Russia’s Sistema sells stake in JV tour operator with Thomas Cook

MOSCOW, Dec 29 (PRIME) -- Travel agency Intourist, a subsidiary of Russian multi-industry holding Sistema, has sold its stake in ITC Travel Investments – a joint venture with Thomas Cook, Sistema’s official representative Sergei Kopytov told reporters late on Friday.

“Intourist has left the capital of ITC Travel Investments, its joint venture with Thomas Cook,” he said without disclosing the sum of the deal.

Sistema sold its tour operator business, but the company plans to keep and develop the hotel business, as it has hotel assets in Russia and in other countries, Kopytov added.

Sistema’s hotel subsidiary is Cosmos Group, which unites 17 hotels in 14 cities of Russia and the world, including hotels under international brands like Park Inn by Radisson and Holiday Inn Express.

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