Hotel and DMC companies become latest Flight Centre purchases
The Flight Centre Travel Group (FLT) has announced two new offshore acquisitions, adding a Mexico-based DMC and a Thai hotel operator to its portfolio.
The company said this morning it would acquire Olympus Tours, a destination management company (DMC) with operations in Mexico, the Dominican Republic and Costa Rica.
Olympus has annual revenues of almost US$25 million through its wholesale, in-destination sales, retail and online sales functions.
Flight Centre will also purchase Bespoke Hospitality Management Asia (BHMA), a Thai regional operator of “design and lifestyle leisure hotels”.
With revenues of about US$1 million, the hotel group has 14 properties in Bangkok, Phuket, Koh Samui, Pattaya and Chiang Mai, plus a further 19 under development.
Flight Centre will take 100% of both companies for undisclosed amounts, completing the purchases with company cash over the next 30 days.
FLT managing director Graham Turner said: “Expanding our in-destination network is a key global strategy and we are starting to develop strong foundations in this sector through our tour operators, DMCs and hotel management businesses”.
See today’s Travel Daily for more details.