Tourico Holidays has officially become part of Hotelbeds Group following the closure of the customary regulatory and legal procedures.
The wholesale travel provider has become a business unit within Hotelbeds Group, a bedbank and provider of services to the travel industry, while the integration progresses.
A plan is already in development to combine both businesses in stages. In due course both hotel and ancillaries partners and clients of each company will have access to the complete range of services and technology solutions currently available from both Hotelbeds Group and Tourico Holidays.
Tourico Holidays, founder, Uri Argov has retired but will remain a shareholder of the combined company. Asi Ginio, who has been with the company since 1999 and is currently the chief operating officer (COO), will now step into the chief executive officer (CEO) role while the company transitions to full integration.
Joan Vilà, executive chairman of Hotelbeds Group said: “It gives me great pleasure to confirm that a bedbank with a well-deserved reputation such as Tourico Holidays is now officially part of Hotelbeds Group.
“This deal expands our footprint in the important North American market and – along with our plans also for GTA to join us – forms part of our strategy to accelerate the growth of our business both organically and via mergers and acquisitions (M&A) activity.
“Our medium-term objective is to combine our respective best in class technology and distribution expertise for the benefit of both our hotel partners and clients. We will do this in stages and over the coming months will provide partners with further updates on how and when this will happen.”
Tourico Holidays, CEO, Asi Ginio, said: “We are excited to now officially be part of Hotelbeds Group and are hugely proud to be participating in what amounts to a transformation for the B2B travel industry.”
The merger follows the announcement in April of plans that GTA, a global bedbank with a large presence in the Asia-Pacific market, will also join Hotelbeds Group.
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