Resort developer and operator Samih Sawiris has taken more than a quarter ownership of the German FTI Group, owner of Youtravel.
Sawiris is founder and majority shareholder in the Swiss-based Orascom Development Holding which has more than 35 hotels, holiday homes and apartments together with other leisure interests across eight countries.
The shareholding of between 25% and 35% in Germany’s fourth largest operator has been acquired for an undisclosed sum.
FTI managing director Dietmar Gunz remains as the majority shareholder in the Munich-based company.
Sawiris is also investing in the RT/Raiffeisen Touristik Group in Burghausen by acquiring a 74.9% stake.
More than 7,000 partner agencies are connected to the RT/Raiffeisen Touristik Group.
“RT/Raiffeisen Touristik Group is a strong partner in order to join the German travel agency distribution, while at the same time entering the operator business. With my investment in FTI Group, I have found two players who form the ideal complement to my operations.”
“We are aiming for a long-term co-operation,” he added.
Gunz said: “We profit from the additional hotel capacities which Orascom Development offer us. By expanding the hotel capacities we will be focusing on leisure hotels, as Orascom has always emphasis on the four and five-star luxury hotel segment.”