Sean O'Neill

Selina grew up in a time when private market investors were willing to fund millions in early losses. Money papered over missteps. But managers now face an era that requires strict management discipline. Can it adapt?

Farelogix CEO Jim Davidson says the pandemic presents opportunities. Yet despite that brave face, it's hard to see Farelogix facing anything but revenue declines during the crisis now that it's lost the Sabre acquisition.

Despegar had offered to pay a premium for Mexico's Best Day in January, but today the two companies are strapped for cash due to the pandemic's destruction of travel bookings. This acquisition may be one of several deals across the sector imperiled by coronavirus.

The long view on packaged tours as a travel category is bright, said Christine Petersen, the president and CEO of smarTours, a private-equity backed operator. But the sector must adapt to a socially distanced world in several practical ways if it wants to stay relevant and profitable.

Carnival's recent loans gave it about six months of breathing room to survive without almost no bookings. It needs to act decisively if it wants to restore public confidence in time to avoid an even larger crisis.

This decision is no surprise. The world has changed a lot since November 2018, when Sabre first proposed buying travel tech vendor Farelogix. Actions by antitrust watchdogs in the UK and the U.S. delayed the deal's approval. Then coronavirus hurt Sabre's finances.

This week, travel startups announced about $9 million in funding. Lucky companies include Frontdesk, a short-term apartment rental manager, ZuBlu, a booking service for underwater adventures, Arcis Tours, which runs BLive-branded electric bike tours in remote Indian locales, and Privadia, a rental agency for luxury villas.

Warren Buffett, the billionaire investor, once said that it's "only when the tide goes out that you learn who's been swimming naked." Some of the 57 travel startups worldwide that raised funding in the first months of the year may be about to reveal all.

The surge in requests for refunds on canceled flights has given cover for con artists to commit a few types of fraud. Airlines need to tap better ways to protect themselves and travelers.

Itilite, a business travel management startup based in India, differs in emphasis from companies like TripActions and Travelperk. It's notable for focusing on mid-size to large companies, rather than small businesses. It also recommends only a few travel options to users on a first search.