Thomas Cook and Fosun to Open Two More Hotels in China in 2020

(Bloomberg) -- Thomas Cook Group Plc will build two new hotels in China with its joint venture partner Fosun International Ltd., including the first Asian branch of its own Casa Cook brand.

The hotels, one in Lijiang in southwestern China, and the other in Taicang, near Shanghai, will be built by Fosun and managed by Thomas Cook China, and will open in late 2020, the companies said in a statement Sunday.

The U.K. tour operator is targeting China’s $761 billion tourism industry as it sets its sights on the nation eventually accounting for between 15 percent and 30 percent of sales. Thomas Cook now has four own-brand hotels being built in China. It plans to open as many as 15 over the next five years, Chief Executive Officer Peter Fankhauser said last year.

To contact Bloomberg News staff for this story: Rachel Chang in Shanghai at wchang98@bloomberg.net

To contact the editors responsible for this story: Shamim Adam at sadam2@bloomberg.net, Andrew Janes, John McCluskey

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With assistance from Bloomberg