Thomas Cook raises €40 million from Greek bank Piraeus Bank

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Published on 24/10/18 - Updated on 17/03/22

Thomas Cook

Thomas Cook Hotel Investments is targeting various acquisitions after this first tranche of financing

Through the joint venture between Thomas Cook and LMEY, Thomas Cook Hotel Investments obtained €40 million from the Greek bank Piraeus Bank.  This financing should make it possible to invest in properties in the Mediterranean basin; the Greek islands would be particularly well served. The group already has hotels in Rhodes and Crete and plans to reopen the Sunwing Kallithea Rhodes in 2019 after investing more than 7 million euros.

Enric Noguer, chief officer of Thomas Cook Hotels & Resorts said, "This first tranche of funding is an important step to help us accelerate the growth of our hotel fund. In acquiring more hotels that we fully manage, we aim to generate better returns for the group and deliver higher customer satisfaction. We continue to seek further funding to enable us to acquire hotels around the Mediterranean where we can bring our hotel management expertise combined with the distribution power of our tour operator."

Thomas Cook

Thomas Cook

Hotel Group

  • Thomas Cook United Kingdom
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