May 28 - RIU Group will acquire from TUI its 49% stake in 19 hotel properties which are operated under the RIU Hotels & Resorts brand and are located in four different continents, as well as two more hotels that are now under development. The Riu family already holds 51% stake of these properties and will now become its sole owner. The transaction has been approved today by TUI’s Supervisory Board and is valued at 670 million euros.

 

Loyalty was paramount in the negotiations for this transaction, given that both companies have a firm desire to maintain and strengthen their strategic and commercial relationship over the long term. In fact, TUI is maintaining its 50% stake in RIUSA II S.A., the company that manages the RIU brand hotels and which the two companies founded in 1993.

 

This operation comes in the context of the crisis caused by the COVID-19 pandemic, which has profoundly affected the tourism industry. For its part, with this extraordinary indebtedness effort, RIU continues supporting its strategic partner over the long term. Furthermore, after confirmation that the ownership model has turned out to be an advantage in facing this crisis, taking 100% control of the ownership of these hotels provides additional agility in confronting possible paradigm changes in the near future.

 

RIU maintains its position of strength, its management will continue, as always, to be characterized by prudence and stability, and it will continue working on reactivation, with the intention of preserving all of its jobs.

 

 

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