Hotelbeds Group wants to focus on strategic bedbank core.
The company decided to sell its Destination Management division to TUI for an enterprise value of €110 million. The division is composed of the following three main global brands: Destination Services, Intercruises Shoreside & Port Services and Pacific World.
This milestone will allow Hotelbeds Group to be more deeply involved in innovation on its bedbank market. The group has already doubled the size of its business by sales through the acquisitions of Tourico Holidays and GTA in 2017, two bedbanks with a strong presence in North America and Asia-Pacific respectively.
Joan Vilà, Executive Chairman of Hotelbeds Group commented: “TUI recently approached us and after careful consideration we believe that this is in the best interests of all stakeholders: not least our employees and business partners. TUI is well placed to continue the division´s growth trajectory, given its own core tour operator strategy as well as the longstanding and significant relationship between our two groups, with TUI being an important customer and partner.”
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