RIU Submits Bid to Acquire Buena Vista Hotel in Tenerife for €71M

26 July 2018 – Preferente

The hotel chain RIU has submitted an offer to purchase a hotel in Tenerife that has been put up for auction following the bankruptcy of its owner and which the hotel chain has been managing for the last 10 years on a rental basis, according to El Confidencial.

The hotel company headquartered in Mallorca has offered €71 million for the Hotel Riu Buena Vista, located on Playa Paraíso in Adeja, which has just been put up for auction as part of the bankruptcy process that its owner has been immersed in for the last five years.

RIU has been renting the hotel for ten years and is now trying to take ownership of it, pending the outcome of the auction, which is expected to happen within a period of fifteen days. The chain claims that, given its status as the tenant, it has the right of first refusal over the property.

The chain led by Carmen and Luis Riu has four hotels in Tenerife and 7,000 rooms in total across the Canary Islands as a whole.

Original story: Preferente (by R.P.)

Translation: Carmel Drake