TUI has gained Spanish hotel groups as new strategic partners after Germany bank WestLB sold its 31.4% stake in the travel group.
The shareholding has been sold on by Deutsche Bank to Spanish hotel companies, including Riu Hotels and Fiesta Hotels, and investors.
The hotel groups have taken 17.3% and institutional investors the remainder.
TUI, the German parent company of Thomson in the UK, has worked with Fiesta since 1979 and is keen to expand an ongoing relationship with Riu in the “high earnings hotel business”.
TUI did not put a value on the stake sold by WestLB but it has been reported to have a market value of more than £600 million.
Report by Phil Davies
