Company TUI has announced plans to expand its presence in Croatia by forming a joint venture with Croatian company Sunce Koncern after purchasing 50% shares in the local hotel operator for 31.5 million euros, reports Hhotel Management.
Sunce Concert created joint venture with TUI following the sale of a 50 percent stake in the hotel operator Punta Zlatarac Tucepi to the German group. As a result, TUI will own 51 percent of the shares in the new joint venture (JV). The JV began operations after TUI opened Blue Jadran this summer, which was previously owned and operated by Punta Zlatarac Tucepi.
Under the terms of the deal, the joint venture acquired 32 hectares of land on the island of Brač, where three TUI hotels will be built. The tour operator, in turn, will provide a shareholder loan to finance the deal.
TUI Chairman and CEO Friedrich Joussen rated Croatia as a "strongly growing" destination, contrasting it with Spain, which he said was "not growing very much because it has already reached its limit."
In turn, Hard Rock International (HRI) has also expressed interest in Croatia.
"The country is becoming increasingly popular among investors and hotel brands. Croatia is a very interesting market for us, because its rich culture matches our business philosophy. We are interested in investing in Split, Zagreb and Dubrovnik, as well as on the northern Adriatic coast, and we hope to implement a four- or five-star hotel project in one of these destinations in the near future. We are open to various options: from franchising to contract management or investment," said HRI top manager Josh Littman.
In addition, the company is considering Montenegro and Serbia for investment.
According to data Hhotel Management, Competition for travelers in this small, cozy country will only increase in the coming years.
So, hotel Hilton Imperial Dubrovnik is due to complete an extensive refurbishment programme shortly and reopen in April 2018. The work will include a complete refurbishment of existing rooms, an increase in the number of rooms, as well as a major refurbishment of common areas, including the lobby bar.
Hilton Imperial — is the oldest hotel in Dubrovnik, with its own history and opened in 1897. It was the first to have central heating, an electric lift, guest bathrooms, a library, a ladies' lounge and a card-playing area.
It is worth noting that investing money in construction or reconstruction Croatian Several dozen investors are ready to build hotels.
A decision on three more hotels is expected in the first quarter of next year: Maestral Hoteli, Hoteli Markarska and Crikvenica's Jadran. The government expects to receive at least 458 million kuna (US$72 million) from the upcoming deals.
Source: trn-news.ru
