TUI Group has confirmed the completion of the disposal of Hotelbeds Group, announced in April 2016, for a total cash consideration of €1.19 billion. The organisation sold the unit to the British investor Cinven Capital Management and the Canada Pension Plan Investment Board.

Hotelbeds has acquired JBS, a US-based company dedicated to the Chinese accommodation wholesaler market. JBS, formed in 2001 by Chinese-born US residents Juliann Meng, Barbara Ansel and Sarah Gao, works with Chinese-domiciled tour operators and travel agents as well as destination management companies active in incoming tourism from China to the US.

Hotelbeds, one of TUI Travel PLC’s leading business to business brands and one of the industry’sforemost accommodation and destination services companies, is celebrating its 10 year success story and unveiling its growth plans at this year’s World Travel Market (WTM).