Incorp Holdings B.V., Netherlands (a S P Lohia Family company) is acquiring Tenuta di Castelfalfi S.p.A in Tuscany, Italy from TUI Group. The investor takes over the entire resort: The 1,100-hectare Toscana Resort Castelfalfi mainly comprising luxury holiday properties for international owners, a hotel, restaurants, an agricultural business, a village centre with business premises, a swimming pool and a golf course.
With the sale, TUI Group continues to focus on its core business and digital transformation. TUI wants to grow primarily with its international hotel brands TUI Blue, Riu, Robinson and TUI Magic Life as well as the management of these hotels and invest less in land and own properties. The Group announced this so-called “asset right” strategy before Covid-19 in December 2019. The growth of the group and its hotels is to be decoupled from investments. This will lead to a streamlining of the owned portfolio. Property development, sales and real estate management as well as agriculture, started in Castelfalfi in 2007, are not part of TUI’s core business activities. TUI will also continue to operate the resort's own hotel until 30 September 2021. Services for property owners will also be continued to the same extent and quality. The parties have agreed not to disclose the purchase price.
Thomas Pietzka, Managing Director TUI Hotels & Resorts says: “Since our entry in 2007, Castelfalfi has developed into a luxury tourism resort. Despite its success, long-term project development in real estate and agriculture is not part of TUI Group’s core business. We delighted to have found a buyer in the S P Lohia Family's Incorp Holdings, a long term investor who is committed to further enhancing the resort's value.”
Mr. S P Lohia says: “We are thrilled with the acquisition of the beautiful historic village and resort of Castelfalfi and we look forward to engaging with all the stakeholders to create a world-class experience on this unique and exceptional estate. Our vision will build on the TUI legacy to create the luxury destination of choice in Tuscany.”
Image Credit: © TUI Group
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