Amidst the financial deadlock in Greece, as the talks between Athens and its international creditors are frozen until the Greek people voice their opinion regarding the proposed bailout package in the July 5 referendum, travel operator TUI Group has decided to announce that it transfers its 50% stake in Greek hotel chain Grecotel to its partner. According to Reuters, the tour operator, which along with the Greek Daskalantonakis family founded the Grecotel company during the 1980’s, will receive between 40 and 50 million euros in revenue from the aforementioned transaction. The giant leisure and tourism company is responsible for running approximately 20 hotel brands, such as Iberotel, Riu and Robinson. TUI explained on Friday that its depart from the share capital of Grecotel has nothing to do with the current financial situation in Greece, as the decision had already been reached in May.
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