While FTI has declared bankruptcy, its two key subsidiaries—Destination Management Company (DMC) Meeting Point and hospitality company MP Hotels—announced that they remain unaffected and will continue their operations.
Currently, MP Hotels operates more than 50 hotels under the brands Labranda, Lemon & Soul, Design Plus, and Kairaba, continuing to take reservations. However, the company’s hotels in Türkiye have declared concordat.
MP Hotels continue taking bookings in Canary Islands
According to a report in the German tourism magazine Touristik Aktuell, MP Hotels' properties in the Canary Islands are still accepting reservations and guests. These properties have reported a minor dip in business following FTI's bankruptcy but have since recovered to achieve excellent occupancy rates. Hotel operators noted high reservation volumes from tour operators such as TUI, Dertour, and Vtours, as well as online portals like Booking and Holidaycheck and travel agencies.
Only few hotels are owned by FTI
The report highlights that only a few of the more than 50 hotels operated by FTI are owned by the group. It remains unclear whether these hotels, including the popular Club Aquaworld in Antalya-Belek, will be impacted by FTI's bankruptcy. The report suggests that alternative operators may be sought if necessary.
Hoteliers looking for alternatives
Additionally, the same report points out that property owners of hotels under the MP Hotels umbrella are looking for alternatives for their properties, which they had transferred to MP Hotels under management agreements.
High-occupancy, year-round operational hotels in high-demand areas, like those in the Canary Islands, are expected to quickly find new operators. According to Hosteltur, Sandy Beach, Sandy Villas, and Mythos Palace have decided to terminate their contracts with MP Hotels.
In the months leading up to FTI's bankruptcy, some hoteliers had already decided to part ways with MP Hotels. For example, the former Labranda Bronze Playa in southern Gran Canaria recently reopened as Hotel Akeah Broncemar. In May, the Spanish H10 Hotels group announced the acquisition of Labranda Costa Mogan, which had been renovated in 2021.
