Thomas Cook Group has announced the completion of its interest in Hoteles Y Clubs De Vacaciones.

The struggling tour operator sold the Spanish hotel asset to a consortium led by Iberostar Hoteles y Apartamentos.

The deal was approved by shareholders on May 29th 2012.

“The sale is part of a wider disposal programme and underlines our commitment to reduce debt,” Thomas Cook said it a statement.

“The transaction has reduced the group’s net debt by €94 million and under the terms of the bank facilities agreement, the proceeds will be retained by the group.”