Thomas Cook Group has reached an agreement to sell its interest in the Spain-based hotel group Hoteles Y Clubs De Vacaciones (HCV) to Iberostar Hotels y Apartamentos (IBS).

The sale of HCV forms part of Thomas Cook's disposal programme, which was unveiled earlier this year and aims to offload up to £200m (EUR238m) worth of non-core assets.

Thomas Cook is to receive cash proceeds worth EUR72.2m (£60.7m) from the HCV deal, with the hotel group being sold with a net debt of EUR22.4m (£18.8m).

Completion of the deal, which is subject to shareholder approval, is due during the first quarter of 2012.