Thomas Cook today announces that its hotel fund joint venture with LMEY Investments, Thomas Cook Hotel Investments (TCHI), has secured its second round of debt funding with €51 million from CaixaBank, one of the leading banks in Spain.
The funding takes the total amount raised in the last three months by TCHI to €91m, following the initial tranche of €40 million from Piraeus Bank.
The funds will be used to invest in opportunities in Spain and around the Mediterranean. TCHI has also agreed to acquire a 250-room hotel in the Canary Islands, as well as another 300-room hotel in the Balearics. The seven hotels in the fund now take the total asset value to around €250 million and 2,200 rooms.
The fund aims to comprise 10-15 hotels within the next two years. A pipeline of further hotel acquisitions has been identified and the team is focused on executing an expansion plan over the coming year.
