UK Thomas Cook Hotel JV raises $45.8 mln for hotel acquisitions

Thomas Cook Hotel Investments, a joint venture (JV) between British travel company Thomas Cook and Swiss investment and property developer LMEY, has raised 40 million euros ($45.8 million) to acquire hotels in Greece and other Mediterranean destinations.

Thomas Cook plans to use the sum to invest in hotel properties across its key Mediterranean sun and beach markets as it seeks to expand its portfolio of own-brand properties. 

The $45.8 million is the first tranche of debt funding and will be provided solely by Greece-based lender Piraeus Bank. 

This funding round will, therefore, focus mostly on investments in Greece, while further funding is being sought to acquire more properties around the Mediterranean.