June 20, 2021

Riu buys TUI’s stake in 19 of its hotels for 670 million euros


Madrid

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The Riu hotel chain has acquired 49% of the capital that the German tour operator TUI had in 19 of its hotels. In this way, the hotel group will control 100% of these properties. In addition, two hotels under construction are included in Mexico and Senegal. According to the company, the operation is valued in 670 million euros and has been approved today by the board of directors.

According to Riu, this operation is part of the crisis situation caused by the pandemic, “which has deeply affected the tourism industry.” Even so, both companies intend to maintain their long-term strategic and commercial relationship. It should be remembered that TUI owns 50% of RIUSA II SA, a company that manages and operates the Riu brand hotels since 1993.

The hotel group of Balearic origin has stated that with these acquisitions it reinforces its portfolio of owned hotels, a model that, according to the company, «has resulted advantage to face the crisis». In addition, he adds that “the total ownership of these 19 hotels provides extra agility in the face of possible paradigm shifts in the near future.”

Despite the health crisis and the recent opening of tourism in Spain, Riu remarks that its management “will continue as always marked by prudence and stability and will continue to work on reactivation, with the intention of maintaining all jobs.”

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