The collapse last week of the world’s oldest travel giant Thomas Cook means hundreds of hotels in Spain are facing imminent closure, the head of the Spanish hotel federation has warned, and the situation could get worse if the country’s government doesn’t take immediate action.
The initial estimate of unpaid bills was 200 million euros, but is likely to be much higher, since eight hotel chains alone are owed more than 100 million.
100 hotels facing immediate closure were exclusively dependent on Thomas Cook, while others in danger counted on the firm for between 30 and 70% of their business. 40% of hotels in the Canaries and the Balearic Islands are affected. Thomas Cook also had 30% of air capacity which could affect 1.3 million airline seats.