the defining factor behind that growth, and what is the strategy for the years ahead?

People often ask what the single defining factor has been, but the reality is there isn't one. We created a very clear vision and then built a detailed execution plan around it. That transformation has involved 29 strategic initiatives. Every hotel is effectively its own business, and for that business to succeed every element has to work together.

It's not simply about having strong brands. You also need the right revenue management systems, commercial support, operational processes, procurement, technology, culture and, most importantly, the right people. If even one of those elements is missing, the whole system becomes less effective.

Success comes from having absolute clarity around where you want to go and then executing consistently, year after year. Our strategy continues to evolve, but the vision remains exactly the same. Every year we assess what we've achieved, identify the next opportunities and continue building for the future.
 

Luxury travel has evolved considerably over the last decade. Guests increasingly expect more than simply staying in a beautiful hotel. How is Radisson reimagining the guest experience?

I think the biggest change isn't necessarily the hotel itself. It's the mindset of the traveler. Two guests can arrive at exactly the same hotel with completely different expectations.

Traditional service manuals were built around one standard welcome. The next step is a more dynamic service model that helps our teams adapt to different guest needs while preserving the human judgment that makes hospitality special.

One person simply wants a comfortable room, a great night's sleep and complete privacy. Another wants interaction, recommendations, experiences and personalized service throughout their stay. The challenge isn't adding more services for everyone. It's understanding what each individual guest wants.

Personalization isn't about offering every possible experience to every traveler. It's about recognizing different needs and adapting accordingly. Technology will play an increasingly important role in helping us understand those preferences, but hospitality will always remain deeply human. Great hospitality goes beyond speed and efficiency. It comes from people who understand the guest in front of them and adapt their service accordingly. That ability to read people, adapt your service and create genuine human connections will remain one of hospitality's greatest strengths.
 

Technology and artificial intelligence are transforming hospitality. Where do you see technology having the biggest impact over the coming years?

Technology should help us become more intelligent rather than simply more automated. We already have access to enormous amounts of customer data, but the real opportunity is using that information responsibly to better understand different guest behaviors and expectations. Artificial intelligence will undoubtedly help us become more efficient by automating routine processes and allowing our teams to focus more time on creating memorable guest experiences.

However, I don't believe technology should replace hospitality. Instead, it should enhance it. The real challenge is whether technology can help us scale the instinct of our best hotel teams without standardizing the human interaction itself. The future lies in combining intelligent technology with genuine human interaction, allowing our people to spend more time doing what they do best: looking after guests.
 

Sustainability continues to be one of hospitality's biggest priorities. How do you define sustainability at Radisson Hotel Group?

We take a broader view of sustainability than simply environmental performance. For us, sustainability has three equally important pillars: our people, our communities and the environment. Everything begins with our employees. If we don't provide meaningful careers, invest in training and create opportunities for people to grow, then nothing else becomes sustainable.

Many of the technical solutions are already known. The challenge is scaling them across different markets, buildings and ownership models. This is why we are scaling our Verified Net Zero model from two hotels to 10 additional properties in 2026, with a target of 100 by 2030.

The more complex challenge is supporting the communities where we operate. Hotels cannot succeed if local communities don't benefit from tourism. We have to ensure that destinations remain places where local people can afford to live, work and build successful futures alongside a thriving visitor economy. If communities stop benefiting from tourism, then the entire model becomes unsustainable.
 

Hospitality is increasingly becoming part of a much wider ecosystem that includes entertainment, sport, culture and major events. How do you see Radisson's role within that evolving landscape?

Rather than creating those experiences, I see our role is to become an essential part of the wider destination ecosystem. Whether it's major sporting events, conferences, concerts or cultural attractions, our responsibility is to understand what guests need and ensure we provide the very best hospitality experience around those occasions.

We work closely with partners across different industries because successful destinations are built through collaboration. For example, our partnership with Manchester City on The Medlock, a Radisson Blu Hotel within the Etihad Campus, is a good example of this. We don't need to become event organizers ourselves. Instead, we want to be the hospitality partner that helps make those experiences exceptional.
 

Looking ahead, where do you see the biggest opportunities for Radisson Hotel Group's international growth?

The opportunities remain enormous. Europe still offers tremendous growth potential because many of our key markets remain underrepresented. Countries such as France, Italy, Germany, Spain and Poland all offer significant opportunities to expand our portfolio.

Beyond Europe, the Middle East continues to be one of the world's fastest-growing hospitality markets, particularly Saudi Arabia, where tourism investment is accelerating at an extraordinary pace. Africa also offers significant headroom. We now have more than 100 hotels in operation and development, with substantial opportunity remaining across several key markets.

India is another market with exceptional long-term potential. We have made excellent progress, but the opportunity there is many times greater than our current footprint. Through India Vision 2030, our ambition is to reach 500 hotels. China also remains strategically important, while Southeast Asia continues to present exciting opportunities as international travel continues to grow.

When you combine these expansion opportunities with the continued growth in global tourism, we remain extremely optimistic about the future. There is also a second growth engine: as Indian and Chinese travelers travel internationally in greater numbers, that demand will support our hotels across Europe and other markets.
 

Finally, when you look ahead 10 years, what legacy would you like to leave at Radisson Hotel Group?

Success isn't simply measured by the number of hotels we open or the financial results we achieve. I often think about Kurt Ritter, whose legacy is still felt across the industry—not only in the company he built, but in the careers and future leaders he helped create. For me, the greatest legacy would be creating an organization that people genuinely feel proud to have been part of.

Throughout my own career, I've been fortunate to work alongside inspirational leaders whose influence extended far beyond business performance. They built cultures that people wanted to be part of and developed future leaders who went on to shape the wider hospitality industry.

If, in 10 years' time, people look back and say they were proud to have worked at Radisson Hotel Group during this period because of the culture we built, the opportunities we created and the impact we had on the industry, then I would consider that my greatest achievement.

Resorts World Las Vegas represents a new generation of integrated resorts. How are changing traveler expectations influencing the way luxury hospitality experiences are designed and delivered?

Today's travelers are seeking experience-driven destinations that are more personalized and seamless than ever. Luxury is no longer defined solely by premium accommodations. At Resorts World Las Vegas, those evolving expectations influence everything from how we design our guest journey to how we deliver service across the property.

We are constantly investing in ways to elevate the guest experience, from the moment guests arrive until long after they leave. Ahead of this year's pool season, we completed a significant refresh of our 5.5-acre pool complex, introducing new furnishings and enhancements designed to further enhance one of the property's signature amenities. Five years in, we treat reinvestment as a baseline, not a milestone.

Our Savor Society program is another great example of this evolution – serving as the resort's signature platform for food and beverage programming, Savor Society brings together marquee culinary collaborations alongside weekly and recurring events, offering something new to explore with every visit. From chef-led dinners and global bar takeovers to wine tastings and afternoon tea, the program reflects Resorts World's depth and range across disciplines.

Ultimately, luxury hospitality today is about creating memorable moments that feel effortless. Our approach is to combine outstanding service and a diverse range of offerings to meet guests where they are and exceed their expectations at every stage of their stay.
 

Today's visitors are looking for far more than accommodation. How is Resorts World combining hospitality, entertainment, dining and technology to create a truly seamless destination experience?

The property itself was built with modern travelers in mind, bringing together world-class accommodations, exceptional dining, entertainment, wellness and technology within a single, highly connected environment. Guests have countless options when visiting Las Vegas, and knowing where to start can be overwhelming.

That insight inspired us to develop a summer hotel offering that unlocks nearly everything our resort has to offer as a bundle. We launched The Conrad Complete, marking the first luxury-inclusive experience on the Las Vegas Strip. While inclusive models have traditionally centered on scale, we saw an opportunity to approach the concept through a luxury lens and focus on curating a stay for travelers who value indulgence without compromise. This hotel experience integrated complimentary valet, premium dining, private-club lounge access, priority pool privileges and built-in nightlife into one refined, pre-orchestrated stay.
 

Innovation is transforming the hospitality industry, from AI-driven personalization to digital guest services. Which emerging technologies do you believe will have the greatest impact on the guest experience over the next decade?

Guests expect convenient, digital-first experiences wherever they go. That's why we've invested in technologies that remove friction from the guest journey, including digital check-in through their phone, Apple and Google Wallet room keys and self-service kiosks in our Hilton lobby. These solutions help guests spend less time waiting in line and more time enjoying their stay. Red is another great example of that efficiency at work. Our digital concierge supports both guests and team members, making it one of the most effective ways we've found to increase satisfaction in both the front and back of the house. We're also seeing big advancements in transportation—last year, Resorts World became the first Las Vegas resort to partner with Zoox robotaxis, offering guests an all-electric, fully autonomous transportation experience directly on property. We see this as an opportunity to boost the customer journey and help shape the future of hospitality.

That said, technology should enhance hospitality, not replace it. Las Vegas would not be the global hospitality destination it is today without the individuals who deliver exceptional service every day, and that will remain true well into the future. While technology continues to evolve at a rapid pace, it cannot replicate our team members who welcome and care for our guests—that's what makes them come back over and over again. The most effective technologies are those that empower our teams to deliver an even higher level of service.
 

Las Vegas continues to evolve as one of the world's leading destinations for leisure, business and major events. What role does Resorts World play in supporting that growth, and how do you see the city's tourism landscape developing in the years ahead?

Las Vegas has earned its reputation as the Entertainment Capital of the World through decades of delivering exceptional hospitality and continually reinventing itself. What was once viewed primarily as a gaming destination has evolved into one of the world's leading hubs for experience-driven travel.

When visitors choose Vegas, they know they can find unparalleled dining, wellness, entertainment, nightlife, sports, retail and one-of-a-kind events. The city's ability to anticipate changing consumer preferences and introduce new attractions at an unmatched pace is what continues to set it apart.

At Resorts World Las Vegas, we are committed to matching that momentum. Nearly half of the land surrounding our resort remains available for future development, creating exciting opportunities to expand our convention offerings and explore new avenues. Looking ahead, we are incredibly optimistic about the future. As the city continues to grow and attract new business, events and experiences, Resorts World is in great position to be part of that.
 

Sustainability is becoming an increasingly important consideration for travelers and hospitality businesses alike. How is Resorts World balancing luxury, operational excellence and environmental responsibility as it plans for the future?

We are committed to delivering exceptional hospitality with sustainability at its core. It's part of how we operate every day. Spanning 88 acres with more than 3,500 guest rooms, we recognize the responsibility that comes with managing a resort of this scale. As the newest integrated resort built from the ground up on the Las Vegas Strip, we had a unique opportunity to incorporate the latest technologies and sustainable practices from day one, helping minimize our environmental impact across the property.

For us, sustainability and luxury go hand in hand. We believe guests should never have to choose between phenomenal experiences and responsible operations. Many of our most impactful sustainability efforts happen behind the scenes. Resorts World Las Vegas is powered by 100 percent renewable energy, utilizes 100 percent LED lighting property-wide and leverages advanced systems designed to optimize water efficiency.

We are also investing in innovations that strengthen guest experience. The resort features 50 EV charging stations and was the first Porsche Destination Charging location in Las Vegas. To date, charging sessions at Resorts World have helped avoid more than 186,000 kilograms of CO₂ emissions, the equivalent of planting more than 8,500 trees. As we continue to evolve, we have a great team working to keep improving for the future.

Kurt, before we explore the future of travel technology, could you introduce yourself and tell us a little about Sabre and your role within the company?

I'm Kurt Ekert, CEO of Sabre Corporation. I've spent around 30 years working across the travel and technology industries.

Sabre has a long and rich history, and today we operate as one of the travel industry's leading business to business technology platforms. We connect buyers and sellers across the global travel ecosystem while providing the technology that powers those relationships.

The easiest way to describe what we do is that we're the technical plumbing of the travel industry. Right now, we're going through one of the biggest modernization programs in our history, embedding artificial intelligence into everything we are and everything we do.
 

Artificial intelligence is evolving rapidly from simply providing information to making increasingly intelligent decisions. How do you see AI transforming the way travelers plan, book and manage increasingly complex journeys?

Over the next few years we'll move into a world where AI doesn't simply help people search for travel. It will actually fulfill bookings, service tickets and manage journeys on behalf of travelers. Initially that will happen in a structured way through conversational commerce. Rather than filling in forms or selecting options from drop down menus, travelers will simply describe what they want.

For example, you might say you want to travel back to England, explain roughly what you're looking for, and the AI agent will understand your preferences, learn your travel habits and orchestrate the entire journey for you.

The key to that future is trust. Travelers need confidence in both the content and the decisions the AI is making on their behalf. Once that trust exists, I believe we'll see a fundamental shift where AI moves beyond automation and genuinely starts thinking alongside the traveler.
 

Today's travel experience is still fragmented across airlines, hotels, airports, rail operators and countless other providers. How important is open infrastructure in creating the seamless journeys travelers increasingly expect?

I think the holy grail for the travel industry is what I'd call the interconnected trip. Today, travel remains highly fragmented, with customers effectively booking one component of their journey at a time. To move beyond that, we need open, interoperable technology platforms that allow every part of the travel ecosystem to communicate with one another.

Sabre already sits at the heart of that ecosystem. We connect airlines, hotels, travel agencies, corporations and consumers while providing the content, algorithms and fulfillment capabilities that allow those journeys to happen. The future depends on openness and interoperability. That's a significant shift from where the industry has historically operated, but it's essential if we want to deliver truly connected travel experiences.
 

Sabre has positioned itself as an AI first technology company. Which innovations are you most excited about, and where do you believe AI will have the greatest impact?

I'm incredibly proud of the transformation Sabre has undergone over the past five or six years. We've become an AI first organization. We're cloud native, AI infused and fully modular across our technology stack.

One example is our work with Mindtrip AI, where travelers can simply describe what they want through natural conversation. Behind the scenes, Sabre enables the entire journey, from searching and booking through to fulfillment and servicing. We've also developed BizTrip AI for corporate travel, which incorporates company travel policies alongside individual traveler preferences.

Perhaps most exciting is how quickly adoption is accelerating. We've gone from around 30 development partners to more than 60 using our Agentic APIs and MCP capabilities to build entirely new AI-driven travel applications. The long-term opportunity is creating an environment where AI becomes a genuine travel assistant, capable of handling every stage of the journey from booking through to disruption management.
 

As AI becomes increasingly autonomous, trust becomes even more important. How can the industry embrace automation while ensuring travelers remain confident, informed and in control?

Trust is absolutely fundamental. For AI to succeed, there must be complete transparency alongside strong governance and security. At Sabre we've developed what we call the Sabre IQ layer, which sits alongside our AI capabilities to provide responsible governance and ensure the technology behaves appropriately.

Travelers need confidence not only when the AI knows the answer, but also when it doesn't. If the system needs more information or can't complete a request, it has to say so honestly rather than creating uncertainty.

As the quality of data continues improving, many of the early issues around AI hallucinations will naturally disappear. Ultimately, AI must consistently provide a better experience than people could achieve on their own. Once that happens, trust follows naturally, just as we've seen with previous generations of technology.
 

Many organizations are racing to launch AI powered products, but is the travel industry truly ready for autonomous AI, or are there still fundamental challenges that need addressing first?

Travel is one of the most complex transaction environments anywhere. Selling an airline ticket or managing a multi-stop international itinerary is significantly more complicated than selling a product through a traditional e-commerce platform. That's why the infrastructure matters so much.

The most polished AI interface won't necessarily be the winner. Success will come from whichever platform can execute, fulfill and service the complexity that sits behind every travel booking. At Sabre we've invested heavily in building that infrastructure through our MCP capabilities and Agentic APIs. These technologies allow AI agents to search, book, fulfill and manage travel while handling the complexity that exists behind the scenes. Again, openness and interoperability remain essential because that's ultimately what enables travelers to enjoy genuinely seamless experiences.
 

Looking ahead, what will define the next generation of travel technology, and how is Sabre positioning itself to lead that transformation?

Sabre has always been a business-to-business technology company, and that isn't changing. Our role isn't necessarily to become the consumer-facing interface. Our role is to provide the infrastructure that enables those experiences to happen.

Today, our Agentic APIs and MCP capabilities are already in production. They work today, and companies can experience them through platforms like Mindtrip AI and BizTrip AI. We've built a modular, cloud-native, AI-infused infrastructure that positions us extremely well for the future.

While I'm proud of Sabre's history, I'm even more excited about what's ahead. The execution layer is where trust, security and reliability are established, and that's exactly where Sabre continues to invest.
 

Finally, if we were having this conversation 10 years from now, how do you hope travelers will describe the experience of planning and managing a journey, and what role do you hope Sabre will have played in making that future possible?

I believe travel will become almost entirely conversational. Rather than searching websites or filling in booking forms, travelers will simply explain what they need. You might say you need to fly home, stay near the airport, arrange a car on arrival and make a restaurant reservation. Your AI assistant will understand your preferences and organize everything automatically.

Even when disruption occurs, the AI will proactively rebook flights, notify hotels, adjust restaurant reservations and manage every aspect of the journey without requiring the traveler to intervene. It will be like having a personal concierge available wherever you travel. Ultimately, that's the future we're working towards. A travel experience that's connected, proactive and genuinely frictionless, allowing travelers to focus on their journey rather than the logistics behind it.

Travel is becoming increasingly seamless and digital, but disruption remains inevitable. How is Seven Corners helping travelers prepare for when their journey does not go according to plan?

Seamless technology can get you to the gate faster, but it can't stop a flight being canceled, a bag going missing or someone falling ill far from home. Our job is to prepare travelers for the version of the trip where something goes wrong. That means the right coverage in place before departure and, just as importantly, real people behind it.

Our in-house Seven Corners Assist team answers around the clock, in the traveler’s own language, so the first call in a crisis reaches a human who can understand the nuances of each unique emergency and can actually solve the problem.
 

Many travelers still view insurance primarily as protection against cancellations or medical emergencies. What do travelers most commonly misunderstand about the role travel insurance can play?

Most people think of insurance as a refund, money back for a canceled trip or a hospital bill covered after the fact. That badly undersells it. The part travelers overlook is the assistance in the moment: coordinating a medical evacuation, finding an English-speaking doctor, rebooking a collapsed itinerary, walking someone through a lost passport at midnight.

The reimbursement matters, but what people remember is having a competent human on the line when they're frightened and far from home. Insurance isn't a grudge purchase you hope never to use; it's the partner that keeps a bad day from becoming a catastrophe.
 

From flight delays and itinerary changes to medical evacuations and geopolitical disruption, which travel risks are becoming more important for travelers to consider?

The headline risks, a serious illness or injury abroad and the cost of getting someone home haven't changed. A medical evacuation can run well into six figures. However, itineraries are getting tighter and more connected, so one delay cascades into missed connections and lost, non-refundable bookings. Baggage disruption has climbed sharply. And geopolitical and climate events now close airports and borders with little warning.

Travelers are going farther, to more places, more often, which makes the low-probability, high-consequence events, from evacuations to civil unrest, worth planning for even when a trip looks routine.
 

Technology is transforming the wider travel experience. How is Seven Corners using digital tools to make travel protection and assistance faster and more seamless?

Technology should make protection feel invisible until the moment you need it. Travelers can buy a plan, manage it and pull up their coverage from their phone and reach us however they like, by phone, text, WhatsApp or email. Getting a quote takes just a few minutes, and we're carefully implementing AI tools for the routine work, quoting, simple claims and triage. Ultimately, we are letting technology handle the friction so a real person is free for the more complex, emergency moments.
 

Seven Corners has supported individual travelers, major organizations, touring artists and international events. What have these complex situations taught you about building resilience into global travel?

Whether it's an individual traveler, a global organization, a touring artist or a major international event, the lesson is the same: resilience is built before departure, not improvised mid-crisis. The more complex the trip, the more moving parts and the more people depending on the plan holding, so you learn to think in contingencies.

What happens if a key person is hospitalized, if a venue changes overnight, if a group has to move quickly? Those situations taught us that strong protection is never just a policy. It's coverage, logistics and local knowledge together, delivered by a team that has handled the scenario before.
 

As travel becomes more global and experience-driven, what will the next generation of travel protection need to look like?

Travelers increasingly expect protection to behave like the rest of their trip—proactive, personalized and there in the moment, not buried in a document. The next generation will be more anticipatory: flagging a risk before it disrupts you, tailoring coverage to how and where you actually travel and connecting help across the whole ecosystem of airlines, providers, assistance and insurers.

I believe the human element is what will become the differentiator. As travel grows more global and experience-driven, the smartest protection will let the technology get quietly better while making sure a capable person is still there when it counts.

With access to enormous amounts of traveler search data, what are you seeing today that tells you where the next generation of emerging global destinations will come from?

One of the privileges of operating at Skyscanner’s scale is that we can see shifts in traveler intent before they become mainstream. In our view, the next generation of destinations isn’t necessarily going to be defined by a new set of global hotspots. It will be much more personal.

We’re seeing travelers look beyond popular choices and lean more towards smaller cities, secondary destinations and places that deliver something distinctive, whether that’s food, culture, nature or simply a different pace of travel. As we saw in our 2026 Travel Trends Report, over a third of travelers (34 percent) say they now actively seek out quieter destinations, and 31 percent plan to visit popular places only in shoulder seasons.

But increasingly, the destination itself is only part of the story. People are starting with what they care about and working backwards to where they should go. That could be a particular hotel, hiking a specific mountain, inspired by a book they love or even a strong draw to the local food culture. In a time of macroeconomic uncertainty, people value unique experiences and connections more. The question “What do I want to experience?” is going to create a much broader and more diverse map of global travel.
 

Price has traditionally been one of the biggest factors influencing where people travel. Are travelers becoming more willing to pay for better experiences, convenience and unique destinations, or does price ultimately still win?

Price matters tremendously, especially during a time when household budgets are under strain. Travel is one of the biggest discretionary purchases most people make, and our job has always been to help travelers understand their options and get the best value from their money.

What is changing is the definition of value. The cheapest option isn't automatically the best option. Travelers increasingly weigh price against convenience, quality, time and the experience they want to have. A direct flight may be worth paying more for. A particular hotel might become the reason for choosing the destination. And for an experience someone has been thinking about for years, they may decide it's worth stretching their budget. For example, nearly half of U.K. travelers invest auxiliary spend in tours and activities.

The bottom line is value is becoming more personal. The opportunity for travel providers and platforms like Skyscanner is to understand those trade-offs and make them transparent, so that instead of simply showing someone the cheapest trip, we help them find the trip that represents the best value for them.
 

AI is rapidly changing how people discover and plan travel. Could we reach a point where travelers no longer search for a destination at all, but instead tell an AI what kind of experience they want and allow technology to decide where they should go?

I don’t think destination searches will disappear, as travel comes in many forms. Sometimes it’s about where loved ones live, a place you’ve read about, or a venue where you’ve always wanted to see a gig. That said, we’re already seeing travelers become more open-minded about where they go. More than half of people coming to Skyscanner haven’t yet decided on a destination, creating a huge opportunity for AI to help people explore by simply describing the kind of trip they want.

That’s the thinking behind our tool Explore with AI, which lets travelers use natural language to discover and compare destinations, dates and travel styles rather than starting with a specific place.

Around half of U.K. travelers we surveyed use AI to plan travel, yet a similar proportion worry about accuracy. That’s why combining AI with high-quality, real-time travel data is so important, and we've spent more than 20 years building intelligence around how people search, where prices move and how destinations evolve. I expect search to become much more conversational and personalized. The technology will do more of the work, but the traveler will still balance their priorities and ultimately make an informed choice.
 

Overtourism is becoming a serious challenge for many of the world's most popular destinations. What responsibility do platforms such as Skyscanner have to encourage travelers towards alternative destinations rather than simply responding to existing demand?

We have a responsibility to give travelers more choice and make it easier to discover places beyond the traditional tourist trail. Our annual Travel Trends Report looks at the fastest-rising destinations, helping to identify places that are gaining momentum before they become mainstream. Features like our Underrated Destinations filter help surface lesser-known places, while our work with tourism organizations aims to help broaden where and when people travel, supporting more sustainable tourism growth.

Travel brings enormous economic and social benefits, but concentrated demand can put real pressure on destinations and local communities. At the same time, there are many places around the world that would welcome more visitors.

Technology can help bridge that gap by showing travelers compelling alternatives that offer a similar experience, potentially at a better price or during a less crowded time of year. For example, Explore with AI can help travelers understand when it’s best to visit a destination, including when prices are lower, and surface relevant alternatives. Our role is to use our data and technology to make those alternatives more visible and easier to choose.
 

Looking 10 years ahead, what will fundamentally change about the way we discover and book travel, and what role do you want Skyscanner to play in determining where the world travels next?

Years from now, I think we’ll look back at how much work it once took to plan a trip and find it extraordinary. Today, travelers navigate multiple searches, tabs and platforms to compare options and make confident decisions. AI, when thoughtfully applied by trusted travel brands, has the potential to remove much of that friction, understanding what matters to a traveler, anticipating trade-offs and surfacing the most relevant options at the right time.

But travel is deeply personal, and I don’t see a future where technology simply makes those choices for us. The best technology won’t replace the traveler’s decision; it will make that decision easier and better informed, while removing friction from the booking process.

That's the role I want Skyscanner to play. We've always believed in giving travelers choice and confidence. In an AI-powered world, that becomes even more important. Our opportunity is to combine the breadth of the world's travel options with the intelligence to understand what is relevant to each individual.

Suzy, airport lounges have become a defining part of the premium travel experience. How have traveler expectations evolved, and what does a truly premium lounge need to deliver today?

The research we've carried out with passengers consistently points to three priorities. The first is comfort. People want space, not just somewhere to sit, but somewhere they can genuinely relax, work and move around comfortably with their luggage. Around half of the passengers we've surveyed in both the U.K. and the U.S. tell us that's the single most important factor.

The second is attentive service. Technology is helping make the airport journey much smoother, but people still value genuine human interaction. Our challenge is finding the right balance, using technology where it improves efficiency while preserving the personal service that makes hospitality special.

The third is food and beverage. Expectations have risen dramatically. Guests increasingly expect high-quality dining, chef collaborations and menus that reflect both the airline's brand and the destination they're traveling through.

That local sense of place has become incredibly important. If you're traveling through Paris, for example, you expect a consistent Air France experience, but you also want the lounge to celebrate Paris itself. Those local touches make the experience much more memorable.
 

Airport lounges were once reserved almost exclusively for frequent flyers traveling in premium cabins. As access expands through loyalty programs and financial institutions, how do you preserve that sense of exclusivity?

It's certainly one of the biggest challenges facing the industry. Demand continues to grow, but passengers still expect the experience to feel premium every time they visit. As operators, we have a responsibility to maintain the quality of service while also being creative in how we manage capacity. That starts with practical things such as managing queues effectively, seating guests efficiently and making the very best use of the available space.

But it's also about creating memorable moments. We look at introducing unexpected touches throughout the lounge experience, whether that's unique food and beverage activations, personalized service or little surprises that guests weren't expecting.

Where airports allow it, we're also seeing lounges becoming significantly larger as operators respond to growing demand while protecting the comfort and exclusivity that passengers value.

With global air travel expected to continue growing rapidly over the next two decades, finding that balance between accessibility and exclusivity will remain one of the industry's biggest priorities.
 

Partnerships appear to play an increasingly important role in the evolution of airport lounges. How has that ecosystem changed?

Traditionally, airline partnerships have been central to our business, but today the ecosystem is much broader. Banks, for example, have become major players because premium lounge access has become an important part of how they attract and retain high-net-worth customers through their loyalty programs.

We also work directly with airports, and they increasingly view lounges as one element of a much broader passenger experience. They're thinking holistically about how travelers move through the terminal, balancing airline lounges, third-party lounges, pay-per-use concepts, retail, dining and public seating.

Ultimately, airports want to create an environment where every passenger has access to an experience that matches how they choose to travel. That collaborative approach between airlines, airports, financial institutions and operators will only become more important as passenger numbers continue to increase.
 

Loyalty programs have traditionally revolved around airline status, but we're now seeing banks and other partners playing a much larger role. How do you see those models evolving?

Space is ultimately one of the biggest constraints. There are only so many lounges that can be built within an airport, so we're already seeing partners explore complementary hospitality experiences.

That might include restaurant partnerships within the terminal, grab-and-go concepts or smaller premium hospitality spaces that provide food, drinks and a comfortable environment without requiring a traditional full-scale lounge.

Several airlines are already introducing these concepts as a way of expanding premium experiences while working within the physical limitations of airport infrastructure. I think we'll continue seeing more innovation in this space because passenger expectations aren't slowing down, even if airport real estate remains limited.
 

Technology is transforming every stage of the airport journey. Where do you see the biggest opportunities for AI and personalization within the lounge experience?

Passengers are already experiencing much smoother journeys through biometric technology, facial recognition and digital access systems. Those technologies remove friction before people even enter the lounge.

Once they're inside, however, the expectation is still for genuine hospitality. People want a warm welcome. They want attentive service. Technology shouldn't replace that.

Where AI becomes really exciting is behind the scenes. We're using it to analyze guest preferences, improve menu development and better understand what different customer segments actually value. For example, AI can identify subtle menu preferences that different groups of travelers may appreciate and help us refine our culinary offering much more quickly than traditional methods. Large language models are also helping us analyze customer feedback at scale so we can continuously improve the experience. For us, technology should always support hospitality rather than replace it. It's about helping our teams deliver even better service, not removing the human element that guests continue to value most.
 

Hospitality has become increasingly important within airport environments. How do you ensure lounges remain places where travelers genuinely want to spend time rather than simply wait for their flight?

That's really the mindset shift we're seeing across the industry. Passengers no longer view lounges simply as somewhere to sit before boarding. For many travelers, particularly frequent business travelers, the lounge has become an extension of their office, while for leisure travelers it's the beginning of their holiday experience. That means every aspect of the environment matters.

The design, the acoustics, the quality of the food, the service, the atmosphere and the overall sense of well-being all contribute to how passengers feel before they even board the aircraft. The investment being made across the industry reflects that. Airlines, banks and airport partners are investing millions into creating environments that genuinely enhance the overall travel experience because they recognize the value those experiences create for customer loyalty.
 

Looking ahead, what do you believe will define the next generation of premium airport hospitality?

I think we'll continue seeing a combination of greater personalization, smarter technology and more flexible hospitality concepts. Technology will make the journey increasingly seamless, while artificial intelligence will help operators understand passengers much more deeply and tailor experiences accordingly.

At the same time, I don't believe the fundamentals of hospitality will change. People will always value being welcomed, looked after and treated as individuals. The challenge for all of us is using technology to enhance that experience without losing the warmth and attentiveness that define great hospitality. If we can achieve that balance, I think airport lounges will continue becoming one of the most important parts of the premium travel journey.

As traveler expectations continue to evolve, how is St Raphael redefining the visitor experience to remain competitive as a modern international destination?

Today’s travelers are no longer simply looking for a beautiful hotel; they are looking for meaningful experiences that align with their values. At St Raphael Resort & Marina, we have evolved from being a traditional five-star resort into a destination centered on what we call sustainable luxury, where exceptional service, well-being, authentic experiences and environmental responsibility exist together.

Our guests want flexibility, wellness, outstanding food, plant-based and healthy options, transparency, family-friendly facilities and memorable local experiences. We’ve responded by continually investing in our product, from expanding our wellness offering and introducing Cyprus’ first vegan hotel restaurant, making it our mission to become the island’s leader in sustainability showcasing that even large hotels can and must be responsible, upgrading our rooms and creating experiences that connect guests with the sea, local culture and the natural beauty of Cyprus.

For us, luxury is no longer defined by excess. It is defined by quality, authenticity and making a positive impact, because we genuinely care. That philosophy has become one of our strongest competitive advantages.
 

Technology is transforming the way people travel. How is St Raphael Resort & Marina using digital innovation and data to create a more seamless, personalized and connected visitor journey?

Technology should never replace hospitality, but it should enhance it. We are increasingly using data to better understand our guests’ preferences and personalize their experience before they even arrive. From targeted communications and digital concierge services to guest feedback analysis, technology allows us to remove friction while giving our team more time to focus on genuine human interaction.

Internally, we also use digital systems to improve operational efficiency, monitor energy consumption, reduce waste and optimize resources. Sustainability and technology go hand in hand because better data leads to better decisions, for our guests, our team members and the environment. Ultimately, our goal is to combine smart technology with warm, authentic hospitality, ensuring every guest feels recognized as an individual rather than simply another reservation.
 

Destinations today must balance tourism growth with protecting their culture, heritage and natural environment. How is St Raphael Resort & Marina approaching sustainable tourism while continuing to attract new visitors and investment?

Simply put, sustainability is not a marketing initiative for us. It is a business and environmental strategy and a long-term commitment. We believe tourism can be a force for good when it is managed responsibly. That means investing in renewable practices, reducing and eliminating where possible single-use plastics, improving energy efficiency, protecting our coastline and working closely with our local community and suppliers. We were proud to be one of the first plastic-free beaches in Cyprus with the TUI initiative, for example, where we proved yet again that we genuinely value our sustainability mission over profits.

Our marina and beachfront location give us a unique responsibility to protect the marine environment for future generations. We are proud to have achieved internationally recognized sustainability certifications and awards, but we also recognize that sustainability is a journey of continuous improvement rather than a destination. Technology will also help us get there.

Importantly, today’s investors and travelers increasingly expect businesses to demonstrate environmental and social responsibility. We have found that our sustainability agenda not only protects our natural assets but also strengthens our brand, attracts higher-value guests and creates long-term resilience for the business.
 

What is the biggest challenge St Raphael Resort & Marina is currently facing in increasing its international profile, and what strategies are you putting in place to overcome it?

One of our biggest challenges is that Cyprus remains less recognized globally than many competing Mediterranean destinations, despite offering an exceptional tourism product.

Our strategy is to position St Raphael Resort & Marina not simply as a hotel, but as an ambassador for Cyprus. We are investing heavily in digital marketing, international partnerships, media exposure and thought leadership, while working closely with tour operators, airlines and tourism organizations to increase awareness in key international markets.

We are also focusing on attracting travelers who value wellness, sustainability, marine tourism and authentic experiences rather than competing solely on price. Building a strong international reputation takes consistency. Every guest who leaves with an outstanding experience becomes an ambassador for both our resort and our country.
 

Looking ahead over the next five years, where do you see the greatest opportunities for St Raphael & Marina, and what partnerships or investments will be most important in helping you achieve that vision?

I believe the future of hospitality belongs to businesses that successfully combine luxury, sustainability and well-being. Over the next five years, our ambition is to establish St Raphael Resort & Marina as one of Europe’s leading examples of sustainable luxury hospitality. This means continuing to invest in our facilities, expanding our wellness offering, embracing new technologies and further reducing our environmental footprint.

Partnerships will be fundamental to achieving that vision. Collaboration with government, tourism authorities, environmental organizations, airlines, universities and international hospitality partners will allow us to innovate more effectively and promote Cyprus as a year-round destination. We have been a proud member of Vegan Welcome for years, a group which showcases hotels offering plant-based options, and now also a member of Healing Hotels of the World.

Most importantly, we will continue investing in our people. Buildings and technology are important, but hospitality will always be about human connection. Our team’s passion, kindness and commitment to excellence remain our greatest asset, and they will continue to shape everything we do. We are exceptionally proud that in an industry which has a high staff turnover, we have members of our team that have been with us for nearly 40 years and a huge number that have stayed with us for 10, 15 and more. Furthermore, our team is 50 percent women, showing our commitment to gender equality. These investments, together with our commitment to sustainable luxury, position us well to thrive in an increasingly conscious and experience-driven travel market.

Craig, thank you for joining me today. To begin, could you introduce yourself and tell us a little about TBR Global Chauffeuring?

It's a pleasure to be here. I'm the Group CEO of TBR Global Chauffeuring, a premium ground transportation provider operating in more than 120 countries worldwide. We focus exclusively on the B2B market and operate across three core areas: financial roadshows, major global events and corporate travel for senior executives and C-suite leaders.

Our role is to deliver premium, reliable and highly personalized ground transportation that enables businesses, event organizers and travelers to move seamlessly around the world. While transportation is often viewed as a single part of the journey, we see it as a critical element that connects every other stage of the travel experience.
 

Luxury travel has evolved significantly over the past decade. Travelers now expect a seamless experience from the moment they leave home until they return. How is TBR helping redefine premium ground transportation?

There are really two customers we focus on. The first is the person making the booking, and the second is the passenger actually traveling. In many cases they're completely different individuals, so both experiences have to be exceptional.

For the booker, we've invested heavily in technology that makes reservations simple, efficient and highly intuitive. Ground transportation is only one part of a much wider travel program that also includes flights and hotels, so our responsibility is to remove complexity from that process.

For the passenger, it's about delivering a truly personalized experience. That ranges from preferred vehicle temperatures and onboard amenities to bespoke pickup procedures, enhanced security protocols and highly trained chauffeurs who understand every detail of the journey before it begins.

Ultimately, luxury is built on consistency. Every interaction should feel effortless while giving passengers complete confidence that every detail has already been taken care of.
 

Ground transportation is often overlooked within the wider travel ecosystem, yet it's the first and last impression a traveler has. Has the industry begun recognizing its importance?

Absolutely. Ground transportation might represent the smallest proportion of the total travel budget, but it's arguably the most important part of the overall journey. If your chauffeur arrives late, the vehicle doesn't meet expectations or the service falls short, it can negatively affect everything that follows, whether that's an important business meeting, a major event or an international flight.

Over the years we've seen a significant shift in how organizations view ground transportation. It was once treated as an afterthought, often grouped into miscellaneous travel spend. Today it's increasingly recognized as its own specialist category because businesses understand the value of consistency, visibility and traveler safety.

There's still work to do, particularly around creating more globally consolidated solutions, but the industry is moving in the right direction.
 

Technology continues transforming every part of the travel industry. How is TBR balancing investment in technology and AI while maintaining the human element that premium travel demands?

For us, technology should enhance people rather than replace them. As a premium provider, our customers expect high-touch service, flexibility and genuine human interaction. That's never going away.

Our investment in technology has focused primarily on strengthening our operational platform, allowing our reservation teams and customer service specialists to spend more time engaging directly with customers instead of managing administrative tasks.

Artificial intelligence and automation can remove repetitive processes, improve efficiency and help us deliver even greater levels of personalization. But when unexpected situations arise, whether that's traffic delays, flight disruptions or last-minute itinerary changes, customers still want to speak with someone who understands their journey and can resolve issues quickly. Technology allows us to scale globally while ensuring the human interaction remains exactly where it matters most.
 

TBR already operates in more than 120 countries. Where do you see the biggest opportunities for future growth?

Geographically we're fortunate to already have an extensive global footprint. Looking ahead, however, two areas stand out. The first is North America. While it's an incredibly mature market, there's still enormous opportunity for us to increase our presence, particularly following our acquisition by Lyft. Combining TBR's premium service offering with Lyft's technology and market reach creates exciting opportunities for growth.

The second is the global events sector. We're seeing increasing demand from organizations looking to deliver exceptional delegate experiences, whether that's international summits, sporting events, exhibitions or corporate conferences. As expectations continue to rise, professionally managed ground transportation becomes an increasingly valuable part of the overall event experience.
 

Large-scale events have become increasingly complex. How does TBR prepare for major international events before the first guest even arrives?

Preparation is everything. Every event is unique, but we have a proven framework that allows us to adapt to different scales and requirements. For our largest events, planning can begin up to nine months before the first delegate arrives. Our teams conduct site visits, work closely with local authorities and transportation partners, develop contingency plans and build detailed operational strategies covering every aspect of the event.

As the event approaches, that support scales significantly. What may begin with a small planning team can grow into more than 50 on-site personnel managing everything from executive transfers and coaches to hospitality staff and operational coordination. Success comes from anticipating challenges before they happen. The more preparation that goes into an event, the more seamless the experience becomes for organizers and attendees alike.
 

Finally, as technology, mobility and traveler expectations continue evolving, what should destinations, event organizers and corporate travel managers be thinking about today to prepare for tomorrow's traveler?

We're entering an incredibly exciting period for the industry. Ground transportation remains a fragmented market, but we're seeing increasing consolidation alongside rapid advances in digital technology, automation and eventually autonomous vehicles.

At the same time, corporate travel managers and event organizers are looking for trusted global partners capable of delivering consistent service across every destination rather than relying on multiple local providers. That's where we see the future.

Businesses want greater visibility, stronger duty of care, improved traveler experiences and integrated global solutions that support every stage of the journey. Ground transportation is no longer simply about moving people from one place to another. It's becoming an essential part of the wider travel ecosystem, connecting destinations, enhancing experiences and helping shape the future of global business travel. For TBR, that's exactly where we see our role over the next decade.

The world's most successful destinations are often those with the strongest identity. In your experience, what separates a destination that simply attracts visitors from one that creates a lasting emotional connection?

THG knows that storytelling is at the heart of creating a lasting emotional connection with visitors to a destination, but it's the relevance of a story that is often overlooked. Visitors want to know, "Where do I fit in? What does this story mean for me and my life?" Destinations that welcome visitors into their story allow those guests to create memories with meaning.
 

Great destination brands don't happen by accident. How does THG Creative uncover the authentic stories that define a place and transform them into campaigns that inspire people to visit?

Our work starts with listening, learning and asking the right questions. We need to discover the core values and defining characteristics of a destination to craft a story that is authentic and enduring. We want to ensure that the experience doesn't simply deliver on guest expectations but that it goes beyond to add a sense of surprise and delight that visitors treasure.
 

Visitor expectations continue to evolve, with travelers increasingly looking for authentic, immersive and shareable experiences. How has this changed the way destinations approach branding and marketing?

For years now, we've been seeing the incorporation of co-creation into destinations and experiences. Authentic co-creation invites guests not just to take those must-share photos but to be part of shaping the story of a space for themselves. Whether it's through being able to meaningfully leave their mark or make choices that shape an itinerary or experience based on their niche interests, visitors want to have a say, and smart destinations are showcasing those opportunities.
 

You've worked with destinations and tourism organizations around the world. Are there any common mistakes you see destinations making when trying to differentiate themselves in an increasingly competitive marketplace?

One of the pitfalls we sometimes encounter is a desire to integrate technology for technology's sake, whether to capture a moment that's trending or to give a sense of being on the cutting edge. Time and again, we find that the wow factor of cool new technology doesn't go far with guests; they want to be surprised and amazed by an experience or transported and transformed by a story, regardless of the kind of technology that made it happen.
 

Looking ahead, how do you see destination branding evolving over the next decade, and what role will creativity, technology and storytelling play in shaping the destinations of the future?

More and more, we're hearing about a desire for experiences that are meaningful. People want to get outside their homes, and they want to gather and connect with communities. But the destination needs to offer something more than entertainment, and that's where creative storytelling – like integrating story into unexpected spaces or taking guests on a journey instead of offering a brief encounter—can add meaning and memories that take a destination from fun to transformative.

Melanie, thank you for joining me today. To begin, could you introduce yourself and tell us a little about Travel Curious?

It's a pleasure to be here. I've spent more than 25 years working in the travel industry, and throughout that time I've been fascinated by how traveler expectations continue to evolve. Technology has had to evolve alongside those changing expectations, and today we're at another major inflection point as AI, personalization and digital experiences begin to reshape how people discover and book travel.

At Travel Curious, our mission is to be the leading experiences platform. Our purpose is to provide a unified experiences platform that seamlessly connect travelers with authentic, high-quality experiences allowing them to truly engage with a destination. We’ve built a unified platform that connects suppliers and distributors of experiences while making the booking experience straightforward for travelers. Behind the scenes there’s enormous complexity, every experience is different, whether its private tours, a concert, a cooking class or theme park ticket. We believe travel is about much more than simply visiting iconic landmarks. It's about creating meaningful moments that people remember long after they've returned home.
 

Curated local experiences have become increasingly important in tourism. How are they changing what travelers expect from a destination today?

Consumer expectations have changed dramatically over the past decade. One positive outcome following the pandemic was that people developed a much stronger desire to experience life and make meaningful memories through travel.

Social media has also transformed how people discover destinations. Travelers are no longer inspired only by film, TV and celebrities. They're inspired by real people sharing authentic experiences, making travel feel more accessible than ever before.

People still want to see iconic attractions, but increasingly they also want experiences that create a genuine connection with a destination. A private walking tour with a knowledgeable local guide, learning the history behind a neighborhood or discovering places that most visitors never see creates memories that are far more personal than simply ticking landmarks off a list. Authentic experiences are what people share with friends and family, and ultimately they're the experiences that inspire others to travel.
 

Luxury travel has also evolved considerably. Is today's luxury increasingly defined by personalized experiences rather than simply premium accommodation?

Absolutely. Exceptional hotels and premium service will always be an important part of luxury, but today's traveler increasingly defines luxury through personalization, exclusivity and authentic connection. It's no longer just about five-star accommodation; it's about access to experiences that feel curated, meaningful and uniquely your own.

Luxury is ultimately about how a destination or service makes you feel. Unique and authentic experiences, gaining behind-the-scenes access or immersing yourself in local culture creates a sense of connection that can't be replicated through traditional sightseeing alone.

What's particularly interesting is that this shift isn't limited to luxury travelers. Whether someone is staying at a world-class resort or backpacking across Europe, the desire is remarkably similar: to move beyond simply visiting a destination and instead experience it in a way that feels luxurious, authentic, memorable and deeply personal. That reflects a broader transformation taking place across the travel industry. Experiences have become the emotional centerpiece of the journey; they inspire where people choose to travel, shape how they remember a destination and increasingly define what they consider to be true luxury.
 

Destinations are constantly looking for ways to encourage visitors to stay longer and return more frequently. How do experiences help achieve that?

Every destination has its famous attractions, but there's always so much more beneath the surface. Take Rome as an example. Most visitors immediately think of the Colosseum or the Vatican, but some of the most memorable experiences might be cooking with a local family using generations-old recipes or exploring neighborhoods that never appear in traditional guidebooks.

Technology allows us to bring those hidden experiences to the forefront, helping travelers discover opportunities they may never have found otherwise. When visitors realize there's still so much left to explore, they're far more likely to extend their stay or plan another visit in the future.
 

Technology is playing a growing role in creating seamless and personalized traveler journeys. How is Travel Curious using technology to improve the customer experience?

The experiences sector remains one of the most fragmented parts of the travel industry. Unlike hotels or airlines, experiences are often delivered by thousands of independent operators around the world.

Our role is to simplify that complexity. We've built a unified platform that connects suppliers and distribution partners while making the booking experience straightforward for travelers. Behind the scenes there's enormous complexity because every experience is different, whether it's a private tour, a concert, a cooking class or a theme park ticket.

Technology allows us to manage those differences while presenting a seamless experience to both our partners and customers. Once you have that foundation, you can begin introducing AI, personalization and loyalty programs that make recommendations increasingly relevant to individual travelers.
 

Artificial intelligence is transforming many industries. What role do you see AI playing within travel experiences?

AI is already changing how people research travel, and that will only continue. However, I don't believe AI alone replaces the emotional aspect of discovering travel. Inspiration still comes from authentic stories, trusted recommendations and real human experiences.

The opportunity is to combine AI's efficiency with human expertise and emotion. AI can help travelers search, compare and organize information far more quickly, while businesses like ours focus on delivering curated experiences that create genuine emotional connections. That's where the real value lies.
 

Travel Curious is experiencing significant growth. What are the biggest challenges you face as you continue to expand globally?

One of our biggest challenges is balancing continuous innovation with the needs of our partners. Technology needs evolve incredibly quickly, and customer expectations evolve even faster. We have to ensure our platform remains flexible enough to support our partners' individual strategies while continuing to innovate ahead of where the market is.

At the same time, quality remains absolutely central to everything we do. We carefully curate not only our experiences but also the guides, suppliers and partners within our network. As we grow globally, maintaining those standards becomes increasingly important because trust is fundamental to delivering exceptional travel experiences.
 

Looking ahead, what do you believe the experiences industry still needs to improve to better support the destinations of the future?

The industry needs to become more connected and agile. Today's traveler still uses multiple platforms to research, book and manage different aspects of a trip. Creating a more unified ecosystem would allow businesses to better understand traveler preferences while delivering far more personalized experiences throughout a seamless journey. As an industry, we need to not only support the booking mechanisms but also support travel inspiration.

There's also an opportunity for greater collaboration across destinations, experience providers and technology companies to ensure travelers can discover authentic local experiences much more easily.
 

Finally, if you could change one thing about the global travel industry to create better experiences for travelers, what would it be?

Throughout my career I've often felt that our vision for the future moves faster than the technology available to support it. Technology should enable innovation rather than limit it. We're making tremendous progress with AI, personalization and digital platforms, but there's still a gap between how travelers discover destinations and how they actually book and experience them.

If we can close that gap by creating technology that inspires, connects and personalizes every stage of the traveler journey, we'll unlock a completely new era for global travel. That's the future we're working towards at Travel Curious.

Sascha, thank you for joining me today. To begin, could you introduce yourself and tell us a little about United Waterways?

It's a pleasure to be here. United Waterways is one of the world's leading white-label maritime operators, specializing in river cruising while increasingly expanding into coastal cruising, expedition voyages and day ship operations. We work with many of the world's leading travel and lifestyle brands, providing the vessels, operational expertise and guest experiences that sit behind their products.

Today, we manage around 120 vessels, facilitate millions of guest journeys every year and our clients generate approximately 2.5 million hotel nights. Beyond operating ships, we also design and build vessels, manage complex logistics and develop hospitality concepts that enable our partners to deliver exceptional experiences.

River cruising remains the foundation of our business, but we're continually evolving to meet changing traveler expectations and shape the future of destination-focused travel.
 

United Waterways has become one of the world's leading river cruise operators, but the business has evolved well beyond that. What has driven your expansion into coastal and expedition cruising?

River cruising has always been about the destination rather than the ship itself. Guests choose these journeys because they want to immerse themselves in local culture, history and experiences, waking up in a new city every day without the hassle of constant travel.

Over time, we recognized that many of those same guests were looking for similar experiences at sea. Traditional ocean cruising often focuses on the ship as the destination, whereas our guests wanted smaller vessels capable of reaching ports and coastal communities that larger ships simply cannot access.

That inspired us to develop a completely new concept by bringing the river cruise philosophy onto the ocean. We've created smaller ships that prioritize authentic cultural experiences over casinos, large theaters and mass entertainment. For us, the future isn't about building bigger ships. It's about creating more meaningful journeys for our clients that place destinations and local experiences at the center of their brand.
 

One of the major themes of the New Destinations Summit is creating seamless end-to-end visitor journeys. How is technology helping improve the guest experience both onboard and ashore?

Technology has transformed the way travelers engage with their journey long before they ever step onboard. Our partners offer personalized booking platforms where guests can customize every aspect of their itinerary, from shore excursions to onboard experiences. Those decisions can be made months in advance or even just a day before arriving at a destination.

Although guests may be traveling together on the same ship, every journey becomes unique. Some may choose culinary experiences, others cultural tours or private excursions, all supported by technology that makes personalization simple.

Behind the scenes, the operational complexity is significant, but technology allows us to deliver highly customized experiences while ensuring every journey remains seamless from beginning to end.
 

Luxury travel has changed significantly over the past decade. Do you believe today's definition of luxury is increasingly centered around experiences rather than traditional hospitality?

Absolutely. Luxury is no longer defined by gold finishes or extravagant surroundings. Today's luxury is about time, authenticity and personalization. Travelers want meaningful experiences that connect them with a destination. They value waking up somewhere new each morning, immersing themselves in local culture and exploring destinations at a relaxed pace without worrying about airports, transfers or constantly changing hotels.

Cruising offers something unique because the travel itself happens while you're sleeping. Guests maximize every day while still enjoying comfort and exceptional hospitality. That ability to experience more while traveling less has become one of the greatest luxuries in modern tourism.
 

Destinations are increasingly focused on growing tourism while protecting the places that make them unique. How does United Waterways work with destinations to support sustainable tourism?

Sustainability has to be approached from several different angles. From an environmental perspective, our vessels already meet some of Europe's highest certification standards, allowing them to dock directly within city centers. Looking ahead, from 2028 we'll introduce our first generation of multi-fuel vessels capable of operating using electricity, methanol and biofuels, representing a major step towards net zero operations.

Equally important is what we call managed tourism. Working closely with local authorities, our partners carefully schedule excursions outside peak commuter periods, reduce group sizes and stagger visitor flows across attractions. Rather than hundreds of guests arriving at the same location simultaneously, River Cruising is designed to distribute visitors throughout the day to reduce congestion while improving the overall experience. This approach creates better outcomes for travelers while ensuring local communities continue to benefit from tourism in a responsible and sustainable way.
 

Decarbonization remains one of the industry's biggest challenges. How is United Waterways preparing for that transition?

Several years ago, we began evaluating what the future fuel mix should look like, not just for our business but for the wider river cruise industry. Today, our vessels already utilize shore power wherever infrastructure exists, and many are capable of operating with alternative fuels. The next major step will be introducing methanol alongside biofuels as supply infrastructure continues to develop across Europe.

The transition won't happen overnight, but by working collaboratively across the industry we're creating realistic, scalable solutions that will benefit the entire sector rather than individual companies.
 

Europe remains the heart of river cruising, but demand for immersive travel continues to grow globally. Where do you see the biggest opportunities for expansion?

Europe remains unrivaled because of the number of historic cities, cultures and experiences connected by navigable rivers. Guests can travel through multiple countries and experience entirely different cultures within a single itinerary.

Outside Europe, however, we see enormous opportunities for coastal and expedition cruising. Regions such as Scandinavia, the Arctic and parts of Southeast Asia offer extraordinary natural beauty and authentic experiences that are perfectly suited to smaller vessels capable of reaching remote destinations.

Our strategy is to continue strengthening our position in European river cruising while expanding globally through coastal and expedition cruising, allowing guests to experience both remarkable cities and spectacular natural environments.
 

Finally, looking ahead over the next decade, what role do you see United Waterways playing in shaping the future of destination travel?

We're seeing a fascinating evolution in global travel. Historically, European rivers attracted predominantly European and North American travelers, but today we're welcoming growing numbers of guests from Asia. Despite their different backgrounds, they're all looking for the same thing: authentic cultural experiences and genuine connections with destinations.

That reinforces our belief that destination focused travel will continue to grow. Our investment will remain centered on smaller ships, immersive experiences and highly personalized journeys rather than simply increasing passenger numbers.

Ultimately, our ambition is to continue supporting the world's leading travel brands while redefining how travelers experience destinations through sustainable operations, innovative technology and unforgettable journeys.

VINCI Airports operates one of the world's largest airport networks across multiple continents. From your unique perspective, what are the biggest changes you've seen in passenger behavior over the past five years?

The biggest observation has been the remarkable resilience of mobility. At the beginning of the Covid crisis there were genuine concerns that people might permanently change the way they traveled, particularly by air. Some believed demand would never fully recover. What we have actually experienced has been the opposite. Across almost every market where we operate, demand has returned strongly and continues to grow. That growth is happening at different speeds depending on the region and the type of traveler. Leisure travel remains extremely strong, but we are also seeing significant growth in people traveling to visit friends and relatives. Global diaspora communities are creating new travel patterns, which means airports have to cater for increasingly diverse passenger expectations.

For us as an airport operator, the challenge is ensuring every airport evolves alongside those changing needs. No two airports are identical. Each serves a different market, different airlines and different passenger profiles. Our responsibility is to anticipate those trends and create airports that can continue supporting long-term growth while delivering an outstanding passenger experience.
 

Airports are increasingly becoming destinations in their own right rather than simply transport hubs. How is VINCI Airports helping shape that evolution?

The airport is often the very first impression someone has of a country or region. That first impression matters. We want passengers to immediately feel connected to the destination they are visiting rather than experiencing a terminal that could be anywhere in the world. We call this creating a "sense of place." It means incorporating local culture, architecture, food, retail and hospitality into the airport experience so travelers immediately understand where they have arrived.

At the same time, passenger expectations continue to evolve. Travelers increasingly expect airports to offer more than efficiency. They want convenience, comfort and memorable experiences. The airport itself is becoming part of the journey rather than simply the beginning or the end of it. That means investing heavily in digital services that simplify the passenger journey, using technologies including artificial intelligence to improve interactions and reduce friction throughout the airport.

We are also transforming commercial areas. Traditional retail and food courts are giving way to more experiential concepts, premium hospitality services and lounges designed around different traveler needs. Our renovation projects in Japan or in Belfast are good examples of this strategy, where commercial spaces have been redesigned to offer a far more engaging and enjoyable passenger experience. Ultimately, our objective is to create airports that passengers genuinely enjoy spending time in.
 

Sustainability remains one of aviation's biggest challenges. Where has VINCI Airports made the greatest progress, and what innovations will have the biggest impact over the next decade?

Sustainability is undoubtedly one of the defining challenges facing aviation. Every stakeholder understands that future growth must be sustainable if our industry is to continue developing responsibly.

We recognized that challenge early. Since 2016 we have followed a clear decarbonization roadmap across our airport network. Today, almost every airport we operate participates in Airports Council International's Airport Carbon Accreditation program, with six airports already achieving the highest level of accreditation by reaching Net Zero for their own operational emissions.

Our ambition is clear. Across Europe, including London Gatwick and Edinburgh, we aim to reach Net Zero for our operational emissions by 2030, before extending that ambition across our global network by 2050.

However, sustainability is much broader than carbon reduction alone. Renewable energy is a major focus, with solar farms being deployed across several of our airports. We are continually improving the energy efficiency of our infrastructure through modernization and refurbishment programs.

Waste management is another important priority. In some countries this is relatively straightforward because mature recycling infrastructure already exists. In others, including markets such as Cambodia, Brazil and the Dominican Republic, we often have to develop entirely new solutions ourselves.

Biodiversity also plays an increasingly important role. We actively map ecosystems around our airports, identify protected species and develop programs to preserve local habitats. Wherever legislation allows, we have eliminated pesticide use across our network. The key is recognizing that sustainability looks different in every market. Our responsibility is to apply the same high standards globally while adapting to local conditions.
 

Passenger numbers continue to grow every year. How do you prepare airports for that future demand?

Preparation begins many years before passengers actually arrive. We invest considerable effort into forecasting future demand and ensuring our airports are ready for long term growth. One principle we strongly believe in is increasing capacity within an airport's existing footprint wherever possible. It is often a far more complex engineering challenge, but it is also significantly more sustainable than expanding into new land.

In Japan, for example, we have substantially increased passenger capacity by redesigning passenger flows and completely renovating existing terminals rather than building new ones. At London Gatwick we are following a similar philosophy. By making greater use of the airport's existing standby runway, we will significantly increase capacity while remaining within the airport's current footprint.

Infrastructure, however, is only one part of the equation. Operational excellence is equally important. Airports experience significant peaks throughout the day, meaning productivity needs to increase dramatically over relatively short periods. That requires efficient processes, highly trained teams and smart technology working together.

Artificial intelligence is becoming increasingly valuable in this area. At airports including London Gatwick, Lisbon and Lyon in France, we have introduced AI-powered computer vision systems that monitor aircraft turnaround operations in real time.

These systems allow us to understand exactly where every stakeholder is during an aircraft turnaround, identify potential delays before they escalate and react much faster when disruption occurs. Improving coordination across airlines, ground handlers and airport teams ultimately benefits passengers through greater punctuality and a smoother overall journey.
 

Beyond operational efficiency, what role do you see artificial intelligence playing in the future of airports?

AI has enormous potential beyond improving day-to-day operations. One challenge facing our industry globally is access to skilled people. We operate across 14 different countries and recruiting specialist talent is not always straightforward in every market. Artificial intelligence enables us to deploy those skills more effectively by automating repetitive tasks and allowing our teams to focus on activities where human expertise creates the greatest value.

It also helps us become a more efficient organization overall, improving decision-making, resource planning and operational resilience. Importantly, technology should never replace the human experience. Instead, it should allow our people to deliver an even better service by removing complexity behind the scenes.
 

VINCI Airports has built one of the world's largest airport portfolios. What guides your long term acquisition and expansion strategy?

Our approach has remained remarkably consistent over the past 15 years. We consider opportunities across many different regions and countries, but we are extremely selective. Every opportunity is thoroughly assessed before we make any investment decision.

Experience is one of our greatest strengths. Each acquisition teaches us valuable lessons that improve the next one. We remain open-minded geographically because attractive opportunities can emerge anywhere in the world, provided we see long term potential. However, discipline is essential. We believe sustainable growth comes from investing in the right assets, at the right price and at the right moment. That philosophy has served us well and continues to guide our international expansion.
 

Finally, on a personal level, when you eventually decide to retire, what legacy would you like to leave behind?

What makes VINCI Airports unique is that we are not simply a collection of airports. We are a global network. We operate across multiple continents, cultures and regulatory environments, employing close to 20,000 people. Every airport has different strengths, different expertise and different experiences.

If there is one legacy I would like to leave, it would be strengthening those connections between our airports even further. There is tremendous value in sharing knowledge, innovation and best practice across the network. The more we collaborate, the stronger every airport becomes.

I would like to be remembered as someone who helped bring people together, encouraged collaboration and supported the continued growth of an organization where everyone learns from one another. If I can leave behind a stronger, more connected VINCI Airports than the one we have today, I would consider that a success.

Mike, thank you for joining me today. Destinations are competing harder than ever for visitors, investment and global attention. From your perspective, what is it that truly sets Anaheim apart in such a competitive tourism landscape?

I think there are a number of things that make Anaheim unique, and of course we have to start with Disneyland. It remains the number one driver for our destination and we're incredibly fortunate to have such an iconic global attraction in our city. More importantly, they're an outstanding partner and we work very closely together to continue promoting Anaheim to visitors from around the world.

That said, Anaheim has evolved dramatically over the last decade. Before I joined Visit Anaheim, I spent many years with Marriott, and when I look back 10 or 12 years, Anaheim was primarily known for midscale hotels and chain restaurants. It simply wasn't recognized as a luxury destination.

Today that picture has completely changed. We've welcomed exceptional luxury hotels including The Westin Anaheim Resort, JW Marriott and The Viv, alongside existing premium properties such as Disney's Grand Californian Hotel. At the same time, we've seen an incredible transformation in our culinary scene, with Michelin-recognized chefs and James Beard Award-winning talent helping elevate Anaheim into a genuine food destination.

That evolution has changed the perception of our city. Visitors are beginning to understand that Anaheim offers so much more than theme parks. It has become a destination where luxury accommodation, outstanding dining, entertainment, sport and authentic local experiences all come together.
 

Luxury travel continues to evolve. Today's travelers increasingly value unique experiences over traditional definitions of luxury. How has Visit Anaheim adapted to meet those changing expectations?

I think that's exactly right. Luxury today isn't simply defined by staying in a five-star hotel. It's much broader than that. Modern travelers want experiences that feel personal. They want to discover places that aren't necessarily on every tourist itinerary. They want stories they can tell when they return home.

For us, that means highlighting the parts of Anaheim that many visitors simply don't realize exist. We spend a great deal of time showcasing local restaurants, neighborhood experiences and hidden gems that help visitors experience Anaheim beyond what they may already know. Those authentic experiences are becoming increasingly valuable because people are looking for something unique rather than simply following the crowd.

At the same time, we're encouraging visitors to extend their stay and explore more of Southern California. We often talk internally about "one more night." Our average domestic visitor stays around two and a half to three nights. If we could encourage every visitor to stay just one additional night, the economic impact for our destination would be extraordinary.

That additional day allows visitors to experience destinations such as South Coast Plaza, one of the world's premier luxury shopping destinations, alongside everything else Anaheim has to offer. Our role is making sure people understand those opportunities exist.
 

Competition today extends far beyond neighboring cities. Destinations are now competing globally, not only with other cities but with entirely different types of travel experiences. How do you continue to differentiate Anaheim in such a crowded marketplace?

The competition is incredible. Of course, we compete locally with destinations such as Los Angeles and San Diego, but we also compete with cities like Denver and Dallas. Internationally we're competing with places like Athens and Venice, while at the same time travelers are also considering cruise holidays, vacation rentals and countless other leisure options.

Ultimately, every destination is competing for a traveler's time and their discretionary spending. Our strategy has been very clear. Rather than trying to be everything to everyone, we focus on telling stories that nobody else can tell. Disneyland is unique. Our food scene is unique. The personalities connected with Anaheim are unique. Those are the stories that differentiate us.

We're also investing heavily in influencer marketing because we've recognized that people consume travel inspiration very differently today. Visitors are far more likely to believe somebody they follow and trust than they are to believe a traditional destination advertisement. When somebody genuinely loves Anaheim and shares their experiences, those recommendations become incredibly powerful. That authenticity is something we cannot replicate through conventional marketing alone.
 

Creating reasons for people to visit has become just as important as promoting existing attractions. How important are original events in driving tourism growth?

They're becoming absolutely critical. One area we've focused on is creating what we call tentpole events, experiences that give people a specific reason to visit Anaheim beyond our existing attractions.

Earlier this year, we launched Stand Up Chow Down, a comedy and culinary festival that brought together nationally recognized comedians alongside exceptional food experiences. It was intentionally designed as a boutique event, but it created tremendous excitement and demonstrated there is strong demand for experiences like that. We're also exploring opportunities with major entertainment partners, including discussions around launching an Anaheim Goes Country music festival.

Another great example is the Savannah Bananas. It's not a traditional baseball game. It's really entertainment wrapped around sport. We've hosted them twice now, selling out Angel Stadium with approximately 45,000 people each evening. Hotels filled, restaurants were busy and the city benefited from thousands of overnight visitors. Those are exactly the types of events we're looking to create because they generate entirely new demand rather than simply relying on existing tourism patterns.
 

As tourism continues to evolve, where do you think the industry has the greatest opportunity to improve? Are there partnerships or collaborations you believe destinations should be pursuing more actively?

One thing I'm very proud of is how collaborative California's tourism industry has become. Across Visit California, CalTravel and our destination partners, there is a genuine willingness to work together because we recognize that growing tourism benefits everyone. Where I think there's exciting opportunity is creating partnerships that elevate multiple brands simultaneously.

One idea we've been exploring is working alongside companies such as Tiffany & Co. and Maverick Helicopters to create completely unique luxury experiences. Imagine inviting international media to Anaheim before flying them by helicopter to South Coast Plaza for a "Breakfast at Tiffany's" experience. The helicopter itself would even be branded Tiffany Blue. It creates exposure for every partner involved while also showcasing a side of Anaheim that many people simply wouldn't expect.

Those are the kinds of creative partnerships that excite me because they help reposition Anaheim in the minds of travelers while delivering value for everyone involved. Tourism has become much more experiential, and partnerships like these allow destinations to tell stories that simply weren't possible before.
 

Finally, looking ahead over the next decade, what do you think will define the world's most successful tourism destinations?

For me, the answer is actually very simple. The destinations that succeed will be the ones that stop telling their own story and instead empower other people to tell it for them. Consumers naturally expect destination marketing organizations to promote their own cities. That's our job. Because of that, our messaging can sometimes be viewed with a degree of skepticism.

However, when respected creators, athletes, entertainers or travelers who genuinely love a destination share their experiences, people listen. We've been very deliberate about partnering with people who have authentic connections to Anaheim, whether that's Tony Hawk, Heather and Terry Dubrow, Tia Mowry or others who genuinely appreciate what the city has to offer. The results have been remarkable. We can directly measure increases in overnight visitation and visitor engagement generated through those partnerships. Equally important is user-generated content. Encouraging visitors to discover somewhere new and then share those experiences with their own audiences creates a level of authenticity that traditional marketing simply cannot match.

Travel planning has fundamentally changed. My wife recently planned a sixteen-day trip through Europe almost entirely using Instagram and TikTok because she was inspired by people sharing real experiences. That is how today's travelers make decisions.

The destinations that embrace authentic storytelling, trusted voices and community-generated content will be the ones that lead global tourism over the next decade. Marketing is no longer about telling people where to go. It's about inspiring them through the experiences of people they already trust.

Vinay, before we discuss the future of travel and cross border finance, could you introduce yourself and explain a little about Wise and the customers you serve?

I'm Vinay Nilakantan, head of product for North America at Wise. At a high level, Wise serves three core customer groups. The first is consumers who use our services to send money internationally and spend across borders. The second is small businesses that rely on Wise for essential functions such as paying suppliers and contractors around the world. The third is large financial institutions that use our infrastructure to power cross-border payments.

Within those groups, there are several different customer segments. For consumers, for example, we support relocators who are moving to new countries, frequent travelers who need to spend internationally and people managing money across multiple currencies.

Today, we serve just under 19 million customers globally and move close to a quarter of a trillion dollars. Around 74 percent of our payments are already near instant, and our ambition is to continue pushing that as close to 100 percent as possible.
 

Moving money across borders can still feel expensive and complicated for many travelers. How is Wise working to make that experience simpler?

You're absolutely right. There are still a lot of friction points in international travel, particularly around money. Travelers may face hidden transaction fees, expensive ATM withdrawals, poor exchange rates or cards that need to be activated before use abroad. Our goal is to remove as much of that complexity as possible so people can focus on the journey rather than the mechanics of spending.

The Wise account allows customers to hold multiple currencies, while our global spend card connects directly to those balances and is designed to work internationally without the traditional friction of notifying your bank or worrying about whether the card will function abroad.

If you're traveling from London to Australia, for example, the aim is that you simply arrive and start spending. There shouldn't be an additional layer of administration just because you've crossed a border. Ultimately, we want international spending to feel as simple and familiar as domestic spending.
 

Travelers, digital nomads and international businesspeople are managing money very differently than they were a decade ago. What trends are you seeing, and how are they influencing Wise's strategy?

One of the biggest changes is the amount of information travelers now have available to them. People are much more involved in planning every part of their journey. They're not simply handing everything over to a travel agent. They're researching transport, accommodation, experiences, currency movements and the costs associated with different destinations.

Foreign exchange can even influence where people choose to travel because customers are increasingly aware of where their money will go further. We're also seeing the lines between business and leisure travel continue to blur. A small business owner might travel internationally to meet suppliers and then extend the trip into a holiday.

At the same time, digital nomads, content creators and people working internationally for longer periods have very different requirements from traditional tourists. That means the travel segment is becoming increasingly diverse, and we have to build products that recognize those different behaviors rather than assuming every traveler has the same needs.
 

Technology has already transformed cross-border payments significantly. Looking ahead over the next five years, what changes are you preparing for at Wise?

The most fundamental priority remains infrastructure. We want to keep improving the technology behind international payments so transactions become faster, cheaper and increasingly real time.

Our mission has always been centered on transparency and reducing cost. We openly talk about bringing prices down over time because we believe cross-border transactions should ultimately become as inexpensive and efficient as possible.

But there is another interesting evolution happening. When customers trust an app like Wise, they increasingly want it to do more for them. That opens the door to building a broader travel experience around the core financial relationship. Rather than only helping customers move or spend money, we're exploring how Wise can remove other points of friction throughout an international journey. Our long-term vision is to make the experience much more holistic, where customers can use one trusted platform for several different aspects of traveling internationally.
 

You mentioned expanding beyond payments into a broader travel experience. What might that look like in practice?

One area we're actively exploring is connectivity. eSIMs are a good example because finding a local SIM when you arrive in another country can create unnecessary complexity. If that experience could eventually be integrated into an app travelers already trust, it would remove another step from the journey.

I should clarify that eSIMs have not launched within Wise yet. They are something we're actively exploring. A service we have already introduced in selected markets is airport lounge access. That demonstrates the broader direction we're considering. We know we have a strong payments experience, but the question is how we can extend that trusted relationship into useful travel services that sit alongside it.

The broader ambition is to create something closer to a travel concierge, where customers don't need multiple different apps and providers simply to manage the basic elements of an international journey.
 

Travelers increasingly expect payments and services to be instant, transparent and consistent wherever they are. What are the biggest challenges to making that a truly global reality?

Consistency is one of the biggest challenges when you're operating globally. Wise is an extremely metrics-driven company, and one measure we're particularly proud of is customer referrals. Around seven out of every 10 customers we acquire through word of mouth are referred by existing customers. To us, that's much more than a marketing metric. It demonstrates that customers genuinely value the product experience enough to recommend it.

The challenge is maintaining that level of experience across different markets. A lounge experience in the United States may work very differently from one in the Middle East. Regulatory requirements, local infrastructure and partnerships can all vary enormously. So from a product perspective, one of the biggest questions is how to deliver a consistently frictionless experience regardless of where the customer is.

The second challenge, and also a major opportunity, is the increasing variety of travelers. A tourist, a content creator and a digital nomad may all be traveling internationally, but their requirements can be completely different. Our job is to understand those segments while still creating an experience that feels simple and consistent for everyone.
 

Wise has already evolved significantly beyond being simply a cross-border transfer service. Where do you see the biggest opportunities for the company within the wider international financial ecosystem?

We've already moved beyond being purely a transactional service. Customers increasingly use Wise as an account experience. They can hold different currencies, receive money and, in some markets and currencies, access features that allow them to earn a return on the money they're holding. That represents an important evolution.

We're moving from a world where someone opens Wise only when they need to make an international transfer into one where Wise becomes part of how they manage their money more broadly. We're seeing more customers holding balances with us and using Wise to receive funds as well as send them. That shift from a transaction-led service towards a deeper account relationship is a significant part of where we're heading.
 

Finally, if we were having this conversation five or 10 years from now, how do you think technology will have changed the way Wise serves international customers?

The pace of technological change makes long-range predictions difficult, but I think the underlying objective will remain the same. We want to continue reducing cost while increasing the efficiency of the infrastructure behind the customer experience. Artificial intelligence may allow us to become much more dynamic in how we support customers, including offering more intelligent suggestions around their travel experience.

At the same time, the infrastructure itself could change dramatically. The rails used to move money, the systems used to safeguard funds and the way liquidity is managed may all look very different in the future. From the customer's perspective, the experience may still feel incredibly simple: near real-time transactions, transparent pricing and an intuitive app. But behind that simple experience could be an entirely different technology infrastructure. That's what makes this period so exciting. The challenge for us is taking those advances and turning them into products that genuinely make international life easier for our customers.