AIRTOURS has acquired a 19.9% stake in Aqua Sol Hotels, a Cypriot
hotel group, for £26.9 million.
As part of the deal, Airtours will appoint a director to Aqua
Sol’s board and the two companies will work together to develop and exploit hotels
and holiday villages in key Airtours destinations in the Eastern Mediterranean,
in particular Greece.
Aqua Sol is also to advise Airtours in the refinancing of
its Greek hotels with the possibility that it will restructure its Greek
portfolio, a move that would be in-line with Airtours policy of releasing capital
from its accommodation assets while retaining access to them.