Fosun Tourism to purchase Thomas Cook linked hotel brands for $14.3 million

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Fosun Tourism to purchase Thomas Cook linked hotel brands for $14.3 million

On Friday, the 1st of November 2019, China’s Fosun Tourism Group engaged in leisure-focused resort management, tourism destination development and other services, had issued a public statement saying that the Chinese tourism group would be acquiring the recently bankrupted London-based tourism titan Thomas Cook alongside related hotel brands for a lump-sum of £11 million or $14.25 million aimed at bolstering its expansion strategy in the tourism industry.

On top of that, in its Friday’s (November 1st) statement, Fosun also added the assets of Thomas Cook, the long-cherished tourism group grounded underneath a huge pile of debts, would include trademarks, software applications, domain names alongside licenses of the London-based travel firm alongside related hotel brands.

Nonetheless, the Hang Seng-listed Fosun Tourism had also added in its Friday’s (November 1st) announcement that the leisure-focused tourism group had no intention to purchase the bankrupted Thomas Cook’s overseas assets or businesses for the moment being.

Meanwhile, adding that an acquisition of hotel brands related to Thomas Cook, the ill-fated world’s oldest travel firm that was shattered on late September due to a growing debt-pile as beforementioned following a cascade of unfortunate deals, would bolster its expansion in the tourism industry, Fosun Tourism Chair, Qian Jiannong was quoted saying on Friday (November 1st), “(Fosun’s business) would build on the extensive brand awareness of Thomas Cook and the robust growth momentum of Chinese outbound tourism. ”