Park Plaza parent in £40 million Croatia hotels deal

Park Plaza parent in £40 million Croatia hotels deal

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PPHE Hotel Group is targeting growth in Croatia in a £40 million deal.

The parent company of Park Plaza Hotels and art'otel is acquiring the outstanding 80% of a joint venture in the country.

The transaction will give PPHE involvement in a group of companies which together own seven hotels and six apartment complexes and have ownership interest in eight campsites in Istria, Croatia.

Four of the hotels operate under the Park Plaza brand with the remaining hotels, resorts and campsites operating under independent names, as part of the Arenaturist portfolio.

PPHE president and chief executive, Boris Ivesha, said: "The acquisition of further shares in Arenaturist provides the group with the opportunity to accelerate the growth of the Park Plaza brand in central and eastern Europe. 

“This is an exciting development for both the group and Arenaturist."

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