Wikitravel editors is interested in forking the Wikitravel project and run it as a Wikimedia Foundation project.
Given that the content of Wikitravel is available under a free license this is certainly possible. It is discussed on Meta and, the subject is discussed on a mailing list. Wikitravel is a website that is owned by a company and it fills a niche by providing information related to travelling.
When you read up on the deliberations, you will find that some people question if travel information is educational, you will find that some people consider if and how a "neutral point of view" apply. You will find that people do not stop being a Wikipedian when they consider other projects.
There are great arguments to be made for the WMF to have its own travel wiki and several other projects. There are great arguments why the WMF should not have more projects. It is all about the ability to consider the needs of other projects and the will to act upon such considerations. The WMF is supremely placed to make a success of a project like Wikitravel, the question is if it wants to.