RIU Group, a Spanish hotel and travel company, completed the acquisition of a 49% stake in RIU Hotels, the hotel business of RUI Group, from TUI Group, a travel agency group, for $817m. “With the sale of properties TUI sharpens its long-standing successful partnership with RIU and the Riu family and creates the basis for profitability and new growth after the pandemic. The transaction also enables us to further implement our ‘asset-right’ strategy with a clear focus on managing brand, operations, customer experience and distribution – decoupling growth in hotels from investments and hotel management and the holiday experience from property ownership," Fritz Joussen, TUI CEO.