Madeira hotel owned by RIU and TUI for sale

A four-star hotel in Madeira owned in a joint-venture between the Spanish RIU and German TUI has been put up for sale.

According to the Spanish newspaper Expansion, RIU Hotels is to sell the RUI Palace Madeira as well as a hotel in Lanzarote in the Canary Islands, and another in Panama. The three hotels have 1,500 rooms.
The hotel in Madeira is in Caniço de Baixo (Santa Cruz), 12 km from Funchal and has 327 rooms.
Just 2 km from the airport, RIU Palace Madeira has an outdoor and indoor pool and is next to Praia dos Reis Magos.
According to the Spanish newspaper, the group has yet to receive any concrete offers for the purchase of the hotel units.