TUI Takes Over Part of Fortenova Shares in Karisma Hotels Adriatic
Main Photo: The Elaphite islands, Dalmatia, Croatia Copyright Romulic and Stojcic
Date: October 2020
Location: Croatia
Names: Hotels Kolocep, Zivogosce and Adriasense ZagrebNo. of Keys: 589
Seller: The Fortenova Goup
Buyer: The Fortenova Group and the world’s leading integrated tourism group TUI have reached an agreement whereby TUI will take over a 33.3 percent stake of the shares belonging to the Fortenova Group in the holding company Karisma Hotels Adriatic that manages the Hotels Kolocep, Zivogosce and Adriasense Zagreb.
The total capacity of the three modern, decorated four-star hotels is 589 rooms. Karisma Hotels Adriatic realised almost 350,000 overnight stays at its facilities last year, and guests were mostly from other European countries, including the United Kingdom, Germany, Scandinavia and France.
“The Fortenova group has a clear strategy of focusing on core business in retail, food and agriculture and a less complex group overall, which will enable us to achieve a better return in the future. Therefore, we were looking for the right partners to take over and improve our business in the tourism sector.
As one of our partners in the ownership structure of Karisma Hotels Adriatic, TUI was a natural choice for the realisation of this transaction, because in addition to being an international tour operator, its activities within this group brought the largest number of guests to the hotels and camps, it also knows the business operations of Karisma Hotels Adriatic well and more importantly, it has an elaborate vision of the future for this business, and that is extremely important to us,” said James Pearson, the main financial director of Fortenova Group.
The transaction will be formally concluded after the Competition Agency approves the Karisma Hotels Adriatic concentration to TUI.
THPT Comment: Interesting move, given that TUI is in the process of a sale and leaseback of some 13 of their top-end hotels in Europe and the Maldives.
First Seen: Total Croatia News
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