The Riu family has taken complete ownership of the Riu Hotels & Resorts brand in a deal with TUI Group.
The holiday giant had held 49 per cent of the company, but has sold its share for €670 million as it looks to reduce debts built up during the Covid-19 pandemic.
Riu Hotels & Resorts has a portfolio of 19 hotels, with two properties in development.
Riu and TUI continue to have a 50:50 joint venture, with 100 hotels and resorts worldwide.
This joint venture will continue to manage and distribute all Riu hotels – including the 21 properties that will be fully owned by the Riu family.
TUI said the sale means it is “strengthening its core business with holiday experiences”.
“The group intends to grow primarily with its international hotel brands Tui Blue, Riu, Robinson, Tui Magic Life and the management of these hotels, but in doing so will tie up less capital in land and its own real estate in the future,” added a statement.
The international Riu chain was founded in Mallorca in 1953 as a small holiday firm and is still owned by the family.
Also today, TUI has cancelled more trips because of “ongoing uncertainty” around travel restrictions.
Holidays to Aruba, Croatia, Cyprus, Italy, Jamaica and Tanzania have but cut until June 13th.
Trips to Greece, including Crete, Halkidiki, Kefalonia, Preveza, Samos, Santorini, Skiathos, Thassos and Zante, as well as Spanish destinations including Formentera, Mallorca, Ibiza, Menorca and La Palma, have also been suspended.
Finally, Tui Lakes & Mountains holidays are cancelled up to and including the same date.
The news comes in addition to a raft of cancellations announced earlier this week.