Thomas Cook’s hotel investment fund has boosted its property portfolio by a third with a trio of acquisitions
Thomas Cook Hotel Investments boosts portfolio with trio of acquisitions
The 252-room Sunwing Arguineguin hotel in Gran Canaria and the 100-room Casa Cook Kos are the latest additions.
It has also snapped up a greenfield plot on Kos which Cook has designated for a new 250-room Cook’s Club hotel.
Thomas Cook Hotel Investments, a joint-venture with Swiss property investor LMEY, was launched in March 2018 with give hotels, and an agreement on a 300-room hotel in the Balearics.
The latest additions grow its portfolio to nine, and more than 2,500 rooms in total including those under developments.
Cook’s aim is for the fund to comprise 10 to 15 hotels by 2021, and it continues to shift its focus onto its own-brand hotel division.
It says a “pipeline” of future hotel acquisitions has been identified to achieve this.
Enric Noguer, chief of Thomas Cook Hotels and Resorts, said: “Casa Cook Kos is a stunning property that we know our customers love, and bringing it into the fund is a huge step forward.
“The speed with which we have been able to acquire these hotels is clear evidence of our intent to rapidly grow the fund’s portfolio.
"It also shows the flexibility of our eight hotel brands, allowing us to consider properties of varying shapes and sizes to create a hotel our customers will love.”
The investment arm will open its first new-build, Casa Cook Ibiza, this summer and has secured funding totalling €91 million from banking partners Piraeus in Greece and CaixaBank in Spain.
“The fund has been set up to help Thomas Cook accelerate its ambition of managing more of its own-brand hotels and is focused on investing in opportunRead More – Source