With the transaction TUI is sharpening its focus in its long-standing partnership with RIU: in the future, the cooperation will be even more clearly focused on brand, hotel management and distribution. As part of this focus, Saranja S.L., an entity of the RIU-Group is taking over TUI's minority share in RIU Hotels S.A. joint venture and the previously jointly held real estate portfolio of 21 properties. The core of the long-standing strategic hotel partnership between RIU and TUI continues to be the 50:50 joint venture with around 100 hotels and resorts worldwide. This joint venture not impacted by the transaction will continue to manage and distribute all RIU hotels and resorts worldwide - including the 21 properties that will be transferred to the RIU-Group in the future.
The proceeds will be used to reduce the Group’s debt which substantially increased during the Corona pandemic.
Per 30 September 2020 RIU Hotels S.A. generated a total revenue of 226 million euros, an underlying EBIT of 28 million euros, an EAT of 10 million euros and the EAT of TUI’s 49% stake amounted to 5 million euros. Per 30 September 2020 the gross assets of TUI’s stake in RIU Hotels S.A. totaled 433 million euros.
Nicola Gehrt, Director, Head of Group Investor Relations
+ 49 (0)511 566 1435
Hazel Chung, Senior Investor Relations Manager
+ 44 (0)1293 645 823
Ina Klose, Senior Investor Relations Manager
+ 49 (0)511 566 1318
Kuzey Alexander Esener, Head of Media Relations
+ 49 (0)511 566 6024
This announcement contains a number of statements related to the future development of TUI. These statements are based both on assumptions and estimates. Although we are convinced that these future-related statements are realistic, we cannot guarantee them, for our assumptions involve risks and uncertainties which may give rise to situations in which the actual results differ substantially from the expected ones. The potential reasons for such differences include market fluctuations, the development of world market fluctuations, the development of world market commodity prices, the development of exchange rates or fundamental changes in the economic environment. TUI does not intend or assume any obligation to update any forward-looking statement to reflect events or circumstances after the date of this announcement.