FLIGHT Centre Travel Group (FCTG) has freed up funds to further invest in its Horizon Three stable of businesses, making the call to sell its hotel management division Cross for an undisclosed sum.
The company’s recently sold arm includes Cross Hotels and Resorts and PT Bespoke Hospitality, representing more than 1,500 keys at 17 hotels across Thailand and Indonesia.
Commenting on the sale to South Korea’s Sono International Co Ltd, Managing Director Graham ‘Skroo’ Turner said the divestment was not about poor performance, stating Cross is a “good business with solid foundations for future growth”.
Rather the sale will allow FCTG to place a greater focus on other growth opportunities within its Horizon Three business network, Turner explained.
“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 and destinations,” he added.
Other businesses in FCTG’s Horizon Three division include Back-Roads, destination management company Discova, and Asia and Europe cycle touring business Grasshopper.
