San Jose, CA Classic Vacations announced that a definitive purchase agreement has been signed by The Najafi Companies to acquire all the assets of Classic Vacations from Expedia Group effective April 2, 2021.
Classic Vacations is the leading provider of premier vacation packages around the world, including but not limited to Hawaii, Caribbean, Mexico, Europe, and South Pacific. The Najafi Companies is a private investment firm with 30+ years in the hospitality industry with brands like The Ritz Carlton, St. Regis, Promontory Park City and others. Classic Vacations will operate as a standalone company within The Najafi Companies portfolio.
“These past months have underlined the magic of being able to travel with friends and family, create new experiences and make new memories. This is a tremendous opportunity for everyone involved and I am confident that Classic Vacations will be strategically positioned, with The Najafi Companies’s support, to prosper in a post-COVID-19 travel environment,” said David Hu, president of Classic Vacations. “And 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.”
The Najafi Companies is committed to the investment and believes there is a significant opportunity ahead. “The “luxury” vacation business will see a rebound in the near future and Classic Vacations is well-positioned to capitalize on that growth,” said Jahm Najafi, president and CEO of The Najafi Companies. “Classic Vacations has built a sterling brand over the past 40+ 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.”
After the closing of the transaction, David Hu will remain as president of Classic Vacations, together with his leadership team. Classic Vacations will continue its focus on serving the needs of luxury travel advisors. The company’s headquarters will remain in San Jose, California.