LMEY Investments and Thomas Cook create a joint hotel investment platform. They agreed to contribute at least 5 hotels with a total value of £150 million. The seed assets will be used to develop the platform into a fund focused on acquiring a pipeline of further hotel and resort assets across Thomas Cook’s destination markets. As part of the agreement with LMEY, Thomas Cook has acquired a 42-percent stake in Germany-based holiday company Aldiana, which has 8 clubs across Europe and Tunisia and has plans to open another 4 resorts in the next 2 years.
Thomas Cook and LMEY said the move would provide customers with an even greater choice of high-quality holidays that are unique to Thomas Cook and achieve both higher levels of customer satisfaction and better margins than the portfolio average.
“The development of a strong portfolio of own-brand hotels is absolutely key to our success, allowing us to provide customers with a consistent and high quality holiday, whatever their needs,” Thomas Cook CEO Peter Fankhauser, said. “Our new strategic partnership with LMEY, with its proven track record of identifying and redeveloping highly successful properties in sun and beach locations, gives us the perfect launch pad to accelerate this critical part of our strategy.
“The acquisition of a stake in Aldiana expands our reach with a premium club-based activity holiday brand that both complements and enhances our existing own-brand portfolio, enriching our holiday offering for customers and giving us an established pipeline of new properties for the future.”
“I believe that the combination of the entrepreneurial approach that LMEY has to buying, developing and upgrading hotels and Thomas Cook’s unrivalled expertise and professionalism in European tourism, has the potential to build a really exciting pipeline of new properties in sun and beach destinations,” LMEY founder, Hans Kortlevers, said in a statement. “We are looking forward to working with Thomas Cook in this alliance and helping to fast-forward the development of its own-brand hotels and resorts business.”