TUI is set to acquire, for an enterprise value of EUR110 million, all of the assets of Hotelbeds Group´s destination management division, which represents the Group´s incoming services offering. The destination management division is made up of three main global brands: Destination Services, Intercruises Shoreside & Port Services, and Pacific World.
“This simplified structure will enable us to focus fully on our bedbank core,” commented, Joan Vilà, executive chairman, Hotelbeds Group.
The sale to TUI follows Hotelbeds Group doubling the size of its business by sales through its 2017 acquisitions of Tourico Holidays and GTA, two bedbanks with a strong presence across North America and Asia Pacific. Following the integration of these two bedbank brands into the Group, there are now over 170,000 hotels selling to over 60,000 travel intermediaries globally via the Group´s proprietary B2B technology platform.