DEVASTATION MEETS ‘OPEN FOR BUSINESS’
In Florida Keys,
in wake of Irma
See KEYS on Page 40
“This consolidation is an organic one, but
it is a slow one,” said Jonathan Wober, Europe
analyst at the CAPA Centre for Aviation.
The recent spate of European airline bank-ruptcies began with Italian legacy carrier
Alitalia, which initiated insolvency proceedings, the European equivalent of bankruptcy,
on May 2, a week after its employees rejected
a cost-cutting plan designed to make the
chronic money loser profitable.
Alitalia was followed by Air Berlin, which
By Robert Silk
Insolvency filings by three long-standing European airlines since early May are part of a
slow and ongoing consolidation of the European aviation market, analysts say.
Yet, they are quick to add, Europe’s market
shows no signs of consolidating to near the
extent of the U.S. airline industry, which saw
11 major carriers merge into four between
2004 and 2015.
Europe’s airlines see ‘organic consolidation’
filed for insolvency in mid-August after losing more than $1.2 billion over the course of
2015 and 2016, and after 29.2% shareholder
Etihad decided it would not infuse the German carrier with further funds.
Third to fall this year was the British leisure carrier Monarch Airlines, which abruptly ceased operations on Oct. 2. The airline,
which had been in business for more than
50 years, primarily serviced Mediterranean
See CONSOLIDATION on Page 38
By Robert Silk
KEY WEST, Fla. — Barbara Snead
and Megan Rife sat on the seawall
of Mallory Square here on a recent
Monday, taking in the ocean view
as the sun began to set on an unseasonably cool evening.
“I’m very surprised how great of a shape
this place is in,” said Snead, who had traveled
to the Southernmost City from Richmond,
Va., for the annual Fantasy Fest. “They got it
all cleaned up so nicely.”
Indeed, less than two months after Hurri-
cane Irma roared across the Florida Keys, the
island chain’s most popular destination looks
little worse for wear.
Approximately 90% of Key West’s hotel
rooms are already back on line, according to
Andy Newman, who heads publicity for the
Florida Keys tourism council. Tourists are
lining up for sunset sailings, and the cafes
along Duval Street are selling their usual assortment of cocktails to thirsty patrons.
Fantasy Fest, which is the largest annual
party in this town known for parties, went
off well this year by all accounts. And while
crowds weren’t quite as large as usual, some
87% of Key West’s hotel rooms were booked
for the Fantasy Fest parade weekend, with
rates averaging about $390 per night.
At a time when global warming and
waning interest threaten the future
of the ski industry, two giants are
buying up every resort they can find
in the U.S. and Canada.
DANNY KING PAGE 16
A drive along the 100 miles
between Key Largo and Key
West reveals some places were
hit much harder than others.
Here are 4 things you can do to avoid seller’s remorse
after a new owner buys your agency. 22
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