The Spanish hotel chain Iberostar Hotels & Resorts will be the main owner of the five Clubs De Vacaciones golf hotels. Iberostar bought 51% of shares from the former hotel owner the largest British tour operator Thomas Cook.
The deal price is amounted to 94 million Euros, 72 million of which were paid by Thomas Cook in cash, while another 22 million Euros were spent to cover company’s debts.
Sale of five hotels in Spain was a part of the Thomas Cook campaign on refusing from non-core assets. At present the famous British tour operator experiences deep crisis. Not long ago Thomas Cook was forced to close about 200 offices in the UK.
As for hotels, from now on these hotels will provide it services under the Iberostar brands. Three of the five hotels are located on the island of Majorca. These are Royal Cupido, Royal Cristina and Royal Playa de Palma. Another two hotels - Royal Andalus and Andalucia Playa - are located in the Cadiz province.
All hotels are 4*. The total number of rooms is 1355. In addition to hotels was also bought the nearby Club de Golf Novo Sancti Petri.
Despite the sale of hotels Spain continues to be one of the key regions for Thomas Cook. This year the company experienced sales growth in this region due to the unstable situation at Egyptian and Tunisian resorts.
Iberostar is one of the largest hotel chains in Spain, which operates 100 hotels in Europe. Acquisition of new hotels will allow Iberostar to strengthen its position in the home market, where the main competitors of the company are such chains as Melia Hotels and NH Hoteles.