Thomas Cook said it has sold hotels in Morocco and the Spanish island of Mallorca as part of its ongoing divestment program. The company declined to give financial details, according to Dow Jones news wire.

It said it has sold its 100%-owned AGA Founty Investissement SA, which owns a 470-bedroom hotel in Agadir, Morocco, to Inversora de Hoteles Vacacionales SA, a joint venture between hotel operator Iberostar and three Spanish banks Sa Nostra, Caja de Madrid and Caixa Galicia.

The hotel will be marketed under the name “Iberostar Founty Beach.”

Thomas Cook has also sold its majority stake in the Spanish Royal Beach Club, an apartment-hotel with 200 rooms in Magaluf in Mallorca, to Dazzle Capital Holdings Ltd., a U.K. real-estate investor.

The sales are part of the company’s divestment plan which aims to achieve a flexible asset-light business model, focusing on its core businesses of selling package tours, components and services, the company added.
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