Hanover, 25 May 2021

S P Lohia Family acquires Toscana Resort Castelfalfi

  • TUI with strong focus: holiday experiences, hotel, cruise, and holiday brands as well as operation and marketing of hotels
  • Property development, sales and real estate management as started in Castelfalfi in 2007 are not core business of TUI
  • Incorp Holdings B.V., Netherlands (a S P Lohia Family company) acquires exclusive village, resort, real estate and farming in Tuscany
  • New owner plans sustainable increase in value proposition of the estate

Incorp Holdings B.V., Netherlands (a S P Lohia Family company) is acquiring Tenuta di Castelfalfi S.p.A in Tuscany, Italy from TUI Group. The investor takes over the entire resort: The 1,100-hectare Toscana Resort Castelfalfi mainly comprising luxury holiday properties for international owners, a hotel, restaurants, an agricultural business, a village centre with business premises, a swimming pool and a golf course.

With the sale, TUI Group continues to focus on its core business and digital transformation. TUI wants to grow primarily with its international hotel brands TUI Blue, Riu, Robinson and TUI Magic Life as well as the management of these hotels and invest less in land and own properties. The Group announced this so-called “asset right” strategy before Covid-19 in December 2019. The growth of the group and its hotels is to be decoupled from investments. This will lead to a streamlining of the owned portfolio. Property development, sales and real estate management as well as agriculture, started in Castelfalfi in 2007, are not part of TUI’s core business activities. TUI will also continue to operate the resort's own hotel until 30 September 2021. Services for property owners will also be continued to the same extent and quality. The parties have agreed not to disclose the purchase price.

Thomas Pietzka, Managing Director TUI Hotels & Resorts says: “Since our entry in 2007, Castelfalfi has developed into a luxury tourism resort. Despite its success, long-term project development in real estate and agriculture is not part of TUI Group’s core business. We delighted to have found a buyer in the S P Lohia Family's Incorp Holdings, a long term investor who is committed to further enhancing the resort's value.”

Mr. S P Lohia says: “We are thrilled with the acquisition of the beautiful historic village and resort of Castelfalfi and we look forward to engaging with all the stakeholders to create a world-class experience on this unique and exceptional estate. Our vision will build on the TUI legacy to create the luxury destination of choice in Tuscany.”

About Toscana Resort Castelfalfi

In the heart of Tuscany, located within the municipality of Montaione between Florence and Volterra, lies Castelfalfi. Since its purchase by TUI in 2007, the once almost abandoned Tuscan village has been restored and developed to a luxury resort. Hotel guests, property owners and golfers appreciate what the extensive grounds between Pisa and Florence have to offer. Its restaurants and the public swimming pool are also popular with locals. With its agricultural business, the resort produces and markets Tuscan wines and olive oil. The Toscana Resort Castelfalfi is only a few minutes away from the art and cultural treasures of Tuscany.

About TUI Group

TUI Group is one of the world's leading tourism groups and operates worldwide. The Group is headquartered in Germany. TUI shares are listed on the FTSE 250, an index of the London Stock Exchange, on the regulated market of the Hanover Stock Exchange and on the Open Market segment of the Frankfurt Stock Exchange. The TUI Group offers integrated services from a single source for its 27 million customers, 21 million of them in the European national companies.

The entire tourism value chain is covered under one roof. This includes over 400 hotels and resorts with premium brands such as RIU, TUI Blue and Robinson and 16 cruise ships, from the MS Europa and the MS Europa 2 in the luxury class and expedition ships to the Mein Schiff fleet of TUI Cruises and cruise ships at Marella Cruises in Great Britain. The Group also includes leading tour operator brands and online marketing platforms across Europe, five airlines with more than 100 modern medium and long-haul aircraft and over 1,000 travel agencies. In addition to expanding its core business with hotels, cruises via successful joint ventures and activities in holiday destinations, TUI is increasingly focusing on the expansion of digital platforms. The Group is transforming itself into a digital company.

Global responsibility for sustainable economic, ecological and social action is at the core of our corporate culture. The TUI Care Foundation, initiated by TUI, focuses on the positive effects of tourism, on education and training and on strengthening environmental and social standards with projects in 25 countries. It thus supports holiday destinations in their development.

About S P Lohia Family

Mr. S P Lohia is the founder of Indorama Corporation, Singapore (www.indorama.com), one of Asia’s leading industrial conglomerate with interests in fertilizers, petrochemicals, textiles, and medical gloves. He has been a driving force behind the Group’s growth for the last 45 years, engaging with the communities he operates in and actively participating in their development. His associate, Indorama Ventures Public Company Limited, is the world’s largest producer of polyester products and its intermediate products. Their manufacturing activities are spread over 30 countries and have annual sales value of US$15 billion. Mr. S P Lohia is also a passionate collector of rare books and hand-coloured lithographs (www.splrarebooks.com). His charitable activities span the fields of education, healthcare, and the arts.

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