Thomas Cook's hotel 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.
TCHI launched with five hotels in March 2018 as a joint venture with hotel development company LMEY. The JV also has an agreement in place to acquire a 300-room hotel in the Balearics. The new additions take the total fund portfolio to 2,500 rooms, including those under development. The fund should have between 10 and 15 hotels by 2021.
TCHI will open its first new-build Casa Cook project in Ibiza this summer and has secured two rounds of funding totaling €91 million. The fund has been set up to help Thomas Cook accelerate its goal of managing more of its proprietary hotels and is focused on investing in opportunities in Greece, Spain and around the Mediterranean.
“The speed with which we have been able to acquire these hotels is clear evidence of our intent to [rapidly grow] the fund’s portfolio,” said Enric Noguer, chief of Thomas Cook Hotels & Resorts. “It also shows the flexibility of our eight hotel brands, allowing us to consider properties of varying shapes and sizes.”
Thomas Cook Hotels & Resorts is the hotel division of Thomas Cook Group and has nearly 200 hotels with 40,000 guestrooms across eight brands.