TUI Sells Stake In Hotel Chain Grecotel
TUI Group has sold its 50 percent stake in Greek hotel chain Grecotel to its partner, saying the move was part of a strategy to focus more on its own brand.
TUI said its withdrawal was not related to the Greek economic crisis. It gave no financial details of the divestment but a person familiar with the matter said TUI would generate proceeds of between EUR€40 million (USD$44 million) and €50 million.
Grecotel, which was founded by TUI and the Greek Daskalantonakis family in the 1980s, operates 23 four- and five-star hotels in Greece with a total of 11,000 beds.
TUI is in the process of simplifying its structure. It operates around 20 hotel brands, including Riu, Robinson and Iberotel.