Riu Hotels & Resorts has bought Riu Buena Vista, having rented the property in southern Tenerife since 2008.
The Spanish hotel chain will spend about €30 million to modernise the 509-room all-inclusive property in 2020.
Luis Riu, chief executive of Riu Hotels & Resorts, said: “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 well-being for all the staff after a period of uncertainty prior to the confirmation of the purchase transaction.”
Riu has three hotels in the south of Tenerife. Riu Palace Tenerife and Riu Arecas were refurbished in 2015, and following its acquisition, the four-star Riu Buena Vista can be upgraded in 2020.
Riu added: “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.
“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.”
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