The deal for Tui to sell its 49% minority shareholding in the ownership of 21 properties to the Spanish hotel group was first announced in May 2021.
The transaction does not include the operation and marketing of these hotels which will continue to be carried out by the 50:50 joint venture between Tui and Riu, which covers 100 hotels across 19 countries.
Tui’s chief executive Fritz Joussen said: “With the sale of properties Tui sharpens its long-standing successful partnership with Riu and the Riu family and creates the basis for profitability and new growth after the pandemic.
“The transaction also enables us to further implement our ‘asset-right’ strategy with a clear focus on managing brand, operations, customer experience and distribution – decoupling growth in hotels from investments and hotel management and the holiday experience from property ownership.”
