Spanish hotel chain RIU Group has signed a deal worth €670 million to acquire from a 49% stake held by German travel company TUI Group in 19 hotel properties operated under the RIU Hotels & Resorts brand.

The hotel assets involved in the deal are located across four continents. Two of them are currently under development.

The Riu family already has a 51% stake in the hotel properties and will now become their 100% owner.

TUI Group is holding a stake of 50% in RIUSA II, the company that was founded by the two parties in 1993 for managing the RIU brand hotels.

RIU Group stated: “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.”

  COVID-19, Germany, RIU Group, RIU Hotels & Resorts, Spain, TUI Group