Tui sells 49% stake in Riu Hotels venture for EUR670 million
Tui sells 49% stake in Riu Hotels venture for EUR670 million | Financial News
Source: lse.co.uk
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TUI Group sells Riu Hotels & Resorts stake for €670m
2 hours ago The Riu family has taken complete ownership of the Riu Hotels & Resorts brand in a deal with TUI Group. The holiday giant had held 49 per cent of the company, but has sold its share for €670 million as it looks to reduce debts built up during the Covid-19 pandemic. Riu Hotels & Resorts has a portfolio of 19 hotels, with two properties in development. Riu and TUI continue to have a 50:50 joint venture, with 100 hotels and resorts worldwide. This joint venture will continue to manage and distribute all Riu hotels – including the 21 properties that will be fully owned by the Riu...
Source: breakingtravelnews.com