Salient to Investors:

Bjorn Hanson at NYU said $1.85 billion in fees and surcharges was collected in 2011 for hotels alone versus $1.2 billion in 2000, expects $1.95 billion in 2012.

Airlines collected over $3.3 billion in baggage fees and over $2.3 billion in reservation cancellation and change fees in 2011.

Carlson Wagonlit Travel say fuel surcharges have risen nearly twice as fast as oil prices since April 2011.

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