DELRAY BEACH, Fla. -- Travel Services International signed
agreements to acquire two Boca Raton, Fla.-based cruise-only
companies.
TSI chairman Joseph Vittoria said the companies -- one named
1-800-CRUISES and the other named Jubilee Enterprises, which also
does business as the Travel Department and operates the (800)
CRUISING toll-free number -- were being acquired for the value of
their phone numbers. The two companies are affiliated, with
overlapping management and ownership.
Unlike TSI's previous acquisitions, which together are expected
to top $500 million in cruise bookings this year, these firms are
not considered high-volume producers. Taken together, they would
represent the 12th cruise distributor that TSI has acquired since
going public in July 1997.
"The 1-800-CRUISES telephone number is quickly recognized, easy
to remember and can be used in a variety of media," Vittoria said.
"We will use the 1-800-CRUISES number as a key part of our new
national marketing strategy in the cruise segment, which we expect
to launch this fall."
Vittoria said the phone number would work hand in hand with the
new marketing name -- the Travel Company -- that TSI has chosen for
its cruise distributors and travel products.
The newly acquired companies share a Web site:www.1-800-CRUISES.com.
TSI did not release a purchase price for the planned
acquisition, saying that the transaction would close this month in
return for cash and shares of TSI's common stock.
Besides its cruise distributorships, TSI owns two international
airline consolidators and one domestic consolidator, two European
car rental companies, an electronic hotel reservations company and
ABC Corporate Travel Services.
TSI also has rolled out a reservations system product called
Flight Attendant. The Web-based booking technology is being
released in phases. The company said that a similar booking product
for cruises is in development.