Travel booking and media solutions company NextTrip completed its acquisition of Five Star Alliance, an online travel agency (OTA) for luxury hotels, for an undisclosed amount.
NextTrip acquired the remaining 51% stake in the OTA following its initial purchase of a 49% stake in February. NextTrip is now the sole owner of Five Star Alliance.
The acquisition will open integration opportunities and bolster growth in B2C and B2B travel segments, also helping both companies scale “high-end travel solutions,” NextTrip said in a release. The integration of Five Star Alliance’s inventory will also better position NextTrip within the luxury travel sector, the company said.
“This acquisition is a significant milestone for NextTrip, as we fully integrate Five Star Alliance’s industry expertise, strong relationships, and loyal customer base,” said Bill Kerby, CEO of NextTrip.
“Since our initial purchase of a 49% stake, we have been focused on streamlining operations and identifying key growth opportunities for the companies. By leveraging NextTrip’s advanced technology alongside Five Star Alliance’s established market presence, we believe that we are well-positioned to drive revenue growth, enhance customer experiences and further innovate the travel industry.”
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Five Star Alliance, founded in 2004, has a collection of more than 5,000 five-star hotels and resorts globally, as well as 35 cruise lines. The platform provides clients with guidance throughout the booking process, as well as a concierge service, according to its website.
Founded in 2002, NextTrip has a suite of online products, including leisure travel brand NextTrip Journeys, travel management solution NextTrip Business and travel software NextTrip Solutions. In March, the company launched NextTrip Cruise to simplify cruise booking.
Earlier this month, NextTrip also acquired Journy TV, a travel and adventure focused Free Ad-Supported Streaming TV channel. According to John P. McMahon, CEO and significant owner of Five Star Alliance and new chief operating officer of the travel division at NextTrip, the company's latest acquisition goes hand-in-hand with the expansion of its media arm.
“Our initial partnership with NextTrip demonstrated the strong synergy between our expertise in luxury travel and their technology-driven approach. Now, as a fully integrated part of NextTrip, we are excited to expand our reach into NextTrip’s streaming content outlets such as Journy.tv and Compass.tv, which operate on platforms with an estimated audience reach of 17 million active devices each month,” said McMahon.
“As visual travel content overtakes photos, we believe the word and brand NextTrip is well positioned in the travel search and decision funnel for today and tomorrow. I look forward to being part of this bright future moving forward.”