In a strategic move that could ensure the continuity of Meeting Point Hotels, Blue Sea Hotels & Resorts, owned by Portobello Capital, chaired by Íñigo Sánchez Asiaín, has been identified by German judicial authorities as the right partner to avoid the dismantling of the international hotel chain given the crisis of the tour operator, according to information obtained on Thursday by Maspalomas24H. The intervention of the bankruptcy administrator in charge of studying the profitability of the FTI group has been crucial in this process. The possible agreement between Blue Sea Hotels and Meeting Point Hotels could provide the stability and resources necessary to keep Meeting Point properties operational in the future, thus avoiding the dismantling of the chain after the bankruptcy of FTI.
Meeting Point Hotels is a hotel chain founded in September 2015 by the FTI Group. It currently has more than 60 properties and 13.000 rooms distributed in eight countries, including the Canary Islands, Morocco, Malta, Italy, Greece, Croatia, Turkey and Egypt. The brands operating under this chain include Labranda Hotels & Resorts, Design Plus Hotels, Kairaba Hotels & Resorts, Lemon & Soul Hotels and Managed by MP Hotels.
FTI Touristik, one of Europe's leading tour operators, filed for insolvency on 3 June 2024. The parent company, FTI Touristik GmbH, filed for insolvency proceedings at the Munich local court due to debts of almost 1.000 billion euros. This situation initially affects FTI Touristik, but further companies in the group are expected to file for insolvency in the coming weeks.
Blue Sea Hotels & Resorts, a hotel chain owned by Portobello Capital, has more than 26 establishments located mainly in the Canary Islands and the Balearic Islands. In October 2022, the chain refinanced its debt with a €175 million loan from the US fund Pimco, guaranteed by its assets. In March 2023, Blue Sea decided to waive a €25 million loan from the Fund to Support the Solvency of Strategic Companies (FASEE), due to the recovery of the sector and its favourable financial situation. The chain had previously been bailed out by SEPI with €25 million during the pandemic.
