The global hotel group PPHE Hotel Group, known as the owner of the Park Plaza Hotels & Resorts license, will acquire the Pula-based tourism company Arenaturist. The transaction is expected to be finalized in a few weeks, pending approval from Hanfa, and will mark the first entry of a major global hotel name into Croatia, bringing not only its own brand but also significant investments.
Since 2008, PPHE Group has held a minority stake in the company Bora through its own company Euro Sea Hotels, which directly owned 74.15 percent of the shares in Arenaturist. In early March, PPHE acquired the remaining 80 percent ownership from Bora for 51 million euros, thereby indirectly gaining a majority stake in Arenaturist. This move obligates the group to announce a public offer to acquire the remaining shares of Arenaturist, which has not yet been concluded, leading to information about potential investment momentum leaking out gradually.
Unofficially, it is heard that PPHE has serious plans for the Pula hotel group, which has already been largely renovated according to Park Plaza hotel standards. The portfolio of Arenaturist consists of seven hotels, five tourist resorts, and eight campsites with a total capacity of 20,000 accommodation units. In 2011, an investment cycle was launched during which the Histria hotel, the Punta Verudela tourist resort, the Medulin and Palma hotels, and the Belvedere hotel in Medulin were renovated, all of which were done according to Park Plaza hotel standards, which they now carry. Last June, the newest hotel in Croatia, Park Plaza Arena Pula, was opened.
As we unofficially learn, PPHE plans to increase and reposition the portfolio with significant investments to attract tourists with higher purchasing power, thereby increasing revenues and expanding the targeted client base.
The greatest benefit from the acquisition will certainly go to Croatian tourism, which has not seen such large and strong hotel names, apart from those operating as separate hotel units through franchises like the Sheraton in Zagreb, Regent Esplanade, and the former Intercontinental, especially not on the Croatian coast.
