Backed by record demand and with no letup in sight, operators from NetJets to niche brokers are announcing ambitious fleet growth targets
Private jet fleet capacity has become one of the industry’s hottest issues. Demand for private aircraft, owned, via charters, jet cards, and fractional shares, continues to surge to record levels. Charter and jet card flights tracking 30% higher than 2019 pre-pandemic levels combined with owners flying their jets more is putting a strain on the system. Supply chain and labor issues impacting the greater economy are impacting the private aviation industry. It’s creating a new reality for private jet flyers.
Are the American Express-Wheels Up benefits worth getting a Platinum card for $695?
American Express is adding Wheels Up as its Premium Private Jet Program partner, replacing Delta Private Jets. Wheels Up purchased Delta Private Jets in January 2020, and the existing American Express – DPJ partnership was set to expire on Aug. 31. Delta Private Jets had been the exclusive partner of the AX Premium Private Jet Program since 2016. But should you get the Amex Platinum card just to buy Wheels UP?
As it looks ahead towards its IPO via SPAC merger, Wheels Up reports revenues, memberships and flying is up while its financial loss is down
Wheels Up for the first time reported quarterly results. They come ahead of its planned merger with SPAC Aspirational Consumer Lifestyle Corp. Once completed, Wheels Up will trade on the NYSE under the ticker symbol UP.
The value of Delta Air Lines’ stake in Wheels Up increased to $520 million from $210 million, surpassing its 13% holding in Korean Air
Delta Air Lines’ decision to sell Delta Private Jets has yielded a huge gain on paper. It’s up over 100% just since the fourth quarter. In its latest 10-Q filing, the Atlanta-based airline increased the carrying value of its 24% interest in Wheels Up to $520 million. That makes the New York-based private aviation company its largest equity ownership stake.