Travco Group bought a 99.6% share of the European hotel chain ,Steigenberger Hotels AG. Travcor Group is a hotel and tour operator based in Egypt that owns 50% of TUI Group, the biggest and most experienced tour operator in Europe. Travcor Group has assets of more than 1.25 billion euros and posted posted consolidated revenues of 600 millon euros in 2009. The company employs 18,000 people.
Steigenberger was established in 1930 and operates 82 hotels with 14,890 rooms and 6,700 professionals. The Steigenberger family was the main shareholder of the corporation until Travcor’s acquisition. A statement issued by the company said a strong international partner will help them achieve their goal of international expansion. Chief Executive of Steigenberger said they want to secure Steigenberger’s future. Andre Witschi said “The international hotel and travel services of Travco enable us to offer our guests a new world of travel destinations.”
