Thomas Cook ceased operations worldwide.

[Cdn_Gringo]

Perhaps the resorts need to change their operation. In exchange for the heavily discounted room rates that hotels provide to tour operators, payment for accommodation is now due 48 hours before check in time for arriving guests. Or at least 50% payment if there is a desire by the company to withhold partial payment to ensure the hotels remain responsive to issues that might arise.

It's not as if the money hasn't been in the possession of the tour company for quite a while in most cases.

 

[william webster]

You've finally found your calling -

the article -from the Financial Times





Hotels across Mediterranean suffer bitter blow from Thomas Cook failure

Tour operators so vital to Canary Islands economy that streets named after them

Alice Hancock in London SEPTEMBER 25 2019Print this page46

Things had been looking up for the Blue Palace Hotel on Turkey’s southern coast. The 64-room residence near the resort town of Marmaris had enjoyed a rebound in visitor numbers after a difficult period marred by terror attacks and a 2016 attempted coup.

Now, managers are braced for tens of thousands of pounds worth of losses after the collapse of Thomas Cook. The UK tour operator always paid in arrears — and its last payment was for the month of June. “They didn’t pay for the peak season,” said manager Yenal Cakici. “We are worried about the people who work at Thomas Cook . . . but of course we also have to think about our invoices.”

Hotel owners across the world are facing the same predicament after the demise of the 178-year old travel group, which went into liquidation in the early hours of Monday. The firm offered trips as far away as Cuba and Mexico, but the vast majority of the holidays it sold were to the resorts that line the Mediterranean. In Greece, Spain and Turkey — Thomas Cook’s most popular summer destinations — the bankruptcy threatens to strike a devastating blow to communities that are economically reliant on package tourism.

 

[ROLLOUT]

The situation with hotels is that they will be paid for the nights after Thomas Cook went under, until the end of someone's stay by ATOL. But for nights up until last Sunday when Thomas Cook went under they have to make a claim on the liquidators, and in reality it's unlikely they will see much money given the amount of a mess the company was in. If you were operating a hotel and you had someone who had already been in the hotel for 10 nights at the point that Thomas Cook went under and then you are told that you would only definitely be getting paid for the remainder of their stay, I can completely understand why you would try to get the guest to pay. Everyone keeps telling guests that they should not pay, and everyone is worried about whether guests are suffering, but nobody is thinking about the poor hotels and their staff. This year has been truly horrendous for most hotels in Dom Rep and nobody has money they can afford to lose.

If you want me to show sympathy for DR hotels and AIs, you can find it in the dictionary between sh@t, and shinola. Overall, I feel their level of customer svc severely lacking.

 

[frank recktenwald]

Perhaps the resorts need to change their operation. In exchange for the heavily discounted room rates that hotels provide to tour operators, payment for accommodation is now due 48 hours before check in time for arriving guests. Or at least 50% payment if there is a desire by the company to withhold partial payment to ensure the hotels remain responsive to issues that might arise.

It's not as if the money hasn't been in the possession of the tour company for quite a while in most cases.

That's the way tour operators work, have had that problem with them also when I ran a 5* hotel in CR. A foreign travel agency would book rooms for a group for a certain period and would pay only afterwards. Have done that once and I had to chase the money. The next time a travel agency booked I told them to pay before the group would arrive otherwise I'd cancel the bookings and didn't have any problems after that but then off course we were not talking about the volume TC had.

 

[KyleMackey]

Perhaps the resorts need to change their operation. In exchange for the heavily discounted room rates that hotels provide to tour operators, payment for accommodation is now due 48 hours before check in time for arriving guests. Or at least 50% payment if there is a desire by the company to withhold partial payment to ensure the hotels remain responsive to issues that might arise.

It's not as if the money hasn't been in the possession of the tour company for quite a while in most cases.

Yeah I was a little surprised that the resorts get paid X amount of time after check out..considering TC or other operators have full payment well before the trip/check in.

 

[drstock]

Yeah I was a little surprised that the resorts get paid X amount of time after check out..considering TC or other operators have full payment well before the trip/check in.

That's how many major companies make a large proportion of their money: sitting on their clients' payments and delaying paying suppliers. It's a big problem for smaller businesses. When interest rates were higher, the big corporations were even more guilty - gaining considerable interest from banks while suppliers had to pay interest.

 

[NanSanPedro]

I haven't read any confirmation that the TC execs were paid serious bonuses just prior to the declaration of bankruptcy. Anyone hear anything?

 

[frank recktenwald]

I haven't read any confirmation that the TC execs were paid serious bonuses just prior to the declaration of bankruptcy. Anyone hear anything?

https://www.theguardian.com/busines...ors-could-have-bonuses-seized-suggests-shapps

 

[frank recktenwald]

Some Belgium humor

It's English spoken

 

[CristoRey]

They blame the weather..........and Brexit


Sent from my iPhone using Tapatalk

Shouldn't they be blaming Trump? :cheeky:

 

[KyleMackey]

It's English spoken

 

[drstock]

What has the second picture got to do with anything? The first video was about Thomas Cook - funny. This picture seems to be about hungry people, when she is talking about climate change.

 

[AlterEgo]

Today's Diario Libre. computer translated

Some 500 hotels will close “immediately” in Spain after bankruptcy of Thomas Cook
Impairments of the tour operator exceeds 200 million euros in the European country
AFP - SPAIN 09/30/2019, 09:37 AM

Hundreds of hotels face an immediate closure in Spain after the bankruptcy of the British group Thomas Cook, the president of the Spanish Confederation of Hotels and Tourist Accommodations (Cehat) warned on Monday.

"There are 500 hotels that are going to close immediately due to the bankruptcy of Thomas Cook , and the situation can get worse if the Executive does not take action immediately," said Juan Molas, president of the confederation, in an interview with the economic newspaper Five days.

The total defaults left by the bankruptcy of Thomas Cook in Spain also exceed the initial estimate of 200 million euros, said Molas, whose confederation brings together some 15,000 companies.

“It will be much more. Only the sum of eight chains rubs the 100 million. I think it will far exceed that figure, ”said the manager.

Among the hotels that risk immediate closure, 100 depended exclusively on Thomas Cook, Molas said. The rest received between 30 and 70% of their clients from the British tour operator.

A hotel, for example, in Fuerteventura, in the Canary Islands, recently carried out a reform of 20 million euros. Now he finds that "he has 700 open rooms that will be empty on October 7, and he will have to fire his 200 workers because he has no room to look for alternatives," Molas added.

And is that the most punished destinations in Spain are the Canary Islands and the Balearic Islands, with 40% of the hotels affected.

The employer of the sector has developed an emergency plan that will be presented to the Minister of Tourism, Reyes Maroto, at the next Spanish Tourism Council, on October 7.

One of the top priorities will be to ensure the connectivity of the Canary Islands, the destination that is feared to be the most punished, as it will be devoid of the many tourists from northern Europe led by Thomas Cook.

"The high season begins and Thomas Cook provided 30% of the air capacity and hiring of beds," Molas said. The hotel employer figures the cost of bankruptcy in 1.3 million airplane seats, with two destinations particularly punished in the Canary archipelago: Tenerife and Lanzarote.

Therefore, Molas urged the Spanish government to contact the low-cost Irish airline Ryanair, to reverse its decision to close its bases in four Spanish airports in January, three of them in the Canary Islands.

https://www.diariolibre.com/economi...espana-tras-quiebra-de-thomas-cook-FF14441602

 

[beeza]

It's all this man's fault.

https://en.wikipedia.org/wiki/Manny_Fontenla-Novoa

 

[william webster]

LONDON — Hays Travel, an independent British travel agent, said on Wednesday that it had bought all 555 stores of Thomas Cook, one of the world’s oldest tour companies, which collapsed last month.

More than 25 percent of all former Thomas Cook employees who worked in retail have been hired as a result of the deal, which is expected to save up to 2,500 jobs, Hays said in a statement. The move will come as a major relief to many who found themselves unemployed overnight after Thomas Cook’s disintegration.

“Thomas Cook was a much-loved brand and a pillar of the U.K. and the global travel industry,” Irene Hays, the chairwoman of Hays Travel Group, said in the statement. “We will build on the good things Thomas Cook had — not least its people — and that will put us in even better stead for the future.”

The company said it would add the former Thomas Cook locations to the 190 stores that Hays already owns across Britain.

 

[TropicalPaul]

The guy already has 190 shops, he has just acquired another 555 and he said that the acquisition with "almost triple" the number of shops we have. Seems like maths isn't his strong suit. Best of luck, I think retail-based travel agencies had a very good past.

 

[drstock]

I don't think the new operation will be anything like the old one. From what I read it sounds like it will just be a traditional travel agent, providing travel and holidays with multiple suppliers, rather than having their own planes, hotels etc.

 

[william webster]

The guy already has 190 shops, he has just acquired another 555 and he said that the acquisition with "almost triple" the number of shops we have. Seems like maths isn't his strong suit. Best of luck, I think retail-based travel agencies had a very good past.

It's a SHE... Chairwoman Hay......

triple = 3 x 190=570

Sounds good to me... if you mean quadruple the total.. I get it

I would use the same expression.... if I had 190 and added 555 to it.
Triple my current holdings

English & math are difficult subjects.......