The Najafi Companies, a private equity firm, has inked a "definitive agreement" to acquire Classic Vacations from Expedia Group on April 2, 2021, Classic Vacations said.
"This is a tremendous opportunity for everyone involved and I am confident that Classic Vacations will be strategically positioned, with The Najafi Companies' support, to prosper in a post-COVID travel environment," said Classic Vacations President David Hu. "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."
Classic Vacations, which founded in 1978, provides upscale vacation packages to such destinations as Hawaii, the Caribbean, Mexico, Europe and the South Pacific.
Over the past 30-plus years, The Najafi Companies has invested in such travel brands as The Ritz-Carlton and St. Regis Hotels and Promontory Park City, a vacation rental club.
Classic Vacations, which has a sister relationship with VRBO, a vacation rental firm through its parent, Expedia, will operate autonomously within the Najafi Companies collection of companies, Classic Vacation said.
"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-plus 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."
Najafi is also vice chairman for the Phoenix Suns and also serves as a governor on the board of the National Basketball Association.
David Hu will continue on as president of Classic Vacations following the sale, and his leadership team will remain intact, Classic Vacations said.
The company will also continue to operate from its headquarters in San Jose Calif.
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