The tour operator’s hotel investment fund has increased its property portfolio by a third, with three acquisitions.
Thomas Cook has announced that its hotel fund, Thomas Cook Hotel Investments (TCHI) has acquired a further three properties. The acquisitions mean that the fund has now nearly doubled its portfolio in just over a year, to nine locations.
The purchases follow a recent strategy of the large tour operators Thomas Cook and TUI to invest in the more profitable hotel business as the tour operator segment struggles.
The newly acquired properties are the 252-room Sunwing Arguineguin in Gran Canaria and the 100-room Casa Cook Kos, which is Thomas Cook’s highest rated hotel by customers under its own brand. The third is a greenfield plot on Kos, on which the company says it intends to build a 250-room Cook’s Club for next summer.
TCHI was launched in March 2018 with five hotels, as a joint venture with the hotel development company LMEY. The new additions take the total fund to 2,500 rooms including those under development.
A plan for further hotel acquisitions intends the fund to comprise 10 to 15 hotels by 2021.
Openings and overview
TCHI will open its first new-build project this summer, Casa Cook in Ibiza, and has secured two rounds of funding totalling €91 million.
The fund was set up to help Thomas Cook accelerate its ambition of managing more hotels under its own brand and is focused on investing in opportunities in Greece, Spain and around the Mediterranean.
Enric Noguer, head of Thomas Cook Hotels & 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 grow rapidly 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.”
Thomas Cook Hotels & Resorts is the hotel division of Thomas Cook Group and has nearly 200 hotels across its eight brands. It has more than 40,000 rooms in 47 destinations around the world.