RIU Hotels & Resorts increases stake in TUI Group
The hotel chain RIU Hotels & Resorts has just completed the purchase of a block of 1,100,000 shares in TUI AG for a price of 10,359,830 euros, increasing its stake in the global tourism group from 3.38% to 3.56%.
Luis Riu, CEO of RIU Hotels & Resorts, declared that the purchase operation “represents a further step in the historic collaboration between the two companies, and further evidence that the fourth generation of the family, just like the third, remains committed to the future of joint business with the world’s leading tourism group.”
The historic relationship between TUI and RIU dates back 50 years, having been formalized in 1977 with the creation of Riu Hotels S.A., a hotel development company with a 49% stake held by TUI, and 51% by the Riu family. RIUSA II S.A. was founded in 1993 as a hotel operations company in which both firms hold a 50% stake. RIU has been a shareholder of TUI AG since 2004.