Disposal of bedbank to Cinven Capital Management and Canada Pension Plan Investment Board completed for total cash consideration of 1.19 billion euros.
HANNOVER – TUI Group consistently continues its transformation to an integrated tourism group with main focus on hotel and cruise businesses initiated by CEO Fritz Joussen. The world’s number one tourism group confirmed the completion of the disposal of Hotelbeds Group, announced in April 2016, for a total cash consideration of 1.19 billion euros to the British investor Cinven Capital Management and the Canada Pension Plan Investment Board. All regulatory approvals required have been granted by the relevant authorities. This marks the completion of the transaction. The Group also announced a further expansion of its hotel portfolio with a new TUI Blue Hotel in Croatia, the TUI Blue Jadran. TUI Group thus continues its strategic transformation to a hotel and cruise group and continually expands its exclusive Group-owned hotel and cruise portfolio. Apart from the new TUI Blue hotels to open in Tenerife (November 2016), Austria (November 2016), Germany (December 2016) and Italy (spring 2017), the first two hotels were opened in Turkey in May this year. With the new hotel on the Croatian Riviera, TUI will open an additional hotel exclusively to be booked by TUI customers.
Thomas Pietzka, Head of TUI Hotels & Resorts: “The hotel business is a key element of TUI’s growth strategy. By opening this additional new hotel, we have shown that we are consistently implementing our goals and continue to expand our unique offering for our guests.”
The new hotel is currently being completely refurbished and adjusted to the TUI Blue concept. It is located in a bay on Makarska Riviera – a coastal section of the Croatian Riviera in Dalmatia. “Croatia is developing into an increasingly popular trend destination. I am therefore particularly delighted that we are growing here with our hotel brand TUI Blue,” said Artur Gerber, Managing Director TUI Blue.
The nearest town of Makarska is about three kilometres from the hotel, with Split about 65 kilometres away. The four-star hotel is situated directly on a beach and will have a total of 161 rooms with eleven exclusive swim-up suites. The resort will also have four bars and three restaurants. Like all other TUI Blue hotels, the TUI Blue Jadran offers a comprehensive Bluefit programme – a combination of fitness, food and wellness. The BLUE Guides offer individual services for guests and are available as experts for the holiday region. The new hotel in Croatia also features further TUI Blue elements such as modern architecture, authentic local cuisine for a balanced diet, and innovative technologies. Bookings will be launched on 29 September.
Fritz Joussen, CEO TUI Group said: “With the successful completion of the disposal, we are consistently continuing our strategy. TUI covers the whole tourism value chain, however, our investments focus on our own products that differentiate us from our competition. These are primarily hotel and cruise businesses. We will use the proceeds to continue our growth roadmap for our hotel and cruise portfolio and further strengthen our balance sheet.”
Following the merger between TUI AG and TUI Travel PLC in December 2014, Joussen had launched a clear strategy focussed on delivering the Group’s alignment as an integrated tourism group and expansion of the Group’s own hotel and cruise portfolio.
TUI will provide a strategy update, including details regarding the reinvestment of proceeds from the disposal, at the presentation of its results for financial year 2015/16 on 8 December 2016.
Angelos is the news editor for TravelDailyNews Media Network (traveldailynews.gr, traveldailynews.com and traveldailynews.asia). His role includes to monitor the hundrends of news sources of TravelDailyNews Media Network and skim the most important according to our strategy.
He currently studies Communication, Media & Culture in Panteion University of Political & Social Studies of Athens.
