RIU Hotels & Resorts Acquires Rented Canary Islands Property With Plans for $30 Million Euro Renovation

/RIU Hotels & Resorts Acquires Rented Canary Islands Property With Plans for $30 Million Euro Renovation

RIU Hotels & Resorts Acquires Rented Canary Islands Property With Plans for $30 Million Euro Renovation

|2018-12-18T14:39:16-05:00December 18th, 2018|

RIU Hotels & Resorts has completed its purchase of Hotel Riu Buena Vista, located in southern Tenerife, with spectacular views of the Atlantic from its outstanding location in Costa Adeje. The chain has been operating the hotel since 2008, but only now has it been able to buy the building, with a view to investing in a major overhaul that will modernise the hotel and increase the quality of its services.

RIU has three hotels in the south of Tenerife. Riu Palace Tenerife and Riu Arecas were fully refurbished in 2015. All that remained to be done to complete the modernisation of its establishments in this location was the refurbishment of Riu Buena Vista, and this will now be possible after its purchase.

“This acquisition represents a step forward in our strong commitment to the Canary Islands, where we opened our first hotel in 1985, and an increase in the quality of our services overall. Our purchase of this hotel also means job stability and wellbeing for all the staff after a period of uncertainty prior to the confirmation of the purchase transaction,” explains Luis Riu, CEO of Riu Hotels & Resorts.

With 4-star rating, all-inclusive service, 509 rooms, two restaurants and three bars, the hotel is ideal for family holidays, thanks also to its extensive daily entertainment programme and evening shows. The refurbishment, planned for the year 2020, means a qualitative improvement to the facilities, with a new design and new services to please its loyal customers.

Luis Riu believes that “a commitment to quality is the only way to keep customers and to hold our market position, especially now that competing destinations like Tunisia, Egypt and Turkey are gaining popularity in the main European countries, which are also the countries that bring most customers to the Canary Islands. I am confident that this refurbishment will also serve to maintain our popularity with our customers, including the British, who make up a significant market for this destination and for this hotel in particular.”

The RIU Group has an ambitious expansion plan for the next five years, with a strong commitment to new destinations, especially in Asia, and large global cities where it plans to open Riu Plaza urban hotels. The hotel chain, which goes back more than 65 years, is characterised by its strong commitment to the destinations where it settles, investing in long-term projects that involve the local community through its purchasing, employment and sustainability policies. RIU is also making a big investment in the development and improvement of an increasingly sustainable operation, and all of its projects are guided by respect for the environments and the local culture and environment.

For further information please visit: www.riu.com

About RIU

The international RIU chain was founded in Mallorca by the Riu family in 1953 as a small holiday firm and is still owned by the family's third generation. The company specialises in holiday resorts and over 70% of its establishments offer its acclaimed All Inclusive by RIU service. With the inauguration of its first city hotel in 2010, RIU is expanding its range of products with its own line of city hotels called Riu Plaza. RIU Hotels & Resorts now has 92 hotels in 19 countries which welcome over 4 million guests a year and provide jobs for a total of 28,894 employees. RIU is currently the world's 34th ranked chain, one of the Caribbean's most popular, the third largest in Spain in terms of revenue and the fourth largest in number of rooms.

Contact: Press Department

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