A decision on the future of Thomas Cook’s loss-making club hotel division Aldiana is imminent. Cook announced that it was in discussion with “a leading Spanish group in the areas of tourism and real estate” over a sale.

Both parties aimed to conclude the negotiations within the next few months. Media reports named the potential buyer as the construction group Hermanos Santana Cazorla, based in the Canary Islands, but this was not confirmed.

Cook said the plan was to operate Aldiana on a partnership basis, and it would retain a minority holding in the company.

Thomas Cook already held exclusive talks with US financial investment company Advent International this spring but could not reach a deal.

Aldiana, with 13 clubs, some 100,000 annual guests and turnover of EUR 125 million, fell into the red last year after fast expansion in previous years.