Arena Hospitality Group is expanding its business in Serbia

first_imgWith this acquisition, Arena Hospitality Group continues its expansion abroad after the already well-established business model of managing 7 international hotels in Berlin, Nuremberg, Cologne and Budapest. “88 Rooms”Is a modern hotel categorized with 4 stars and located in a great location, in Takovska Street in Belgrade, near the business zone, and also close to the cultural values ​​of old Belgrade, from the bohemian Skadarlija, Knez Mihailova Street and Kalemegdanski Park. The hotel has 88 modern and comfortable rooms and suites decorated according to Feng Shui rules, and other facilities include a bar, restaurant, fitness room, massage rooms and four meeting rooms with a capacity of up to 200 participants. Arena Hospitality Group expects that the conditions required to complete the transaction will be met by the end of this year, after which the hotel will “88 Rooms” become part of the ArenaHospitality Group portfolio and continue to operate under the brand “Arena Hotels & Apartments”And the new name “Arena Hotel 88”. The hotel company Arena Hospitality Group dd from Pula, through its subsidiary Sugarhill Investments BV, has entered into a framework agreement with MK Aviation Services doo for the acquisition of the hotel.88 Rooms”, A 4-star hotel in Belgrade.   “It is our great pleasure to present this acquisition by which, with the momentum of current investments in existing accommodation facilities, we have continued the announced further expansion of business in new areas in major cities in the region of Central and Eastern Europe. By entering a new market and strengthening the portfolio of hotels that operate throughout the year, we enable additional growth in the value of the group, while also creating additional long-term value for our guests and our shareholders. With such moves, we are rapidly changing the existing high-season business and growing into a dynamic, international hotel group with year-round business.” President of the Management Board of Arena Hospitality Group dd Reuel Slonim The value of the transaction is HRK 47 million, which together with the entire investment cycle started after the public offering in mid-2017 exceeds HRK 500 million. The President of the Management Board of Slonim continues: “More than half a billion kuna investment after the public offering is underway, starting with the investment of 70 million kuna in the first Croatian luxury glamping resort Arena One 99 Glamping in Pomer, the current investment of 128 million kuna in the camp Arena Kažela in Medulin, 53 million kuna in hotel renovation art’otel berlin kudamm in Berlin, HRK 60 million for the renovation of the Verudela Beach tourist resort in Pula and HRK 190 million for the complete reconstruction of the Brioni hotel in Pula, which will carry the Park Plaza brand, and position it among the best hotels in the hotel chain” Slonim concluded.last_img read more