OK Group have announced that they will make their first step in the hotel sector, with the acquisition of a hotel in Palma de Mallorca. With the intention of providing a complete experience to the more than two million tourists who entrust their holidays with OK Group, the business want to expand their horizons by making a mark in the hotel industry.
Othman Ktiri, the CEO and founder of OK Group, has expressed his enthusiasm for the new venture, citing that this ‘marks the beginning of a diversification of the business group, which until now was focused on the automotive sector and in the sale and rental of vehicles’.
In a previous interview with Hosteltur, the leading national portal for tourism news, Ktiri explained that OK Group have ‘first entered the hotel market through an equity investment that they have not ruled out managing themselves’.
The short-term plan focuses on the purchase of a hotel situated in Palma de Mallorca or its surroundings, with a minimum of 80 rooms and that is open 365 days a year – to escape the tourist seasonality which very much characterises the tourism industry in the Balearic Island. In addition, it has not been ruled out to venture into a boutique hotel project.
Ok Group had a very successful 2018, which was marked by growth and expansion. The business group welcomed 2019 with the announcement of their continued efforts in internationalisation, with the imminent opening of new OK Rent a Car offices in Portugal.