TUI Group has acquired an all-inclusive resort hotel in Zanzibar, tourism destination of Tanzania, as part of a strategy to expand its in-house portfolio of hotels. The purchase price for the 250 keys Emerald Zanzibar Resort & Spa in Tanzania was not disclosed.
After a transition period, the all-inclusive resort will be operated by TUI Hotels & Resorts from the beginning of 2024, and all bookings already made by guests will be taken over. TUI is thus expanding its offering on the East African island to four hotels. In addition to the TUI Blue Bahari Zanzibar, the Group also operates the RIU Palace Zanzibar and the RIU Jambo there together with RIU.
The fund also intends to acquire a hotel property from TUI's portfolio. This is currently operated by a TUI hotel brand and will continue to be run as such in the future by means of a management contract. Here, too, the parties have agreed not to disclose the purchase price. TUI will invest the proceeds of the sale in further hotel growth.
The deal was secured via a new global hotel fund which was formed with Luxembourg-based investment firm Hansainvest.
The fund also intends to acquire a hotel property from the TUI portfolio, hotel will continue to be operated by TUI hotel brand in the long term.