Piraeus Bank Signs Financing Agreement of €40m with Thomas Cook Hotel Investments

Sunwing branded hotel by Thomas Cook on Rhodes. Photo source: Thomas Cook

Greece’s Piraeus Bank on Thursday announced that it has signed a financing agreement of 40 million euros with Thomas Cook Hotel Investments (TCHI), a joint venture between Thomas Cook plc and LMEY Investments, a Swiss-based hotel property development company.

Piraeus Bank is the sole financial partner of TCHI in Greece and the financing will be used to invest in local hotel properties.

Thomas Cook Hotel Investments was established in March 2018 to support the growth of Thomas Cook’s own-brand hotels in Spain and Greece. The portfolio of TCHI includes owned hotel properties on Rhodes and Crete under the brand of Sunwing.

Thomas Cook Group is one of the world’s leading leisure travel groups, with sales of £9 billion in the year ended September 30, 2017, serving over 20 million customers annually.

In June Thomas Cook said that by the end of the 2018 season it expects to have brought some three million holidaymakers to Greece, making it the number one holiday company operating out of Europe into the country.

Piraeus Bank said that funding of tourism, a vital sector for the Greek economy, is among its key priorities.

“With a tourism portfolio in excess of 2 billion euros, the bank supports tourism businesses and honors its commitment to enhance healthy entrepreneurship and lead the restoration and growth of the Greek economy,” Piraeus Bank said.