The International Air Transport Association (IATA) downgraded its industry profit expectations for 2008 to $4.5 billion based on global economic growth slowing to 2.6 percent and an average annualized oil price of $86 per barrel (Brent Crude).

The second annual Financial Benchmarking Report, the results of which provide travel agencies with data that can be used to pinpoint areas of excellence, as well as areas which can be improved was released by ASTA. Among the key findings, the report discovered that of those surveyed, the majority (75.6 percent) were profitable in 2006 and similarly expect to be profitable again in 2007 and 2008.

Citing the high price of oil and other factors, charter airline Champion Air will cease flight operations on May 31. Champion is a partner of wholesaler Worry Free Vacations and regularly flies to Las Vegas and Cancun, Mexico.

Online travel agencies (OTAs) have spent more than a decade bidding to become the travel agents of the future. In the process of aggregating millions of transactions every day, they’ve grown into multinational corporations that take in billions of dollars in revenue each year and set the pace for Internet bookings, new online marketing tools, rich inventory content and innovative online services for travelers.

Starwood’s Sheraton brand is launching a megabuck, multi-year campaign to renovate and upgrade the guestrooms and lobbies at 100 of its hotels in the U.S. Sheraton’s lobby improvements are centered around “Link @ Sheraton,” a relaxing area with free wireless communications capability. Also expect communal tables in the lobbies and a new “airy” scent.

U.S. tycoon Donald Trump discarded that his country’s real estate crisis will affect his residential, golf and tourism project under construction in Cap Cana, La Altagracia province, in which he has invested together with the Abrisa Group, El Caribe newspaper reported.