Certares Bets $2.3 Billion on High-Speed Rail in Europe

Rail travel has historically proven a challenging sell for American tourists visiting Europe, but shifting climate sensibilities, modern marketing, and enhanced regional competition are steadily reshaping traveler behavior across the continent.

Greg O'Hara, founder and senior managing director of private equity firm Certares, revealed during the Skift Transatlantic Summit in Dublin on October 15, 2026, that his firm has deployed about $2.3 billion into rail infrastructure across Europe and the United Kingdom. He expects a growing number of European governments to enact regulations that push travelers away from short-haul flights and onto high-speed trains.

French legislation already prohibits domestic flights on routes where a direct train journey takes under 2.5 hours, though certain connecting flights remain exempt. Speaking on the panel titled Where Transatlantic Travel Capital Goes Next, O'Hara noted that additional European nations are poised to implement comparable restrictions.

Stock photo for illustration only, not from the actual event

Certares' primary strategy involves establishing a formidable challenger to France's national operator SNCF. Partnering with Ferrovie dello Stato, the parent group behind Trenitalia, Certares has acquired trainsets aimed directly at challenging Eurostar on the London–Paris corridor, with potential expansions into Germany, Greece, and Spain currently under review.