FRANKFURT (Thomson Financial) – TUI AG said it is buying an 11 square kilometer property in the Tuscany region of Italy that includes a number of old buildings, a medieval castle, a hotel, and an 18-hole golf course to create a holiday resort.
TUI said it will invest a ‘medium triple-digit mln eur figure’ into the resort, which is already accounted for in its mid-term investment plan for its hotel division, according to a statement.
The resort, to be called ‘Toscana Resort Castelfalfi,’ will be 85 pct owned by TUI and 15 pct-owned by the property’s previous owner, whose name the company did not disclose in its statement.
TUI plans to refurbish buildings including a church and the castle as well as add a ‘wellness area,’ restaurants and boutiques.
The company also plans to maintain and restore local agriculture by tending to vineyards and olive plantations in and around the resort, which is part of the town of Montaione near Florence, Siena and Pisa.
TUI aims to secure regulatory approval to add three hotels in the resort as well as villas and apartments.
maria.sheahan@thomson.com
mas/ejp
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