By Deirdre Tynan • 03 June 2021 • 16:28
Tui cancels more flights and holidays until October including Spain, Turkey and US. Image: Pixabay
Spain’s family-owned RIU Group has acquired from TUI its 49 percent stake in 19 hotel properties which are operated under the RIU Hotels & Resorts brand located in four different continents.
The Riu family, originally from Mallorca, already held a 51 percent stake in the properties and has become the sole owner. The transaction has netted cash-strapped TUI 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,” TUI said in a statement.
“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 percent control of the ownership of these hotels provides additional agility in confronting possible paradigm changes in the near future,” the statement added.
The international RIU chain was founded in Mallorca by the Riu family in 1953 as a small holiday firm and is still owned by the family’s third generation.
The company specialises in holiday resorts and over 70 percent of its establishments offer its acclaimed an all-inclusive service. RIU Hotels & Resorts now has 93 hotels in 19 countries which welcome over 4.5 million guests a year and provide jobs for a total of 29,985 employees. It is fourth largest hotel chain in Spain in terms of revenue and the fourth largest in number of rooms.
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Deirdre Tynan is an award-winning journalist who enjoys bringing the best in news reporting to Spain’s largest English-language newspaper, Euro Weekly News. She has previously worked at The Mirror, Ireland on Sunday and for news agencies, media outlets and international organisations in America, Europe and Asia. A huge fan of British politics and newspapers, Deirdre is equally fascinated by the political scene in Madrid and Sevilla. She moved to Spain in 2018 and is based in Jaen.
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