500 Spanish hotels are facing imminent closure following the collapse of Thomas Cook, according to Jean Molas, chairman of the Spanish Confederation of Hotels and Tourism. The newspaper El País. 

The travel giant's collapse is a harsh blow for the hotel industry, not least in Spain. According to Jean Molas, who represents 15,000 companies in the sector, the final bill will be considerably higher than the initial estimate of €200 million.

The big bang is coming on October 6th, when the travel giant's insurance covering hotels' losses ceases to apply. 

”There are 500 hotels that will be closed immediately due to bankruptcy, and the situation could get worse if the government does nothing,” Jean Molas continues. 

Of the 500 hotels, 100 have had only Thomas Cook guests, while the others have had a customer base of between 30 and 60 percent. 

Jean Molas cites a company in Fuerteventura as an example: the hotel has just undergone a €20 million renovation and will be left with 700 vacant rooms and 200 idle employees on October 7th. 

Thomas Cook was the second-largest tour operator in Spain. Every year, the company transported 7.3 million tourists, which was 9 percent of the total number of visitors. The areas most affected by the bankruptcy are the Canary Islands and the Balearic Islands. 

Source: di.se