500 hotels in Spain could close due to the bankruptcy of Thomas Cook

Bankruptcy of Thomas Cook: 500 Hotels “Will Close Immediately” in Spain, According to the Employers

Finance

TOURISM: Of these 500 hotels, 100 depended exclusively on Thomas Cook, who went bankrupt on 23rd September

The bankruptcy of the British tour operator Thomas Cook could have disastrous consequences for the tourism sector in Spain. According to Juan Molas, president of the Confederation of Hotels and Tourist Accommodation, 500 hotels “will close immediately”. “The situation could get worse if the government does not take immediate action,” he added in an interview with the business daily Cinco Dias on Monday.

100 exclusively dependent hotels

The unpaid bill left in Spain by Thomas Cook, which went bankrupt on 23rd September , may exceed the initial estimate of 200 million euros raised by the sector, also said Juan Molas, whose organization represents 15,000 companies in Spain. “It will be a lot more. The amount for eight hotel chains alone is close to 100 million, “he said.



Of the 500 hotels that could go out of business in Spain, 100 depended exclusively on Thomas Cook. The other establishments had a clientele of 30 to 70% of tourists brought by the tour operator.

7.3 million tourists routed

The president of the Confederation of Hoteliers cites the example of an establishment in Fuerteventura, Canary Islands. The venue, which recently spent 20 million euros on renovations, will end up with 700 rooms “empty from 7 October” and 200 employees he will have to fire.

Thomas Cook was the second-largest tour operator in Spain. Its airlines transported 7.3 million tourists in 2018, nearly 9% of the total number of visitors.

Bankruptcy of Thomas Cook: 500 Hotels "Will Close Immediately" in Spain, According to the Employers 1

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