Tourico Holidays announced that it is significantly expanding its global presence, forming subsidiary companies in 20 countries and renaming its Hong Kong operation to match the branding of its other international offices. Companies have already been formed in 16 of the 20 countries. "The remainder of the offices will be operational by the end of 2010," said Bob Fischer, CFO of Travel Holdings, Inc.
The global expansion coincides with a period of strong growth for Tourico Holidays. The company reports that as of July 2010, it has experienced the following year-over-year gains compared to July 2009:
- A 30 percent increase in gross profits;
- A 30 percent increase in gross revenue;
- A 29 percent increase in bookings; and
- A 25 percent increase in room nights booked.
Tourico Holidays has also hired 109 people around the world since October 2009.
"With headquarters in Orlando and employees in 33 locations worldwide, we have always considered ourselves a global company and have served clients and partnered with hotels around the world for years," said Uri Argov, President and CEO of Travel Holdings, Inc. "These new companies will allow us to grow rapidly enough to meet the demand from our customers and provide them an even higher level of service. It will also help us broaden our relationships with travel providers and hoteliers in many corners of the globe."