Flight Centre Travel Group (FCTG) has sold Cross Hotels and Resorts.
Announced on the ASX this morning, FCTG has offloaded its Asia-based hotel management business to South Korea’s Sono International Co. Ltd for an undisclosed sum.
The business consists of Cross Hotels and Resorts and PT Bespoke Hospitality Management Indonesia, and includes more than 1,500 keys at 17 hotels across Thailand and Indonesia.
Cross was part of FCTG’s Horizon Three business stable, which includes Topdeck and Back-Roads, as well as Asia-based DMC Discova and cycle touring business Grasshopper.
FCTG Managing Director Graham Turner said the deal will “cement [Cross’] future as part of a large and expanding hotel management organisation, while also allowing us to focus on other exciting growth opportunities within our Horizon Three business network”.
More details in today’s issue of Travel Daily.