CaixaBank has granted the largest hotel loan in Spain’s history. The RIU group is borrowing 825 million euros to acquire 49% of 19 hotels owned by the tour operator TUI. The loan will also fund the development of new business projects in Mexico and Senegal.
The group will have the necessary liquidity to acquire the portfolio, valued at 670 million euros, which will give it 100% ownership of the properties. The assets are currently split between the two groups, with 49% owned by TUI Group and 51% by the Riu family.
The RIU family has always avoided debt, but its position has allowed it to execute the record financing, precipitated by the financial difficulties facing its partner TUI. Nahomi Riu, the group’s financial director, closed the deal with CaixaBank, which does not plan a mortgage guarantee, in just two and a half months.