Piraeus Bank this week announced a financing agreement worth 40 million euros with Thomas Cook Hotel Investments, a consortium comprised of Thomas Cook plc and LMEY Investments.
The Greek lender is TCHI’s primary credit institution in Greece, while the agreement aims to finance new hotel investments in the country.
TCHI was established in 2018 with the intent to acquire and operate hotels in Spain and Greece, which are among Thomas Cook’s primary destinations for tour packages.
The consortium’s current hotel portfolio in Greece includes only two hotels, in Crete and Rhodes, under the Sunwing brand.
Thomas Cook has a massive presence in the Greek tourism sector, bringing roughly three million visitors to the east Mediterranean country so far in 2018, a figure that ranks it first among international tour operators.
