ZAGREB (Croatia), January 30 (SeeNews) – Guernsey-registered real estate developer PPHE Hotel Group said on Thursday it plans to develop a new city centre hotel in Zagreb through its Croatian subsidiary Arena Hospitality Group [ZSE:ARNT].
For the purpose, Arena has signed a 45-year lease for the development and operation of a contemporary branded hotel in Zagreb, and is waiting for the necessary permits that will allow the conversion of an iconic building in a prime location in the heart of the city, PPHE said in a statement.
The hotel is expected to open within 24 months, offering 115 rooms, a destination restaurant and bar, wellness and spa facilities, fitness centre, event space and parking.
“The new city centre hotel will enhance the geographic spread of Arena’s portfolio, which is currently centred on the Istrian coast, and decrease the exposure to seasonality. This new addition to the expanding portfolio will also further support Arena’s profile and reputation in the upscale, upper upscale and lifestyle market segments,” it added.
The planned new hotel in Zagreb will add further growth to PPHE’s secured 300 million British pounds ($390 million/354 million euro) pipeline of projects in the UK, Europe and the US, the group president and CEO, Boris Ivesha, said.
PPHE is one of the largest owner/operators of hotels in central London. Its property portfolio comprises 37 hotels and resorts in operation, offering some 8,800 rooms and 8 campsites, offering approximately 6,000 units. The group has in the pipeline the development of two new hotels in London and one in New York City, expected to add an additional 600 rooms to its portfolio by the end of 2022/2023.
Arena Hospitality Group is a blue-chip company on the Zagreb Stock Exchange. Its shares last traded on Tuesday, closing 1.06% higher at 382 kuna ($57/51 euro). There was no trading in Arena’s shares at opening on Thursday.
(1 euro = 7.44208 kuna)
