RIU Hotels & Resorts is spending about $35 million on renovating its Paradise Island resort, and its chief executive believs its “leading” status in several European markets will enable this nation to tap further into alternatives to its traditional US tourist market, as the chain has an almost 50 per cent guest repeat rate.
In an interview with The Tribune, Mr. Riu said RIU Paradise Island – the former Sheraton Grand property – will focus its attention on attracting European holidaymakers already familiar with the chain. The brand will begin its marketing initiatives in Britain, Germany, the Netherlands, Spain and Switzerland.
Mr. Riu said the “total cost of the property, including the renovation” will be about $70 million. Given that the chain paid about $35 million to acquire the former Sheraton from a Houston-based private equity group, it is spending about an equal amount on getting it up to standard.
Source: Yolanda Deleveaux, The Tribune
