TRAVCO Group International Holding has announced its strategic acquisition of the Steigenberger Hotels reinforcing its strategy of targeted growth and international expansion. In addition to hotels, Nile cruise ships and destination management companies, Travco’s business activities cover the full tourism value chain with a unique integrated business model.
“This is an important strategic step towards our long-lasting and continuous course for growth, which positions us as a global player in the tourism and hospitality industry,” says Hamed El Chiaty, chairman & CEO. “In addition, we will aim at jointly increasing our added-value offerings through accessing new growth opportunities and operative synergies. At a particularly challenging time for the tourism industry, this move strengthens our leadership claim within the leisure business.”
Steigenberger marks Travco’s worldwide presence as well as its entry into the city hotel business, particularly in the German, Austrian and Swiss markets. The acquisition position s them as one of the largest international owners and operators of hotels in Europe and the Middle East with over 142 properties and 25,000 rooms.