Investors Have Pivoted to Physical Travel Assets
High-net-worth demand and the AI boom are driving heavy investment into luxury resorts and high-speed rail networks.
Updated on Sept. 24, 2026 in Business Travel
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Investment firms including Certares and Revolution are shifting focus toward physical travel assets like resorts and trains. This strategy capitalizes on the belief that tangible travel infrastructure holds unique value that software cannot replicate.
Why it matters
Investors are betting that the rise of AI increases the relative scarcity and value of premium, real-world experiences. This move aims to capture high margins from travelers seeking assets that provide physical exclusivity.
Certares manages 14 wellness resorts growing at 30% to 35% annually and is funding 19 high-speed trains. Projects include the 600-acre Punta Cacique site in Costa Rica, while the company also serves 25,000 high-net-worth travelers.
The players
Steve Case
He is an American entrepreneur and investor who co-founded AOL and currently serves as the chairman and CEO of Revolution.
Greg O'Hara
He is the founder and senior managing director of Certares, a private equity firm that focuses on travel and hospitality investments.
Certares
This is a private equity investment firm that specializes in the travel, tourism, and hospitality sectors.
Trenitalia France
It is a subsidiary of the Italian state-owned railway operator that is expanding its high-speed rail operations in Europe.
American Express Global Business Travel
This is a prominent travel management platform that provides global business travel and meetings programs.
The details
Firms are targeting infrastructure gaps, such as building proprietary river boats when cabin inventory is unavailable. Meanwhile, Trenitalia France has earmarked 10 of its 19 newly ordered high-speed trains to facilitate a future connection between Paris and London.
Timeline
2029: Planned launch of the Paris-London high-speed train service.
Travel Outlook
This move toward physical ownership follows the industry-wide trend of prioritizing tangible asset valuation in the AI era. It marks a significant shift as firms move away from pure software platforms to capture the scarcity of high-margin infrastructure.
Travelers looking to book luxury accommodations should expect limited inventory and high price points as firms focus on exclusive properties. Those planning European transit will eventually see new high-speed rail options, such as the Paris-London link expected in 2029.
The takeaway
The pivot suggests that premium travel experiences are becoming a preferred hedge against digital saturation for institutional investors. For travelers, this means an increasing concentration of luxury hospitality options under fewer, asset-heavy private owners.
Further reading
For more on shifts in the industry, explore our Business Travel section.
Source note: This article includes information reported by Skift.
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