Golden Tulip Hospitality Group has moved into voluntary receivership (a kind of corporate bankruptcy whereby a receiver is appointed by bankruptcy courts or creditors to run the company) blaming declining occupancy rates and the cost of investing in new hotels.

Luxuriant World Resorts announced it is studying the seven distinct geographic regions of Guatemala for future investments.

TUI Travel PLC and Air Berlin PLC have signed a long-term strategic partnership for their German flight business. The agreement is based on a cross ownership in which TUI Travel PLC, through a subsidiary, will have an interest of 19.9 percent in Air Berlin PLC and vice versa.

More than 100 people have been reported killed and hundreds injured near L’Aquila in the Abruzzo region of central Italy where a 6.3 magnitude quake struck Monday about 60 miles from Rome at 3:30 a.m. local time.

Construction on The Westin Le Paradis in St. Lucia has stopped due to “financing issues,” a spokesperson for the property told Travel Agent Thursday. On Praslin Bay, the Le Paradis Beach, Golf & Marina Resort is a multi-phased luxury residential resort that will feature the Westin Le Paradis, a Greg Norman signature golf course, an internationally-branded spa, and various other luxury amenities.

British Airways is to sell 11 of its 15 Boeing 757 aircraft for cargo conversion with the aircraft leaving the airline’s mainline fleet between 2010 and 2012. Four Boeing 757s operated by the airline’s subsidiary OpenSkies will remain in the fleet.