Thursday, 24 November 2011

Thomas Cook to sell its hotels in Spain

SPAIN (Agencies) Thomas Cook, the British (now German-owned) travel agency founded in 1841, announced yesterday that it was seeking to sell its hotels in Spain as a way of raising some €80 million. Thomas Cook owns five hotels on the Balearic Islands and in Andalucía, run by Iberostar, as well as a golf resort in Cádiz.  The company is in what the Spanish media call 'a delicate situation' financially, its shares rose by 22% after the announcement, against a drop of 70% the day before.

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