TUI will acquire all the assets of HotelBeds Group’s Destination Management division made up of Destinations Services, Intercruises Shoreside & Ports Services, and Pacific World at a total value of €110m.
The Destination Management division, led by md Jordi Cerdó, works across more than 150 offices globally and includes Intercruises ground handling and port agency business specializing in the cruise sector, offering services in around 60 countries covering over 400 ports.
Every year Intercruises handles more than 12,000 port calls, providing services to millions of passengers on behalf of its cruise partners.
‘I am delighted with what Intercruises is achieving as part of Destination Management and look forward to continuing this work at TUI. As always, our engaged teams remain focused on the cruise industry and committed to our number one priority; delivering high quality services to cruise lines and their guests,’ said Olga Piqueras, md of Intercruises.
Joan Vilà, executive chairman of Hotelbeds Group commented: ‘Our Destination Management division has been highly successful over the last 18 months, growing revenues significantly and enhancing its range of services. However, TUI recently approached us and after careful consideration we believe that this is in the best interests of all stakeholders: not least our employees and business partners. TUI is well placed to continue the division´s growth trajectory, given the longstanding and significant relationship between our two groups.’
This news follows Hotelbeds Group doubling the size of its business by sales through the acquisitions during 2017 of Tourico Holidays and GTA, two leading bedbanks with a strong presence in North America and Asia-Pacific respectively.
Following the integration of these two bedbank brands there are now over 170,000 hotels selling to over 60,000 travel intermediaries globally via the Group´s proprietary B2B technology platform.
The transaction is subject to customary regulatory and anti-trust approvals.