TUI to finance hotels & cruise ships with investment funds

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TUI is planning to finance new hotels and cruise ships by setting up investment funds rather than through borrowing, its strategy director Peter Krueger was quoted by German magazine WirtschaftsWoche as saying.

Reuters states that, “the world’s largest holiday company had to be propped up with billions of euros of government aid after its travel business collapsed during the COVID-19 pandemic.”

TUI has been slow to recover and because of its existing debt, which has grown during the pandemic, TUI had to look for other ways to finance new cruise ships or hotels.

“There is enough money in the market and we already have very concrete interested parties,” Krueger said, adding that the investment fund plans were fairly advanced.

“Our integration takes out most of the risk for investors,” commented Krueger, who plans to present details within weeks.

WirtschaftsWoche said TUI plans to build more than 100 new hotels and up to six new cruise ships in the coming years.

Source: Reuters

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