Thomas Cook Signs a €51M Loan with CaixaBank to Finance Hotel Purchases

4 February 2019 – Hosteltur

Thomas Cook today announced that its joint venture with LMEY Investments, called Thomas Cook Hotel Investments (TCHI), has obtained a second round of financing amounting to €51 million thanks to an agreement with CaixaBank. The funds will be used to acquire hotels in Spain and the Mediterranean.

Thanks to that agreement, the joint venture’s funds to purchase hotels have increased by €91 million over the last three months, following the agreement signed with Piraeus Bank, according to reports from HostelTur news (…).

Those funds will be used to invest in opportunities that arise in Spain and the Mediterranean area. In fact, TCHI has also announced the acquisition of one 250-room hotel in the Canary Islands and another 300-room hotel in the Balearic Islands. In total, the seven hotels that the company currently owns represent assets worth €250 million and contain 2,200 rooms.

The fund has the objective of owning between 10 and 15 hotels over the next two years. A channel for more hotel acquisitions has been identified by the company and the team is focused on executing the expansion plan for the coming years.

TCHI was created in March 2018 to support the growth of the Thomas Cook’s own brand hotel portfolio as part of its strategy to take greater control over its hotel inventory and the customer experience (…).

Original story: Hosteltur 

Translation: Carmel Drake

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