Flight Centre has sold its Cross Hotels business to a South Korean hotel management company for an undisclosed sum. Cross Hotels operates 17 hotels with 1500 rooms across Thailand and Indonesia. Previously, Cross Hotels and PT Bespoke Hospitality were part of Flight Centre’s “Horizon Three” division. Flight Centre Australia is a global travel company offering flights, accommodation, tours, cruises, car hire, rail passes, and travel insurance. It operates leisure, corporate, and wholesale travel businesses in more than 20 countries.
According to Flight Centre boss Graham Turner, the sale will allow the company to concentrate on other businesses within the division. Turner highlighted plans to relaunch Topdeck, a Europe-based coach touring operation, as a small group tour operator. The relaunched Topdeck will cater to smaller groups of up to 18 travellers, incorporating new experiences, routes, and destinations.
Turner also noted the strong performance and expansion of Discova, the company’s Asia-based destination management company. Discova is extending its reach to include new community development projects, geographies, and a broader portfolio of experiences within key Asian markets. South Korean buyer Sono is a hospitality and leisure operator with interests spanning hotels, golf courses, ski resorts, equestrian centres, and marinas.
Flight Centre indicated that the terms of the agreement were not material. Flight Centre shares closed at $12.35 on Monday, reflecting a year-to-date decline of nearly 26 per cent.
