PBZ Approves €40 Million Loan to Hotel Esplanade Zagreb

A contract for long-term financing was ceremoniously signed today at Hotel Esplanade Zagreb between Privredna banka Zagreb (PBZ), part of the Intesa Sanpaolo Foreign Banks Sector, and the hotel company Esplanade Oleander, owner and operator of the iconic Hotel Esplanade. According to the statement, the contract was signed on behalf of PBZ by Dinko Lucić, CEO, while the signatory on behalf of the hotel was Herbert Haselbacher, CEO of Esplanade and CEO of the Austrian WSF Group.

With this contract, PBZ approves a long-term loan totaling €40 million intended for refinancing existing obligations and comprehensive renovation of the hotel during 2026 and 2027. The investment includes a complete renovation of all 208 rooms, modernization of conference halls, reconstruction of the famous Oleander terrace, and refreshing of the Le Bistro restaurant and other public spaces. During the works, the hotel will remain open, with phased execution of works adapted to the high season and minimal impact on guests.

Lucić emphasized that Esplanade represents one of the most prominent symbols of Croatian hospitality and cultural heritage.

– PBZ continuously supports projects that contribute to the development of Croatian tourism and strengthen the economic competitiveness of the country. The renovation of Hotel Esplanade has special significance as it is a facility that has shaped the identity of Zagreb and Croatian hospitality for a century. We are proud to participate in a project that combines tradition and modernity and to continue investing in top tourist capacities that position Croatia as an attractive, sustainable, and recognizable destination on the European map, – stated Lucić.

Haselbacher noted that the investment represents a key step in the further development of the hotel.

– Esplanade Zagreb is our flagship in the region and a project with special emotional and historical value. Thanks to this financing, we will be able to further strengthen the hotel’s position as a leading luxury destination in Southeast Europe, with a complete renovation in accordance with the highest international standards while retaining its unique Art Deco character, – stated Haselbacher.

Hotel Esplanade Zagreb, opened in 1925 for passengers of the legendary Orient Express, has been one of the most recognizable luxury destinations in the region for decades. With a strong market position, the hotel confirms its status as the leading luxury hotel in Southeast Europe. After the planned renovation, Esplanade will gain additional value and new momentum through branding under the luxury brand Almanac Hotels, further strengthening the offer of premium accommodation in Zagreb.

Today’s signing marks the beginning of the largest investment cycle in the recent history of the hotel and an important step in enhancing Zagreb’s luxury tourism offer, concludes the statement from the two companies.