TUI - German Tour Operator Enters Russian Travel Market

MOSNEWS.COM: "German tour operator TUI AG announced that it is entering the Russian travel market by forming a joint venture with Russian tourism company Mostravel. Mostravel is headquartered in Moscow and focuses on package tours in the four- and five-star sector. The new company, TUI Mostravel Russia, began operating in Moscow on Monday, August 2, said the press release published by TUI. The German operator will initially hold a 34 percent stake in the joint venture with the option of increasing it to 51 percent beginning in 2006."