Flight Centre Travel Group (FCTG) has announced that it has acquired two new travel companies-Mexico-based Olympus Tours and Bespoke Hospitality Management Asia.
Olympus Tours is a destination management company (DMC) based in Cancun. The acquisition will help bolster Flight Centre's in-destination offerings in key places such as Mexico, the Dominican Republic and Costa Rica.
"Olympus has been a key and valued partner of ours for many years," said Dean Smith, president of FCTG, Americas.
"With a global strategy of increasing in-destination experiences-and having more control in doing so-this was a well-timed move with a company that we already have an incredible working relationship with. The acquisition gives FCTG greater flexibility with customer offerings and the ability to create new and unique products that can be sold through our global distribution channels."
FCTG's growing travel experiences network now includes the Top Deck and Back-Roads touring businesses as well as the Buffalo Tours and Olympus Tours DMCs, which together generate approximately $100 million revenue annually.
The acquisition of Olympus Tours also gives FCTG a leg up in terms of expertise and expansion.
"Olympus will also deliver immediate benefits and, in the longer term, we will be able to draw on the team's proven expertise in this sector as we expand our DMC offering globally and particularly in key markets within the Americas," said managing director Graham Turner. "For example, we will now have a footprint for further expansion into mainland USA and Hawaii and into neighboring markets in the Caribbean and in South and Central America."
FCTG also announced the acquisition of Bespoke Hospitality Management Asia (BHMA), its first foray into the hotel management sector. BHMA is a Thailand-based regional operator of design and lifestyle leisure hotels and resorts-a business that FCTG believes is gaining traction and has global potential.
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BHMA's CEO, Anthony McDonald, noted that the deal would fast-track BHMAsia's growth.
"Strategically, this is a perfect fit - Flight Centre has customers that need hotels and BHMAsia has hotels that need customers. By leveraging FLT's global distribution network, BHMAsia-managed hotels can deliver improved returns to their owners and an end-to-end experience for FLT customers," said McDonald.
BHMA's brands include luxury brand X2, lifestyle X2 Vibe properties and Away Resorts and Villas.
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