Riu will now control the entire 100% stake in the brand, which stretches across 19 hotel properties in four different continents, as well as a further two scheduled openings.
Despite the sale, TUI will maintain its 50% stake in RIUSA II SA, the company that manages the Riu brand hotels.
The deal represents a continuation of the two groups’ relationship, as Riu claimed to be “supporting its strategic partner over the long-term”.
As a result of the transaction, Riu said that it will gain “additional agility in confronting possible paradigm changes in the near future” in relation to the Covid-19 pandemic.
For Tui, the sale shows a further contraction to the group’s portfolio, following March’s announcement that it would be closing 48 of its UK high street sites.
Impacting 273 jobs in the process, Tui claimed that the closures came as a result of “unprecedented pressure” on the travel industry.