-- Flight Centre Travel Group (FLT) has sold its Asia-based hotel management business to South Korea’s Sono International Co. Ltd.
The business consists of Cross Hotels and Resorts and PT Bespoke Hospitality Management Indonesia (collectively referred to as Cross) and includes more than 1500 keys at 17 hotels across Thailand and Indonesia.
Cross was part of FLT’s Horizon Three business stable, which operates alongside its global leisure and corporate travel networks and includes:
• Coach touring businesses Topdeck and Back-Roads (Europe-based)
• Destination management company Discova (Asia-based); and
• Cycle touring business Grasshopper (Asia and Europe)
“Cross is a good business with solid foundations for future growth,” FLT managing director Graham Turner said. “This deal will cement its 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.
“For example, we recently announced plans to relaunch Topdeck as a small group tour operator, catering for up to 18 travellers per trip and taking in new experiences, new routes and destinations.
“Discova is also performing well and expanding to include new community development projects, new geographies and a wider portfolio of Discova-operated experiences within its key local markets in Asia.”
Sono is a leading hospitality and leisure operator with interests in hotels, golf courses, ski resorts, equestrian centres and marinas.
The acquisition’s terms are currently confidential and not material to FLT. CBRE was FLT’s exclusive sell-side advisor on this transaction.
Media & investor enquiries
Email: haydn_long@flightcentre.com
Phone: + 61 418 750454
