# Royal Caribbean Buys Into Sandals and Cruise Demand Holds Up - Travel, Airlines & Leisure Weekly - Week of October 3, 2026

> Travel, Airlines & Leisure Weekly for the week of October 3, 2026. Podcast synthesis on Royal Caribbean taking a 50% stake in Sandals Resorts for about $3 billion, Carnival's record bookings as bunker-fuel costs double, why fall and spring airfares now match last summer's, lower-income pullback at regional theme parks and budget Las Vegas, and travel companies from Airbnb to Uber to Norwegian racing to own more of each trip.

## Travel, Airlines & Leisure Weekly

### Week of October 3, 2026: Royal Caribbean Buys Into Sandals and Cruise Demand Holds Up

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The biggest travel story on podcasts over the past two weeks was a cruise company buying into hotels. Royal Caribbean agreed to take half of Sandals Resorts. Almost every hospitality show covered it, and the coverage kept returning to one idea: travel companies want to own more of each trip, not just one piece of it. You can see the same idea in Airbnb adding hotels, Uber selling hotel rooms, and Norwegian building a water park on its private island.

Under the deal news, two other themes came up. Cruise demand is still strong, even with fuel costs much higher. And the cost of travel is now so high that some consumers are starting to push back. In this issue: the Sandals deal from every angle, what Carnival's results say about demand, why your fall flight costs as much as last summer's, the struggle at regional theme parks, and some smaller stories from luxury trains to $99 bus seats.

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## 1. Royal Caribbean buys half of Sandals: the details

*The deal.* On *Behind the Stays*, host Zach Busekrus set out the terms. Royal Caribbean is taking a 50% equity stake in Sandals and Beaches Resorts for about *$3 billion*, which puts the whole company's value at about $6 billion. The price is "about 10x forward EBITDA." EBITDA is a rough measure of a company's yearly operating profit, so Royal is paying about ten times what Sandals is expected to earn next year. The deal is funded with committed debt from Morgan Stanley. It is set up as a joint venture with a shared board led by Royal Caribbean CEO Jason Liberty and Sandals executive chairman Adam Stewart. It is expected to close in early 2027. Existing reservations, loyalty programs and operations carry on as usual "at least for now." [Behind the Stays, Sep 25](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgymaQfaQwK5lWnVfQAd1g6iwjiPemH8w3qXDWvPA-2BGVIdSpNg58-2Bzf3d3isHp0yjrnj9OMr3uzP0Lh2lZVLQmHP1prB6akRBRIk-2BCIHa0zEw-3D-3DAXBl_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXpSYbx2q-2BL2rNI8nMvG4bIl7RP4yIWI0chb8fBy-2FOL4etFCuV9wAqUhu8TmM-2FyQgnUHEQyHKPVuUrumkm7CWehT5CB1V00sVhRHCr-2BZScE2Yk678lMgnaUa-2BObHIgzCPT8WKqMob2RxkXzSyiDZn3knNpJNxWg1w55enFhqyxS7w-3D-3D)

Royal's stated reason is to grow into an "adjacent vacation category" and win a bigger share of what it calls a roughly *$2 trillion global vacation market*. Sandals gets money to build faster. New Beaches resorts are planned for Exuma, Barbados, Runway Bay and St. Vincent. Busekrus pointed to a line in the announcement about "broaden distribution, deepen guest engagement." He read it as "a future where a cruise passenger's loyalty status could follow them onto a Sandals beach." [Behind the Stays, Sep 25](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgymaQfaQwK5lWnVfQAd1g6iwjiPemH8w3qXDWvPA-2BGVIdSpNg58-2Bzf3d3isHp0yjrnj9OMr3uzP0Lh2lZVLQmHP1prB6akRBRIk-2BCIHa0zEw-3D-3DfLfl_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXpSYbx2q-2BL2rNI8nMvG4bIl7RP4yIWI0chb8fBy-2FOL4ckXBY0tKAY6-2FIiQaCdhShYmGxhRQcrFiZ36kWWPjI7-2BBGMhQyGfrAD7CzDTqMmWw4-2B322Gq90oQpACFS1k9mmk4Yk4asdbXnCmB8UpBEzpWzDABfYKjtvB-2BkPsVC5i6dg-3D-3D)

*The customer numbers.* Former luxury hotel GM Edwin Kramer cited the figures that explain the deal. Royal Caribbean carries about *9 million passengers a year*. Sandals has about *1 million guests a year, and 40% of them are repeat visitors*. His point was that cruise lines "own a customer for, you know, two weeks, maybe once a year, and sometimes even just once." They have also been giving away the hotel nights their passengers book before and after a cruise. He sees this happen in Barcelona when ships dock. He said the real question is not whether 10x is a high price. It is "what Sandals is worth inside the Royal Caribbean... versus what Sandals is worth on its own," through cross-selling, loyalty and development upside. [Behind the Stays, Sep 25](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgymaQfaQwK5lWnVfQAd1g6iwjiPemH8w3qXDWvPA-2BGVIdSpNg58-2Bzf3d3isHp0yjrnj9OMr3uzP0Lh2lZVLQmHP1prB6akRBRIk-2BCIHa0zEw-3D-3DhqMR_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXpSYbx2q-2BL2rNI8nMvG4bIl7RP4yIWI0chb8fBy-2FOL4TLu66-2Bq8Cyy415CIUOdECr8cZTA0WwyfzplttJYPS2ofgy-2F93rupmk0hkNgmmp60NgRjbsCpqW9iOy-2F-2B61S-2FRVg-2Fglkpoh51k0O-2BRY1k5WrFIavcoyEAw9VSAR46RO6EQ-3D-3D)

*The shipyard limit.* Cruise expert Scott Eddy, who is about to take his 124th cruise, gave the clearest reason why cruise lines are buying on land. "Cruise companies can only grow their business so quickly by building more ships," he said. "All the shipyards in the world have a backlog for about 10 or 15 years." Hotel stays before and after a cruise are "absolutely massive to the cruise industry... It's huge money." He also said the typical cruise passenger is getting younger "by like a year and a half or two years" every year. [Behind the Stays, Sep 25](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgymaQfaQwK5lWnVfQAd1g6iwjiPemH8w3qXDWvPA-2BGVIdSpNg58-2Bzf3d3isHp0yjrnj9OMr3uzP0Lh2lZVLQmHP1prB6akRBRIk-2BCIHa0zEw-3D-3Dxfss_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXpSYbx2q-2BL2rNI8nMvG4bIl7RP4yIWI0chb8fBy-2FOL4aGWKRuQtRV8mkeoL2ob9UdNWkkEEqv7IKz5QCxdC59BGKk-2BQa-2Fkb1WXf4sjpW8cfPq32QZQGtjFqstxXcY9q7IVabGsP0gVpW089zyn0yYmJLTx6mkPs35Aj0IlutOJZg-3D-3D)

Eddy has known the Stewart family since childhood; he called the late founder "Uncle Butch". He made a bold prediction: "It won't be long. They'll acquire them wholly. I'm convinced they'll acquire them wholly." He doesn't think the big hotel chains wanted this kind of deal: "They just like their piece of the pie because they're literally making tons of money." [Behind the Stays, Sep 25](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgymaQfaQwK5lWnVfQAd1g6iwjiPemH8w3qXDWvPA-2BGVIdSpNg58-2Bzf3d3isHp0yjrnj9OMr3uzP0Lh2lZVLQmHP1prB6akRBRIk-2BCIHa0zEw-3D-3DJERD_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXpSYbx2q-2BL2rNI8nMvG4bIl7RP4yIWI0chb8fBy-2FOL4Xs9VxwmCLMQ0K-2BeC2Tvf80E9hv5F2AXwv-2BDeqHmmskoJit5TIWvhaLhUKGdCtRQtANkNkfj2JtC6nsaimONuak-2FtukmyFoHPgTx5fyTpeRpiaRBdMeOK4AVe6jOVpxoLg-3D-3D)

Hotel operator Ben Wolff (Onera) liked that the deal keeps "the real estate, the operations, and the brand under one roof." He said cruise lines have always worked that way, and he thinks "having all of those aligned is the future." [Behind the Stays, Sep 25](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgymaQfaQwK5lWnVfQAd1g6iwjiPemH8w3qXDWvPA-2BGVIdSpNg58-2Bzf3d3isHp0yjrnj9OMr3uzP0Lh2lZVLQmHP1prB6akRBRIk-2BCIHa0zEw-3D-3DUf5W_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXpSYbx2q-2BL2rNI8nMvG4bIl7RP4yIWI0chb8fBy-2FOL4bbJ9kPIy0gLU3qShng-2BJWoMSPfCPgv8gzVob-2Bn-2BUMcfZwDdJwKaTkmr-2FrgP3KoGGLekezLz6Tf03vP2MiLbVlwAdnHXIO6p9rTYAPtX8nJ0-2B-2BosLnToyZ1AtCni87Pjdw-3D-3D)

*Why only 50%?* On *Bloomberg Intelligence*, cruise and gaming analyst Brian Egger gave the financial reasoning. Taking half gives Royal "equity exposure while maybe only tapping part of its existing liquidity and not having to lever up." In other words, it gets the exposure without taking on a lot of new debt. There may also be a tax reason. Cruise lines get tax exemptions as international shipping operators, and a separate joint venture keeps the resort business apart from that. "Had they done something that was more than 50% of control," he said, they "would have levered up quite a bit." He sees the deal as the next step in a "land-based strategy." Royal Caribbean, Carnival and Viking have all been building island destinations. [Bloomberg Intelligence, Sep 23](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOimV5mHZ9wHvHicS-2Bz3kjvbDC3u-2FadTJLMg5i1BdOKUCBnr9YHdVgwy-2FLuXvkShadLUoCvt5EOPrWN8cyLAC6j6LdzVSHVdF6Whq5RSd8pxgw-3D-3DMAAu_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXpSYbx2q-2BL2rNI8nMvG4bIl7RP4yIWI0chb8fBy-2FOL4fQ5u0dCtBrvWiB4qzaiay9wB7lW0j3sEGD9gD-2FXCRuzKLvtKt-2Be-2FqwXMFefemYYdNSAnM6XuZdkkj3gtxAsL2CxY56iayPVtrTdbP-2F2JSiB-2BlTdF-2FDNQx313if9JBZepg-3D-3D)

Stewart had said earlier this year that Sandals was not for sale. *Good Morning Hospitality* noted that a minority stake, rather than a full sale, "may actually be the structure to make this deal possible." The hosts also called it a possible hedge against rising fuel costs. If you own more of the destination, you depend less on the fuel-heavy ship. [Good Morning Hospitality, Sep 30](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOiKToXxWOZWfp-2B5ipieTJKsaTblz7p-2ByspvN4QWNrdWoHLlFKcoPr7oyPUx0sHEBWLn7Rbzjo60LRtyTzt3Akrdb9SKPoxTk-2FMRSRMb7qS8dA-3D-3D3tjp_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXpSYbx2q-2BL2rNI8nMvG4bIl7RP4yIWI0chb8fBy-2FOL4b5lPzxs-2BTnAyH2Z3GgJPzXuQevITocoQLd71qYe3ONsZeaDI2Z4-2BILVs0drfuSE9ZPJRm6wKtm3KK-2FfamvkagdQkiw9YPlxuW3ngdx6jjixEd4Y40ueG6M3aI3UNANJpg-3D-3D)

*Investors were less sure.* *Brew Markets* reported that Royal shares fell about *6%* as news of the deal came out. That wiped out roughly *$4 billion* of market value, which is more than the $3 billion Royal is spending. Shares have since recovered a little. The hosts noted that Royal is buying from strength. It had about *$4.8 billion of revenue last quarter*, demand came in stronger than expected, and management raised its full-year earnings outlook. The deal gives Royal 20 Sandals and Beaches resorts. It can also help Royal "cut out a lot of those middlemen like Booking.com and Expedia," because Royal can sell a resort stay straight to a passenger it already knows. Their comparison was Apple: "they're not just selling you a phone." [Brew Markets, Sep 23](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjs5lInrVVu6RRT7LYEPy0dGiVVzMWxZs5g4JEZb90IB4mnKC4t9tMHPT9xrxnAO5C8sc8RSy5E5tt0hs1lKH2msdB1G2sXTxJ-2FNqqhWC-2B5uQ-3D-3Diz3W_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXpSYbx2q-2BL2rNI8nMvG4bIl7RP4yIWI0chb8fBy-2FOL4eLVcNi7Eg5T3eIicRGsuf3vpTx3CZxeFxrN5PDJeKViJEJtihMj0iouKXoA5tWzn5OHqn9VqyagdnB8d4Yz7q4-2FLxuTBNElejAhlBPX6tG13sBUAecDkfMfgDRpjNsAWA-3D-3D)

*Why it matters.* Kramer pointed out that Hyatt bought Playa Hotels last year, and Marriott and others are also moving into all-inclusive resorts. There are not many large Caribbean all-inclusive companies left. As he put it, "it's a real market change in the region." [Behind the Stays, Sep 25](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgymaQfaQwK5lWnVfQAd1g6iwjiPemH8w3qXDWvPA-2BGVIdSpNg58-2Bzf3d3isHp0yjrnj9OMr3uzP0Lh2lZVLQmHP1prB6akRBRIk-2BCIHa0zEw-3D-3DsGDW_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXpSYbx2q-2BL2rNI8nMvG4bIl7RP4yIWI0chb8fBy-2FOL4bnE7LEG2oUXRzycP6sN7YFbl22EdoEpQ-2FXsS-2B5c9JX2bCjiNnoGtbagyx6kbw3qQptWRdW165tMmzKZY6vtUy-2BkNvG-2BCK7gegut2ogZGP5BpqIt-2BXmXUvfK6SngFrTkkQ-3D-3D)

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## 2. Cruise demand: strong bookings, expensive fuel

*Carnival's results.* *Brew Markets* reported that Carnival posted *record third-quarter bookings* and about *$8.4 billion of revenue for the quarter*. It beat expectations on both revenue and profit, and the stock rose *13%* that day. Carnival raised its outlook and said 2028 is "off to a strong start at higher occupancy despite higher prices." The hosts quoted the CEO saying Americans now see their vacations as "sacrosanct": "we'll take them in bad times and in good. We are earning our days off." [Brew Markets, Sep 29](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhb9MM-2FjJE-2FQha1VnFr0xO1BYTc9mUceshaxLhb0zCuB-2FlP8ZTkTaQ-2Fwfy88pBobDbXVLwerg6OxGZVTfK87TsT3-2BIvNnTqgJ5AdGx5pjsL2Q-3D-3DOAAK_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXpSYbx2q-2BL2rNI8nMvG4bIl7RP4yIWI0chb8fBy-2FOL4dlBnsgXrP2MEvczu6J-2BEI-2F8Km-2F26jfhqFMb0jfq6dbpyWWdkijt7TbzAMbvuuVXWzQxK9-2FvJDrm3Q4JW0KcQdXLlZ-2F4VYAG8W-2B7ZFRhLK5CUmOS2gMFQWc2ncAzJNOo3w-3D-3D)

*The fuel bill has doubled.* Bloomberg's Paul Sweeney found the price of bunker fuel, the heavy fuel that ships burn. It was about *$425 per metric ton in January and $845 now*. Egger said Royal Caribbean and Norwegian hedge some of their fuel costs, which means they lock in prices ahead of time. Carnival does not. Oil (Brent) went from $77 when Carnival last reported in June to about $110, then fell back to around $100. So far, cruise lines are not adding fuel surcharges. Egger's view was that "the underlying demand for leisure-based vacations for cruises has been really strong." The one exception is the Eastern Mediterranean, which has been hurt by the conflict with Iran. That conflict hits cruise lines "twofold": it weakens bookings there and pushes up fuel prices. [Bloomberg Intelligence, Sep 23](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOimV5mHZ9wHvHicS-2Bz3kjvbDC3u-2FadTJLMg5i1BdOKUCBnr9YHdVgwy-2FLuXvkShadLUoCvt5EOPrWN8cyLAC6j6LdzVSHVdF6Whq5RSd8pxgw-3D-3DoSgo_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXpSYbx2q-2BL2rNI8nMvG4bIl7RP4yIWI0chb8fBy-2FOL4SqtTJmXNbxug9aCfLdV2Eb5tOqgF3maIuYqXcSmOAl3aXFCDJM1uavxlIsBHLEaKdBSaIW0x0Mwgk5ic17Hr4K6jXNX1vMa6C-2BTqNP0syZIh2n5tMYKtwHra3e-2FS49JUg-3D-3D)

*Who pays for the fuel.* Consumer advocate Clark Howard explained where the extra cost is going. Cruise lines booked many cabins "a year or two in advance when the economics were completely different before the Iran war." Because they can't raise those fares, they are "raising the prices of everything else that goes on on the ship": drink packages, and in many cases the daily service fees. Depending on the contract, those increases can apply to people who booked long ago. "It's a tough time to own a cruise line," he said. [The Clark Howard Podcast, Sep 30](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOg-2F0fILsYc-2B1IdolRZK-2BpRVPkblBc-2BMj3VYnwQtyzw1e6spHr8NV8u5a58VbI8Pe3RyeRHFAKQQFUz4K5fGgZqlAxGOGcQWqLhudNNG1nQzFQ-3D-3DBqZC_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXpSYbx2q-2BL2rNI8nMvG4bIl7RP4yIWI0chb8fBy-2FOL4dOfYL6vZtLcg4ZVzUJKR87-2Fb5cj-2Fg3-2FJdQLD6HSMaGGSyj8wJ8birXazfpmOWfQhsTmcbK0r9vJNd53MeN2oVwJI-2BlEkdIkhXNNUhbTpig1IINhAZLWfUaWScS2g7s7pQ-3D-3D)

*Paying for new ships.* In an earlier *Bloomberg Intelligence* episode, credit analyst Jody Lurie discussed Royal Caribbean starting work on its *fifth Icon-class ship* and its first river ship. She said the money comes from some debt, "but more than anything, it's the cash flow." Bookings remain "extremely strong" despite "hiccups related to the Iran war." Royal's investment-grade credit rating means it borrows more cheaply than it otherwise could, even with interest rates high. She offered a warning on river cruises, though. Viking's problems with very low river levels are "a little bit of a cautionary tale," and now MSC is reportedly entering the market too. [Bloomberg Intelligence, Sep 14](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOi1VxvRu-2F61RjD7Wdn26YSTIGgdM-2Bf8KjUNFh4AlHw0LcOM-2BAFqvwSC9Lnd6Hgcgg3nanJaE3u18V-2BMNb-2FBEIax3ZIMkTcr2TT6yd8yVp1Msw-3D-3Di0Qv_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXpSYbx2q-2BL2rNI8nMvG4bIl7RP4yIWI0chb8fBy-2FOL4U9ATrTVhYojIdVsOE1XV3HUzYz1xhHrHw6fHxRMdyEmqCvPZbs1rs7NDl2dGnDxoXbZTvKq5Og8gOsT6wnFjciXgyzX8LBfIvQq60VonwjhT-2BYFJhrfX0g-2BqSAEOc2GeQ-3D-3D)

*Celestyal changes course.* Smaller lines are adjusting to the Middle East situation as well. On *The Insider Travel Report*, Celestyal's North America chief John DiOrio described a "pretty significant pivot" away from its original winter plans. The Greek line will now sail the Western Mediterranean in winter, out of Barcelona and Lisbon, visiting *14 new destinations*. It will add Athens–Istanbul sailings for winter 2027–28, and everything is on sale through November 2028. He said demand for the Western Med sailings has been strong since they went on sale eight weeks ago. The fall promotion's lowest fare was given on the podcast as "$5.49 per person," which is almost certainly $549. That fare includes meals, Wi-Fi and tips. [The Insider Travel Report, Sep 21](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhmwdD94KIOsdX5sLh5XNhZtkDb5-2F7v1GxA45-2Bl2XXuPzEBqCUjFrPolpqx8f83KspsKPef5M-2BZ26A6epeqyPStbg86TIzkLSimGv3AV-2FmC5g-3D-3DVLVp_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXpSYbx2q-2BL2rNI8nMvG4bIl7RP4yIWI0chb8fBy-2FOL4bwSsWS9gVXiCpkgTPwtpk-2B9I0mTqIvvPoofyhi4XWI-2BKVL8BJEXILY5k8bCfvU2fz9qBhuJ-2FOp6zzNyX7tuGfxqdo6YB3YVoQ-2F-2FLkhwjtSgI8xq7FuNs4NqGWmIYE-2BUtg-3D-3D)

*Norwegian's island upgrade.* Norwegian Cruise Line's Chief Sales Officer John Chernesky gave a tour of the new *Great Tides Waterpark* on Great Stirrup Cay, which opened September 4. Its 170-foot Tidal Tower has eight slides and is the tallest water park in the Caribbean and Bahamas. The island also has 10- and 15-foot cliff jumps, which he said no other Caribbean private island offers, and a lazy river "2 or 3 times faster than average." Chernesky called private islands "critical to our growth." He said Great Stirrup Cay is the largest private island in the industry, and "we've still only developed, I think, around 1/3 of it." That leaves plenty of room for more. The business model is worth noting. Drinks are included for guests with the beverage package, but the specialty food trucks cost extra. He also said NCL is still learning "everything from the pricing to the operating hours, the capacity." [The Insider Travel Report, Sep 14](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOh-2BXb9e3FHIMhh-2FJGYDtTGEZvEAxdC-2BQMNqCqNOJiJsm3ZeipdOebTQhBEFZHB85yjF70Yq66Y6Ss4aoGPUl5SxmG2NDWcg9Y8ku0u2yyOGEA-3D-3DgYQm_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXpSYbx2q-2BL2rNI8nMvG4bIl7RP4yIWI0chb8fBy-2FOL4YMsqWl8ovob06qQK340XVAsJmK5-2BSSNhGP9aKVLmjPyRMaNLUjZmsEwqSZxSQvGfC5W8Dzt-2BR4590sTTN7SNZ2huNUzqakHaHa04WBhVleJ-2F-2FEaddZoctQ8wR2VaO2jnQ-3D-3D)

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## 3. The end of cheap fall travel

Clark Howard had the most useful news for travelers. "Do you know that tickets for fall and spring, domestic and international, are as expensive as summer was a year ago?" The shoulder season is the in-between time of year when fares and hotels are usually cheaper. Howard said it "really virtually doesn't exist this year." He linked it to the fuel shortage and the jump in prices that followed. His advice: if you want prices like you used to pay, "it's going to be a winter trip." That means Europe or North Asia between November and February, with warm clothes. He thinks this is temporary: "This is going to solve itself eventually. Right now, it's an ugly picture." [The Clark Howard Podcast, Sep 30](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOg-2F0fILsYc-2B1IdolRZK-2BpRVPkblBc-2BMj3VYnwQtyzw1e6spHr8NV8u5a58VbI8Pe3RyeRHFAKQQFUz4K5fGgZqlAxGOGcQWqLhudNNG1nQzFQ-3D-3DgkjD_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXpSYbx2q-2BL2rNI8nMvG4bIl7RP4yIWI0chb8fBy-2FOL4W9YVzgyN7q1-2F50gRdbgp29JQkQM38IEer6WY9H-2FpZn0r7Z8WKLPsFEpjtsa2HKL2PM4yuh1vOVHlfLcWfPO9aRsUQPF5S-2B7y3-2FyQridpMkCPjY-2FmhL08-2FQgg-2BMYnmTSMA-3D-3D)

He also warned about hotel fees. Because people compare hotels online by the nightly rate, more hotels are adding resort fees, "urban fees," and now parking charges, even in places where parking is usually free. He cited $10 a day at one hotel and $40 a night at another in Pasadena. On flights, he explained his routine of booking the cheaper fare first and only then cancelling the original. That recently earned him a *$352* Delta credit when he switched to a last-minute American fare. [The Clark Howard Podcast, Sep 30](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOg-2F0fILsYc-2B1IdolRZK-2BpRVPkblBc-2BMj3VYnwQtyzw1e6spHr8NV8u5a58VbI8Pe3RyeRHFAKQQFUz4K5fGgZqlAxGOGcQWqLhudNNG1nQzFQ-3D-3Dmq4v_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXpSYbx2q-2BL2rNI8nMvG4bIl7RP4yIWI0chb8fBy-2FOL4f1-2FmvmzyI4ldpZDU9ZOrMnxi4s9Z77prCPNdKLHNWepICVyQZNVxJlIq1gCQhVDkzhjiS0PvqJyg3s1eyPkt4A1LDAjGp8Axm1wmmSbtZVeG-2BhFD9-2BtnsA3Bs-2BjTWAfqg-3D-3D)

---

## 4. Theme parks and Las Vegas: lower-income customers are pulling back

*Regional parks are struggling.* Jody Lurie of Bloomberg Intelligence covers Six Flags and United Parks (formerly SeaWorld). She said regional theme park visitors have lower incomes than the average American, so they feel gas and grocery prices more. Season passes and promotions help. "Once they get people in the park, people are willing to spend," she said, but getting them through the gate "might be a little bit more of a struggle than they anticipated." Foot-traffic data, which tracks visits using phone location signals, shows 2026 "actually been weaker than '25. And '25 wasn't necessarily a year to write home to mom about." The World Cup kept people home in June and July, but "we saw in August that things didn't get better." For destination parks, international visitors are not coming back, "particularly Canada." [Bloomberg Intelligence, Sep 14](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOi1VxvRu-2F61RjD7Wdn26YSTIGgdM-2Bf8KjUNFh4AlHw0LcOM-2BAFqvwSC9Lnd6Hgcgg3nanJaE3u18V-2BMNb-2FBEIax3ZIMkTcr2TT6yd8yVp1Msw-3D-3DTUAx_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXpSYbx2q-2BL2rNI8nMvG4bIl7RP4yIWI0chb8fBy-2FOL4a1zxkcjcphL6UEANpgsvJskxMY6tQs145cEPJqUsWqq3afpQN0tmHJ4kNunZd0tZdkKnMitsm9Dom2MKlbYPx7NxoCJtL51l0K7YqYGXxiTyiVvcNT73-2BpbCffHJfDvxA-3D-3D)

*Disney is the exception, for now.* Bloomberg media analyst Geetha Ranganathan said that despite worries about slower consumer demand, weaker international visits, and Comcast's comments about softness at Universal in Orlando, "somehow Disney has managed to steer clear of all of that." Disney has grown both park attendance and park profits. The stock is still down 8–9% this year because investors want "some kind of really big catalyst." [Bloomberg Intelligence, Sep 23](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOimV5mHZ9wHvHicS-2Bz3kjvbDC3u-2FadTJLMg5i1BdOKUCBnr9YHdVgwy-2FLuXvkShadLUoCvt5EOPrWN8cyLAC6j6LdzVSHVdF6Whq5RSd8pxgw-3D-3DC7XT_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXpSYbx2q-2BL2rNI8nMvG4bIl7RP4yIWI0chb8fBy-2FOL4Thep0tja2BlruoC9ib9-2BFEwpvHuAxr1VuEcIvTm1pRaWHfOO3p8Lia9UEkC7-2BE1cPMJ329OHPsM-2BfxHQQtyoIpdQvrFSSnOrGBN8yiiTa4OsWiz4WkpHSkE9jUQVMYbJg-3D-3D)

*Las Vegas is flat.* Egger called Vegas "better or stabilizing versus last year." 2025 was "a tough year," with "softer midweek visitation, a little bit of sticker shock from some more price conscious visitors." Visitor numbers are "flattish this year to date." Conventions are strong. The weak spot is midweek leisure travel, especially value-minded customers at cheaper casinos. High-end properties like the Bellagio still have "a lot of pricing stability." [Bloomberg Intelligence, Sep 23](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOimV5mHZ9wHvHicS-2Bz3kjvbDC3u-2FadTJLMg5i1BdOKUCBnr9YHdVgwy-2FLuXvkShadLUoCvt5EOPrWN8cyLAC6j6LdzVSHVdF6Whq5RSd8pxgw-3D-3DBiiM_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXpSYbx2q-2BL2rNI8nMvG4bIl7RP4yIWI0chb8fBy-2FOL4azAMZ1jpdTJaqP-2BIpHk7JVg9U0knwXNlpqLEVn0woWYWeLPbrnFEOB4B0GWQQ6Un8CTiKIAOyhpDiQ8r2vYq4fM6ow7-2Bwv1Jqst-2FX0TZX-2BdK-2F50I7-2F6X25j-2Br3-2Fe-2F80yw-3D-3D)

The picture across these three is consistent. Wealthier travelers are still taking cruises and paying high-end prices. Lower-income families are cutting back on regional parks and budget Vegas trips.

---

## 5. Airbnb adds hotels, and Uber starts selling rooms

*Airbnb's hotel push.* *Behind the Stays* reported that, according to AirDNA, just under *4,000 hotels* now use Airbnb's new hotel listing format as of September. Hotels are still "a single-digit percentage of nights booked," but Airbnb says that share is growing "about three times faster than its core home business." This is a big change for a company whose early slogan was "forget hotels." Busekrus quoted CEO Brian Chesky at a Goldman Sachs conference this month: "At some point, I stopped being ideological. I started becoming practical." Airbnb is hand-picking each property. It is targeting independent and "soft brand" hotels in the 3- and 4-star range, not 5-star luxury. (A soft brand is a hotel that keeps its own name but joins a big chain's booking and loyalty system.) [Behind the Stays, Sep 25](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgymaQfaQwK5lWnVfQAd1g6iwjiPemH8w3qXDWvPA-2BGVIdSpNg58-2Bzf3d3isHp0yjrnj9OMr3uzP0Lh2lZVLQmHP1prB6akRBRIk-2BCIHa0zEw-3D-3D2Dze_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXpSYbx2q-2BL2rNI8nMvG4bIl7RP4yIWI0chb8fBy-2FOL4ZnE2eRrCFR44-2F20zXocHCgUBRJ0pdGp0tk39PlgPqZ3wQup2XBFKWPGl5YS7O3392exnUzMGhl9Fn3qWcR8V9m9IdEs-2Bf4iKfkdYeqSGs7MIjgUM6zZe9J-2Ffc9XIfxTMA-3D-3D)

Ben Wolff said Airbnb is already "the best performing OTA for us." An OTA, or online travel agency, is a booking site like Booking.com or Expedia. He added that Airbnb's audience is "genuinely different than like a booking or Expedia audience." His advice to hoteliers was to sign up early, because "those who are early to platforms typically win," but "don't let it own you." He expects today's low commission rates won't last forever. He also pointed out that "85, 90 percent of the properties on Airbnb are professional hosts." [Behind the Stays, Sep 25](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgymaQfaQwK5lWnVfQAd1g6iwjiPemH8w3qXDWvPA-2BGVIdSpNg58-2Bzf3d3isHp0yjrnj9OMr3uzP0Lh2lZVLQmHP1prB6akRBRIk-2BCIHa0zEw-3D-3DR1tB_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXpSYbx2q-2BL2rNI8nMvG4bIl7RP4yIWI0chb8fBy-2FOL4ScZrSTSuX1QrefgbpuNqckDJQ8HILHm-2BPoAcAqGhFxAMbLPNHTKQBR-2BSDR8cDaIVD8GE-2B0dl4oVp1ntW82HkvuA4tGh7JVw-2FrzBVWLMULl9wMHejVFjdwIj9ed7g8I-2Fjg-3D-3D)

*Uber's hotel bookings.* The same panel was more doubtful about Uber selling hotel rooms. The rooms come from Expedia's inventory, which puts the guest "two, three layers" away from the hotel itself. Wolff expects it to suit "head in bed" stays, where the traveler just needs a place to sleep, at big-brand hotels rather than distinctive independents. He warned that hotels often treat guests from booking sites worse. The bigger opportunity may be data. Uber recently bought Blacklane, a premium airport transfer company. Kramer described a future where Uber knows "your home, your airport, destination airport... a hotel... a restaurant... an attraction," and can sell you every step. [Behind the Stays, Sep 25](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgymaQfaQwK5lWnVfQAd1g6iwjiPemH8w3qXDWvPA-2BGVIdSpNg58-2Bzf3d3isHp0yjrnj9OMr3uzP0Lh2lZVLQmHP1prB6akRBRIk-2BCIHa0zEw-3D-3DxD0p_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXpSYbx2q-2BL2rNI8nMvG4bIl7RP4yIWI0chb8fBy-2FOL4YxeGyxo9fHqinM0FsJgDP208YJGMIAommo99HSwFCUrUn-2FsALJ74mtmqK3nYQn2FPGR0BUnTr6vDm1XWuS8sHW1zUOJ-2FT71VHdY7VyywLMDAZ6IKx0-2FHC-2B0Wte4Ljghug-3D-3D)

*Vacation rentals.* On *Vacation Rental Success*, European consultant Cristiana Carpini said property managers there are under pressure. Margins are shrinking because they depend on booking sites, winning new property owners is harder, and direct bookings are not growing. Her main point: "AI cannot repair a broken business model. It can simply automate the broken business faster, which is even worse." Host Heather Bayer said that when she sold her company CottageLink in 2022, it was getting *85% of bookings directly*, after 20 years of work. Most managers who entered the business after Airbnb never built that skill. [Vacation Rental Success, Sep 30](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOj0wVzXGFVZnGi8Yy-2BlT3ELFsWtAMbcgFXTg3WkG9-2FwmbDxJli6ol88Ego9ztoSI3mk82yUS28nOMJ3PtcJ8WLWc518nngK0vLqByVdR-2BgGng-3D-3DN7t5_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXpSYbx2q-2BL2rNI8nMvG4bIl7RP4yIWI0chb8fBy-2FOL4W2BFvcUmspMeYr-2FM9zsLoTdRQ-2BCeGM2s15QZSA1fnzSfj9RCxhxxp-2BBApQnFH5ivEy6ptdo2T39PKv0V1tj1zY-2FlYChGxd-2Fq6pG1ij9zRQNG0dXwmhk09A2dMphD1doYQ-3D-3D)

---

## 6. Hotel AI moves from talk to real results

*Good Morning Hospitality* ended its three-year run on September 30. In its final episode, the hosts said that "after two years of AI announcements, hotel CEOs are now talking about specific deployments with measurable results." They gave two examples. Hyatt has built a "digital twin" of its CEO, an AI model that imitates how he would approach big decisions, so leadership teams can test their choices. And IHG's voice agents are handling about *40% of front-desk questions* in pilot hotels. [Good Morning Hospitality, Sep 30](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOiKToXxWOZWfp-2B5ipieTJKsaTblz7p-2ByspvN4QWNrdWoHLlFKcoPr7oyPUx0sHEBWLn7Rbzjo60LRtyTzt3Akrdb9SKPoxTk-2FMRSRMb7qS8dA-3D-3DIQ2G_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXpSYbx2q-2BL2rNI8nMvG4bIl7RP4yIWI0chb8fBy-2FOL4R8L-2FxiPFT7VU-2FSCCGoUVWS5myoBqrh2Y8Fe6-2FEKZOqwX4xC8GBgF5QOIseq0Ow5JtBTAuslht7zU-2B2ULU6sNj-2BqHWD1j-2F9RG8L5R1HuGkTyPDYhOgiP3rVCCeYwug0GqQ-3D-3D)

Co-host Steve was direct about jobs: "it's going to replace people... phone operators... bookkeeper and accounting in the back of house, gone." His own management company loaded its standard procedures and past answers into an AI tool. Now staff check it first, and "it answers just like we would 95% of the time." His challenge to hotel owners is to reinvest the savings into the guest experience instead of just keeping them. Co-host Sarah argued that new kinds of jobs will appear. She also noted that the AI gap between big chains and independent hotels "is narrowing far quicker than maybe we might even realize." [Good Morning Hospitality, Sep 30](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOiKToXxWOZWfp-2B5ipieTJKsaTblz7p-2ByspvN4QWNrdWoHLlFKcoPr7oyPUx0sHEBWLn7Rbzjo60LRtyTzt3Akrdb9SKPoxTk-2FMRSRMb7qS8dA-3D-3DXhjA_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXpSYbx2q-2BL2rNI8nMvG4bIl7RP4yIWI0chb8fBy-2FOL4f6mveNB5Hn4j6WqAEHzz86nBh2GQlLm0I4OO413uyUV58wtY-2BCOx-2BVlT7rucmyXKy40DYybv50RbpkLc8uMaLYfbRrox2F0JRVZcTgeqt7bkJg6eclraaHocSd3GgX8Kw-3D-3D)

---

## 7. Also worth hearing

*Belmond's luxury trains.* On *The Stanza*, Belmond executive Dan Ruff explained the economics of luxury trains. Belmond has run them since the Venice Simplon-Orient-Express launched in 1982, and it added the Britannic Explorer out of London last year. He said trains can be as profitable as hotels "if you get it right. And you can get it really, really wrong. Because this is a logistics business." Belmond usually owns the carriages, pays another company to pull them, and has to win time slots on the tracks. Supply is very limited, which supports "strong rates, good margins." He said the challenge is awareness, not persuasion. When people learn the trains exist, "they say, what? Wait, what?" One example is Celia, a new 12-person private dining car designed with Baz Luhrmann and Catherine Martin. Very few people will ride in it, but the attention it gets helps sell the whole British Pullman. Ruff also said Belmond owns "almost everything" it operates. That is unusual in an industry where most hotel companies manage buildings owned by others. [The Stanza, Sep 24](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOiVzx8e8PCO4FyXGe1Gc1vmCOIbnIxvud7gdlxXhzoQG1ijNRsi2iUOFQrqNacmmAueB-2Bw-2Ff-2BTP2v4-2FbEjptkiRwefszhE2xUlJ8DRjSM8QxA-3D-3DXVSP_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXpSYbx2q-2BL2rNI8nMvG4bIl7RP4yIWI0chb8fBy-2FOL4Y2ERueG94Tu4Tdp1CbKF2-2B4L1JYj5tILvCZ5nrM8i8vaU5fgotpBDDSvs-2BYneGcSfGYirlhEYVPa82Kod2BHJazbDZSgHxVwZl48kuPrKrhzDzXjasM3SpOaDUaXkM-2Fhg-3D-3D)

*Vonlane's $99 bus seats.* On *The Deal Table*, Vonlane CEO Alex Danza explained why a luxury bus can beat a flight on routes of 200–250 miles, such as Dallas–Austin and Dallas–Houston. Passengers arrive 15 minutes before departure, board in about five minutes, and get off downtown instead of at a distant airport, with Starlink Wi-Fi and meals on board. Vonlane has carried about *1.8 million passengers on 180,000 trips* over 35–36 million miles. A new coach costs about *$1.2 million* all in, and its first two vehicles are "still earning 12 years later." It uses partner hotels as terminals, which brings the hotels overnight guests. It is now opening stops in fast-growing suburbs like Plano, Frisco and The Woodlands. His view on airlines: they are not losing to his buses because of security lines alone, but because of the whole trip from door to door. [The Deal Table, Sep 21](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOj7wBMzQp-2Bz-2BFdKxxXyZuSri96OC8ce0zsooX6kGIa-2BSDgi0k8bshqfqfCEj8pUqN-2FFkJcu-2BPe0KLx0ORnntFE9UW24mr-2FiJir6IG6F3fYyJQ-3D-3D9Tow_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXpSYbx2q-2BL2rNI8nMvG4bIl7RP4yIWI0chb8fBy-2FOL4Sfbt1t3HUIIgB2S2rKTXACdlakLgPrDw0ZsnmjqJuuTH9tZVZ1UnByNvn12PVs-2FSnTCPZkq9ImsOg2Jo5p5iuYtbMvaubw48-2BSG1ZnvCSeoGOpqji1M9JdqvGeKkSRS0A-3D-3D)

*Cruises for new audiences.* On *Money Making Conversations Master Class*, travel advisor Angeletha Long (Global Travel Design, a Cruise Planners franchise) described how cruise lines are reaching new groups of customers. Norwegian offers veterans 10% off fares, Margaritaville gives veterans a free three-night cruise each year, and there are full-ship charters built around Black entertainers and culture. Her case for cruising is the all-inclusive value of lodging, food, entertainment and transport in a single price. [Money Making Conversations Master Class, Sep 25](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgb5eKW9DInkmn1b5BR4xLL73SMysiKqr-2FhOIqROII98irGKpXp9leZxNnS7BkbihQn9drRDjfdDi7idFuGraB0IyAjnoGcgn715fhj5KrKMw-3D-3D-N9A_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXpSYbx2q-2BL2rNI8nMvG4bIl7RP4yIWI0chb8fBy-2FOL4RNHpfaxHSPmWppseAw9wr0BZD5OLAXcLv-2BPIN2AdMnW2g-2F5Am2Df3Yjx-2FJx5lsQh5C9pdHhkyGe53I-2F1FY1ddE6aGbF9-2BXeUsw3rnqxC9VfQivaVb6G6timRz6YbOCoUA-3D-3D)

---

## The bottom line

- *Travel companies want to own the whole trip.* Cruise lines are buying resorts, Airbnb is adding hotels, Uber is selling rooms, and Norwegian is building out its island. The same idea came up on show after show: the customer you already have is the cheapest one to sell to again.
- *Cruise demand is holding up despite costs.* Carnival had record bookings and fuel prices have doubled, and the cost is being passed to passengers through onboard prices and fees rather than surcharges on fares.
- *Consumers are splitting into two groups.* Cruises and high-end Vegas are fine. Regional theme parks and budget Vegas are not.
- *Travel is very expensive this fall.* If Clark Howard is right that the shoulder season has disappeared, the deals have moved to the cold months.

*What to watch:* whether Royal Caribbean moves toward full ownership of Sandals, as Scott Eddy predicts; how far Airbnb takes hotels; and whether higher onboard prices start to hurt cruise guest satisfaction.

---

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