The Pula-based Arena Hospitality Group has announced that it has signed a general agreement on the acquisition of the 4-star Hotel 88 Rooms in Belgrade, and the transaction is worth HRK 47 million (around EUR 6.3 million).
– Arena Hospitality Group, through its subsidiary Sugarhill Investments B.V. has entered into a framework agreement with MK Aviation Services pursuant to which the Group will acquire the 88 Rooms Hotel, a 4 star hotel in Belgrade, Serbia. The completion of the transaction is subject to certain steps and conditions to be fulfilled – the press release reads.
Arena says that the contemporary hotel is minutes away from the historic old town and that it offers 88 rooms and suites, a restaurant, bar and conference room and fitness facilities.
With this acquisition, Arena Hospitality Group continues its expansion, having already implemented its business model in seven international hotels in Berlin, Nuremberg, Cologne and Budapest.
The CEO of Arena Hospitality Group, Reuel Slonim, points out that the group is expanding its operation to new areas in big cities in Central and Eastern Europe.
The conditions for the transaction to be finalized are expected to meet by the end of the year, after which Hotel 88 Rooms will become part of the portfolio of Arena Hospitality Group and continue operating under the Arena Hotels & Apartments brand and under the new name of Arena Hotel 88.
Taking into account this acquisition and the investments completed and those under way, the Group will have invested a total of half a billion kunas since the public offering done in mid 2017, Arena points out.