• NEWS
  • 6 AUGUST 2020

Zepos & Yannopoulos advises LMEY Investments in acquisition of Thomas Cook’s shares in Westfort Capital

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Paris Tzoumas

Paris Tzoumas

Senior Associate

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Sofia Tzianoumi

Sofia Tzianoumi

Associate

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Anastasia Veneti-Pagoni

Anastasia Veneti-Pagoni

Associate

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Daphne Cozonis

Daphne Cozonis

Partner

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We advised LMEY Investments AG in acquiring a 50% stake in Westfort Capital Limited, a hotel investment company, from Thomas Cook Group Tour Operations (in liquidation), resulting in 100 per cent ownership by LMEY in the hotel investment platform.

Westfort Capital was established in May 2018 to acquire and reposition underperforming and underinvested hotels across Mediterranean sun and beach markets. The number of investments held has doubled from a seed portfolio of four operating hotels to eight today, with further development properties on the pipeline. Current operators include OKU Hotels, a newly established brand, focused on the five-star luxury hotel segment with existing hotels in Ibiza and Kos.

We advised LMEY on all aspects of this cross-border transaction (involving United Kingdom, Spain and Greece) including financing, restructuring & insolvency, corporate, real estate and tax matters and had a key role in collaborating and coordinating with advisors across all jurisdictions to reach deal closing on the backdrop of developments in the Thomas Cook group insolvency. Completion of the transaction further strengthens LMEY’s presence and investments in the Greek tourism market and attests, not only the potentials of the Greek tourism industry in spite of its unprecedented hit by the Covid-19 crisis, but also the investment dynamics in repackaging and developing underperforming hotel and leisure assets.

The Zepos & Yannopoulos team was led by senior associate Paris Tzoumas (Finance & Capital Markets) assisted by associates Sofia Tzianoumi (Corporate and M&A) and Anastasia Veneti (Real Estate). Partner Daphne Cozonis advised on tax matters.