Thomas Cook secures funds to acquire more hotels

Monday, 05 Feb, 2019 0

Thomas Cook has secured a €51million (£45m) loan from a Spanish bank to acquire new hotels in the Mediterranean.

The loan to Thomas Cook Hotel Investments from CaixaBank comes on top of €40 million raised from Piraeus Bank three months ago.

The funds will go towards acquiring properties in the Med, including a 250-room hotel in the Canary Islands and a 300-room hotel in the Balearics.

TCHI has seven hotels in the fund, which are valued at about €250m. Its ambition is to build a portfolio of 10 to 15 hotels within the next two years.

Enric Noguer, head of Thomas Cook hotels and resorts, said: "This new round of funding is a big step forward for TCHI, providing us with support to accelerate our acquisition programme in our biggest holiday destination.

"The fund’s flagship hotel, Casa Cook Ibiza, opens this summer and with this new funding we’ll be able to create further top-class hotels and holidays for our customers."

TCHI’s strategy is to invest in underperforming hotels and turn them into own-brand properties.

Last month Thomas Cook announced it will build two new hotels in China as part of its joint venture with investment company Fosun International, including the first Asian branch of its Casa Cook brand.

The hotels, which are due to open in late 2020, will be built by Fosun and managed by Thomas Cook China.

Linsey McNeill

Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk

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