Migros Sells Hotelplan to German Travel Giants

The Swiss retail landscape is witnessing a seismic shift as Migros officially offloads its travel empire to German heavyweights. In a decisive move that reshapes the European tourism board, the retail colossus has sold the majority of its Hotelplan Group to the German tour operator Dertour. Simultaneously, the lucrative holiday rental subsidiary, Interhome, has been snapped up by Berlin-based Hometogo. This is not merely a sale; it is a complete restructuring of Swiss tourism ownership.

Migros has made its intentions crystal clear: the era of diversification is over. By divesting these major assets, the retailer is aggressively retreating to its core business, shedding weight to navigate a turbulent economic climate. While speculation had been rife for months, the confirmation lands with a heavy thud—two of Switzerland's most recognizable travel brands are now firmly under German command. The deal marks the end of an era for Migros as a travel mogul and signals the beginning of a new, consolidated European dominance in the Swiss market.

The numbers are in, and they are staggering. Hometogo has secured the crown jewel of the Hotelplan Group, Interhome, in a deal valued at a potential CHF 235 million. The Berlin-based holiday apartment specialist is putting significant skin in the game, committing to an upfront cash payment of CHF 150 million. But the financial maneuvering doesn't stop there—an additional CHF 85 million is on the table in earn-out payments stretching through 2029.

Interhome is no small catch. As the undisputed centerpiece of the Hotelplan Group, it generated a robust turnover of CHF 389.6 million in the last financial year alone. For Hometogo, a company already listed on the Frankfurt Stock Exchange, this acquisition is a massive power play intended to skyrocket sales and profitability. To fund this aggressive expansion, Hometogo is launching a capital increase, signaling to the market that it is ready to absorb the Swiss giant and run it as an independent powerhouse.

The balance of power in Swiss tourism has shattered. With the acquisition of Hotelplan, Dertour—the travel division of the massive Rewe Group—has effectively cornered the market. Already a titan operating over 130 companies and employing 10,000 people, Dertour's footprint in Switzerland was previously established through the Kuoni and Helvetic Tours brands. Now, by absorbing Hotelplan, they have eliminated a key rival and dramatically extended their lead over competitor Tui.

The implications for market competition are profound. Hotelplan Group, which generated sales of CHF 1.78 billion in 2024 and operates in 20 countries, will now feed into the Dertour machine. While the purchase price remains a guarded secret, the strategic value is undeniable. Dertour is not just buying a company; they are buying dominance. The German group gains access to a vast partner network and intends to manage the Hotelplan brands distinctively, cementing a German monopoly over Swiss outbound travel.