Frosch International Travel has purchased a 51% interest in Plaza Travel, a full-service travel agency in Woodland Hills, Calif., with 2019 sales of more than $80 million.
A statement from Frosch said the deal enhances Frosch’s presence in California and gives Plaza Travel the opportunity to accelerate its growth in the corporate, entertainment, leisure and independent contractor markets and to pursue strategic acquisitions. Plaza also will benefit from access to technologies and Frosch’s national and global infrastructure and platform, Frosch said.
Frosch, based in New York and Houston, reported $2.4 billion in travel sales in 2019, putting it at No. 14 on Travel Weekly’s most recent Power List of travel agencies with $100 million or more in annual sales.
The Orens family acquired Plaza in the early 1980s and built it up from a six-person office to a company of over 120; it has more than 100 advisors on staff. The agency will retain its brand, and no major operating changes are anticipated. The deal includes a long-term commitment for Steve Orens, president of Plaza, to remain as partner.
The Frosch-Plaza deal is the second announced by a Power List agency in as many days. Ann Arbor, Mich.-based Conlin Travel, No. 46 on the list, said Aug. 17 that it was acquiring two other Michigan-based agencies.
In the statement, Orens said the pandemic had provided “a unique opportunity” to partner with a multinational agency like Frosch.
Bryan Leibman, Frosch’s president and CEO, said in the statement that Plaza, like Frosch, has a strong general focus on luxury travel in the corporate, leisure and entertainment spaces.
“Frosch and Plaza Travel are well aligned in our values and culture and the way we do business,” he said.