Caixabank lends €825 million to RIU Group

A beach in Spain.

CaixaBank is lending €825 million of capital to the RIU Group in what is hailed as Spain’s largest ever hotel loan.

The amount will cover the acquisition of the 49% of 19 RIU Hotels & Resorts properties currently owned by tour operator TUI (the remaining 51% being owned by the Riu family). The transaction was announced in May this year, and is part of TUI’s move to an asset-light model.

The loan will also enable RIU Group to develop new business projects in Mexico and Senegal in addition to its existing portfolio of hotels and resorts in North America, Europe, Africa and Asia.