Joint venture LMEY and Thomas cook acquires 3 properties

Joint venture LMEY and Thomas cook acquires 3 properties

Thomas Cook’s hotel investment fund has boosted its property portfolio by a third with a trio of acquisitions.

Thomas Cook’s hotel investment fund, Thomas Cook Hotel Investments (TCHI), has acquired three additional properties, including one of the company’s flagship hotels, the Casa Cook Kos in Marmari, Greece. The fund has nearly doubled its portfolio to nine locations in just over a year.

The properties are the 252-room Sunwing Arguineguin hotel in Gran Canaria, the 100-room Casa Cook Kos and a plot of undeveloped land on Kos where the company plans to build a 250-room Cook’s Club.

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.

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 opportunities in Greece, Spain and around the Mediterranean,” said the operator.

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