Full buy-out for Thomas Cook hotel investment fund
James ChappleThomas Cook’s Mediterranean hotel investment fund has been wholly acquired by Swiss property partner LMEY Investments.
LMEY confirmed on Tuesday (4 August) it had taken a 50% stake in hotel investment firm Westfort Capital Limited from Cook.
The deal will result in LMEY securing full ownership of the platform nearly a year after Cook was liquidated.
Westfort was set up in May 2018 to turnaround hotels across the Med, and seek out growth opportunities.
Its seed portfolio has grown from four to eight sites, with a ninth further property slated for 2021.
Operators include OKU Hotels, a new five-star brand with sites in Ibiza and Kos.
Piers Bradley, Westfort managing director, said LMEY would be a "strong partner".
Hans Kortlevers, LMEY founder, added he was confident the move would allow the business to capitalise on a "positive bounceback" for tourism following the coronavirus crisis.
Cook entered into partnership with LMEY in September 2017 to develop its own-brand hotel portfolio, with a focus on properties and sites across the Mediterranean.
LMEY Investments’ portfolio contains 20 hotels and resorts in 11 countries, offering 3,200 hotel rooms – which will increase to 5,000 under its current expansion plans.
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