TUI sells stake in Greek hotel chain Grecotel

FRANKFURT, July 3 (Reuters) - Tour operator TUI Group has sold its 50 percent stake in Greek hotel chain Grecotel to its partner, saying on Friday the move was part of a strategy to focus more on its own brand.

TUI (LSE: TUI.L - news) said its withdrawal, first reported by trade journal Fvw, was not related to the Greek economic crisis. It gave no financial details of the divestment but a person familiar with the matter said TUI would generate proceeds of between 40 million euros ($44 million) and 50 million.

Grecotel, which was founded by TUI and the Greek Daskalantonakis family in the 1980s, runs 23 four- and five-star hotels in Greece with a total of 11,000 beds.

TUI, the world's largest leisure and tourism company, created by last year's merger of London-listed TUI Travel and German owner TUI AG, is in the process of simplifying its structure and reorganising its businesses.

It runs around 20 hotel brands, including Riu, Robinson (LSE: RBN.L - news) and Iberotel. ($1 = 0.9020 euros) (Reporting by Peter Maushagen; Writing by Kirsti Knolle; Editing by David Holmes)