Main Photo: The Casa Cook, Kos, one of the hotels in Westfort Capital
Date: August 2020
Location: Europe’s Mediterranean region
Name: Westfort Capital
No. Keys: TBA
Seller: Thomas Cook Group Tour Operations (which is currently in liquidation).
Buyer: Netherlands-based hotelier LMEY Investments has completed the acquisition of a 50% stake in Westfort Capital for an undisclosed price from Thomas Cook Group Tour Operations in liquidation, resulting in 100% ownership of the hotel investment platform by LMEY.
Westford Capital specialises in the repositioning of under-performing resort properties around the Mediterranean. Having acquired 8 new properties as part of the deal, LMEY’s portfolio now
Westfort Capital was established in May 2018 to acquire and reposition under-performing and under-invested hotels across Mediterranean sun and beach markets, and seek out high growth opportunities which complement the hotel portfolio. The number of investments held has doubled from a seed portfolio of four operating hotels to eight today, with a further development property expected to operate in 2021.
Westfort Capital continues to invest and operate its portfolio of hotels. With a multi-operator platform, the investment vehicle is expected to grow in the future. Current operators include OKU Hotels, a newly established brand, which is focused on the five-star luxury hotel segment with existing hotels in Ibiza and Kos.
Westfort Capital Managing Director Piers Bradley, says: “We are very pleased that LMEY have increased their shareholding to 100 per cent. In LMEY we have a strong partner who supported our business from inception and who will continue to work with us to realise our ambitions for further growth.”
Hans Kortlevers, founder of LMEY, says: “Acquiring full ownership of Westfort Capital represents an exciting opportunity to expand LMEY’s investment in a robust platform, with an experienced management team, and a high-quality hotel portfolio. The tourism industry has been challenged by the Covid-19 crisis, however we are confident that we have an attractive range of destinations, and the emerging appetite we’re seeing for bookings indicates a positive bounce back. With an excellent track record of growth, we look forward to the next phase and the prospect of further hotel investments in the near future.”
THPT Comment: Great buy for LMEY, which with this acquisition, their portfolio now includes 23 assets primarily in Europe, with over 5,500 rooms.
First Seen: Property Funds World
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