TUI Group’s asset-heavy approach is pretty much the opposite of travel’s other big players. While Priceline, Expedia and Airbnb are essentially marketing technology companies, TUI is happy to pour a lot of its money into actual things, like cruise ships and hotels.

This obviously has its risks. With bricks and mortar and big hunks of metal, if something goes wrong, you’re on the hook. Online travel agents have no such commitment so if terrorism makes a country like Turkey unpopular with tourists, they can sell elsewhere.

TUI, however, sees this as an advantage and it forms part of its strategic move from a tour operator to a more rounded hotel and cruise company.