Expedia Group is selling luxury vacation wholesaler Classic Vacations to a private investment firm, the Najafi Companies. 

In a statement Monday, Classic Vacations said the Najafi Companies signed a definitive agreement to acquire all of its assets from Expedia, effective April 2.

"The luxury vacation business will see a rebound in the near future and Classic Vacations is well positioned to capitalize on that growth," Jahm Najafi, president and CEO of the Najafi Companies, said in announcing the agreement. "Classic Vacations has built a sterling brand over the past 40-plus years with a devotion to their employees, a reputation for incredible products and service and, most importantly, a client-focused culture that is so critical in today's environment. We are excited to have an industry- leading company join our portfolio of brands."

Classic will operate as a standalone company, with president David Hu and his leadership team remaining in place; and its headquarters will stay in San Jose, Calif.

It is a leading wholesaler of vacation packages around the world, including in Hawaii, Caribbean, Mexico, Europe and the South Pacific.

Based in Phoenix, the Najafi Companies is a private investment firm whose travel-related holdings include brands like Ritz-Carlton, St. Regis Hotels and Promontory Park City.

Hu said that "while it's sad to part ways with our colleagues at Expedia Group, this change allows us to further strengthen our partnership with our travel advisors and to better support our travel advisor, hotel and destination partners."

This story was updated to correct the location of Classic Vacations' headquarters.

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