Thomas Cook chief executive, Peter Fankhauser has signed a memorandum of understanding with Jim Qian of Fosun International, as they are to build two family hotels near Shangai, China.
Thomas Cook shares rose to five per cent at 38.66p.
Qian said, “Today’s agreements with Thomas Cook China are another step forward in the development of our two key destination projects in Lijiang and Taicang.
“Building on the strengths of each other’s businesses, this strategic partnership further enhances Fosun Tourism’s proposition for the development of new tourism destinations, integrating two new hotel brands that fit perfectly within our existing portfolio.”
Fankhauser said, “By partnering with Fosun to develop two flagship new hotels that will be managed through our joint venture, we’re making the most of our relationship to give Chinese customers a holiday experience that’s very different to what’s on offer from the competition.
“It’s especially pleasing to be realising our long-held ambition to work with Fosun to launch own-brand hotels, which form the core of our group strategy for profitable growth, here in China.”