Iberostar Group has reached an agreement with the Brazilian group CVC to sell its stake in Almundo.com, a digital travel company with offices in Argentina, Colombia, Mexico and Brazil. The purchase, which has been made through its subsidiary Submarine Viagens, has been completed for a total amount of 77 million dollars. This agreement will also involve the creation of commercial synergies through the development of the MOU signed by both groups, providing added value to the Iberostar hotel division by incorporating the company's more than 125 hotels to the Group's sales channels CVC.
CVC Corp companies have the largest portfolio of travel products and solutions in Latin America. Present in the Brazilian market for 45 years, CVC has the largest distribution network of tourism products and services in Brazil, with more than 1,200 franchises, more than 6,500 authorized multi-brand travel agencies throughout the national territory. CVC annually moves 4 million Brazilians on leisure trips, with a turnover of more than 5 billion in confirmed reservations.
“This agreement is very important, since it will allow multiplying the benefits of CVC and Almundo for the complementarity of both businesses and for the exponential growth that the union of their strengths will lead to,” said Miguel Fluxá, President of the Group. "For Iberostar Group, it will also allow us to enrich our sales channels and to expand the reach of W2M with the development of receptive services in some countries where CVC operates."
Iberostar Group expects to close 2019 with an income level above 11% over the previous year, through growth in all distribution and direct sales channels, and an aggregate global occupancy rate of +5%. These data strengthen Iberostar's strategy, which continues to focus on developing an acquisition and renovation plan that will strengthen its positioning within the high-level hotel segment in Europe and America.
Iberostar works to consolidate its leadership in responsible tourism with the implementation of its Wave of Change movement and moving towards hotel circularity.