The world’s largest tourism group is conducting a strategic review of the business but join chief executive Peter Long said: “The likely outcome is that we will enter a sale process.”

Since Tui AG merged with Tui Travel there have been rumours that some of the non-mainstream assets would be sold off.

Earlier this year Tui shut its AsiaRooms and Malapronta businesses before selling LateRooms to Cox & Kings for £8.5m.

Now it has admitted that it is likely to dispose of Hotelbeds, which reports suggest could fetch €1bn.

When the two Tuis merged the mainstream tourism businesses were separated from Hotelbeds and the so-called specialist businesses.

However, Long said the latter would probably remain within the group.

“We’re very much looking to keep them [the specialist businesses],” he said.

“They broaden the customer offering and I think that’s important.”

Brands within the specialist division include: Crystal, Citalia and Sunsail.