Thomas Cook’s hotel fund has almost doubled its portfolio in just over a year to nine locations with the addition of three new properties.
A pipeline of further hotel acquisitions has been identified in line with a plan for Thomas Cook Hotel Investments to comprise between ten and 15 hotels by 2021.
TCHI will open its first new build Casa Cook in Ibiza and has secured two rounds of funding totalling €91 million.
The fund has been set up to help Thomas Cook accelerate its management of own-brand hotels and is focused on investing in opportunities in Greece, Spain and around the Mediterranean.
The latest properties are the 252-room Sunwing Arguineguin hotel in Gran Canaria, the 100-room Casa Cook Kos – the operator’s highest-performing own-brand hotel based on customer feedback – and a greenfield plot on Kos to build a 250-room Cook’s Club for next summer.
TCHI started in March last year with five hotels, as a joint venture with hotel development company, LMEY and previously agreed to acquire a 300-room hotel in the Balearics.
The new additions take the total fund to 2,500 rooms including those under development.
Thomas Cook Hotels & Resorts chief Enric Noguer said: “Casa Cook Kos is a stunning property that we know our customers love, and bringing it into the fund is a huge step forward.
“The speed with which we have been able to acquire these hotels is clear evidence of our intent to grow rapidly the fund’s portfolio.
“It also shows the flexibility of our eight hotel brands, allowing us to consider properties of varying shapes and sizes to create a hotel our customers will love.”