MONTVALE, NJ — Flight Centre Travel Group Limited (FCTG) has agreed to acquire 100% shares of Olympus Tours, a leading Mexico-based destination management company (DMC). The move strengthens its in-destination offerings in key markets such as Mexico, the D.R. and Costa Rica.

This is FCTG’s second DMC acquisition, complementing the Asia-based Buffalo Tours business. Both acquisitions will strengthen its expanding in-destination travel experiences network, which is the company’s third core business pillar, alongside its extensive leisure and corporate travel operations. The company’s Australian-based headquarters has publicly flagged its intention to expand in the DMC sector – through acquisitions and organic growth – as part of a longer term plan to develop a global DMC.

“Olympus has been a key and valued partner of ours for many years. With a global strategy of increasing in-destination experiences – and having more control in doing so – this was a well-timed move with a company that we already have an incredible working relationship with,” said Dean Smith, President of FCTG, Americas. “The acquisition gives FCTG greater flexibility with customer offerings and the ability to create new and unique products that can be sold through our global distribution channels.”

FCTG says that historically it has not captured a large share of customers’ in-destination spend. “This acquisition changes all of that dramatically and increases possibilities and revenue streams notably, including the new ability to sell to other travel companies and providing DMC services to tour groups.”

FCTG also announced the acquisition of Bespoke Hospitality Management Asia (BHMA), an emerging Thailand-based regional operator of design and lifestyle leisure hotels and resorts. This marks FCTG’s first investment in the hotel management sector.

Managing Director Graham Turner said of the acquisition, “This is a logical first step into hotel management and will deliver numerous benefits. Through BHMA, we will gain access to a hotel operating platform that is scalable globally.” He went on to explain this business has been growing steadily since inception and is now taking on larger properties, which means it is aligned with FCTG’s strategic aims.

The Buffalo Tours and Olympus Tours DMCs together generate in the order of US$100 million in annual revenue. Services include transfers, excursions and day-trips, arrangements for meetings and incentive groups and land arrangements for cruises and other tour groups.

“Olympus will also deliver immediate benefits and, in the longer term, we will be able to draw on the team’s proven expertise in this sector as we expand our DMC offering globally and particularly in key markets within the Americas,” said Turner. “For example, we will now have a footprint for further expansion into mainland USA and Hawaii and into neighbouring markets in the Caribbean and in South and Central America.”