Lacaze plays down CVC exit strategy

Lacaze plays down CVC exit strategy
By admin


Jetset Travelworld Group chief executive Peter Lacaze has played down any immediate prospect of its shareholders exiting the business as CVC Asia Pacific prepares to offload Mantra Hotels and Resorts.

The private equity firm, which owns 27% of publicly-listed JTG, also has a 40% interest in Mantra which it has put up for sale.
The move has raised speculation about its investment in JTG and when it is likely to sell its stake. Rumours began circulating again yesterday with media reports suggesting CVC was poised to exit Australia amid deepening losses at its flagship investment, Channel 9.
But Lacaze told Travel Today he has received no indication that CVC was intending to exit the business despite acknowledging it was not in the make-up of private equity to commit to the long term.
“I have received no indication that CVC is planning anything in relation to JTG,” Lacaze said. “It has a larger investment in Mantra and perhaps it feels it is the right time to move on that front. “
While CVC sits on the JTG board, nothing is discussed regarding the future plans or intentions of shareholders, he said.
“They are very private. My responsibility is to run the company and get a result,” he said. “But I would not be the last to know and I have had no indication that the speculation is true.”
Observers said a strong year-end result for JTG could spark a move by CVC.

Email the Travel Weekly team at traveldesk@travelweekly.com.au

Latest News

  • Products

Embrace the journey: Traversing the world with the Shokz OpenRun

If you’ve been on the wrong side of a final call in the airport, or missed the stop on rail journey, it might be time to invest in a pair of Shokz OpenRun headphones. Originally marketed as headphones for fitness fanatics, runners or cyclists with a keen to steer clear of a prang with a car, […]

  • Tour Operators
  • Tourism

TTC: Deals are driving up demand for September trips

The latest market research from TTC Tour Brands shows interest in international leisure travel remains high for 2024, with 77 per cent of Australians over 18 still planning trips this year. Notably, 28 per cent of those travellers are eyeing September for their journeys. Europe continues to be the most popular destination, with 68 per […]

  • Aviation

Qantas ‘working urgently’ to fix app data leak

Qantas is looking into customer reports that passengers have this morning been able to access other passengers’ personal information on the airlines app. X user Lachlan posted that he was able log into different accounts every time he opened the app. My @Qantas app logs me in to a different person each time I open […]

  • Hotels

Revamped Wailoaloa Beach hotel opens as Crowne Plaza Fiji Nadi Bay Resort & Spa

Crowne Plaza Fiji Nadi Bay Resort & Spa is open and ready for bookings after the first phase of a multi-million-dollar transformation. Part of IHG Hotels & Resorts’ premium collection, the transformation has seen the completion of 106 guestrooms showcasing contemporary interiors reflective of the premium Crowne Plaza brand and is a first for the […]

  • Luxury
  • News

Kamalaya Koh Samui clinches clutch of wellness awards

Kamalaya Wellness Sanctuary & Holistic Spa has so far clinched five prestigious awards in 2024, including being inducted into the ‘Hall of Fame’ at the World Spa & Wellness Awards in London. Founders of the Koh Samui sanctuary and spa John and Karina Stewart expressed their heartfelt gratitude for the awards. “We are profoundly honoured […]