Thomas Cook signs a 40 million financing agreement with Piraeus Bank for its hotel business

Thomas Cook Hotel Investments, the investment arm of Thomas Cook Group, and LMEY Investments, have secured financing of 40 million euros for their activity in a first tranche of financing, provided by Piraeus Bank, the largest bank in Greece and with a great experience in the tourism sector, as noted by the British group in a statement.

These funds will be used to invest in hotels owned in key markets for Thomas Cook in the Mediterranean focusing especially on seizing opportunities in the Greek islands. The greater part will be focused on acquiring new establishments in the Mediterranean area.

Currently the Thomas Cook Hotel Investments property portfolio includes hotel properties in Rhodes, Crete, Mallorca, Ibiza and Peninsula. The company is investing more than seven million euros in its Sunwing Kallithea hotel in Rhodes this winter and will open its new Cook House in Ibiza in the summer of 2019.

According to the company, Thomas Cook Hotel Investments was established in March 2018 to support the growth of Thomas Cook’s own-brand hotel portfolio as part of the company’s strategy to provide greater control over hotel inventory and Customer experience.

Its strategy is focused on acquiring poor-performing hotels, in difficulty and with little investment in the main destinations of Thomas Cook and transform them into own-brand hotels.