Singapore’s HPL buys 50% of Croatian Avenue Ulaganja for 3.5 million euros ($ 4.1 million)
ZAGREB (Croatia), Sept. 7 (SeeNews) – Singapore-based hotel owner and operator Hotel Properties Limited (HPL) has announced that it is acquiring through its Croatian branch HPL Croatia a 50% stake in the Croatian tourism company and Avenue Ulaganja real estate for a total consideration of 3.5 million euros ($ 4.1 million) from Avenue Investments & Asset Management.
“[…] HPL Croatia, a 100% sub-subsidiary of HPL, has entered into a sale and purchase agreement with Avenue Investments & Asset Management, for the acquisition of one share with a par value of 11.1 million kuna Croats (1.8 million dollars / 1.5 million euros), in the share capital of avenue Ulaganja, ”HPL said in a statement published on its website.
Avenida Ulaganja, based in Croatia, has a registered capital of 22.2 million kuna. It has already entered into a project agreement with the Croatian government to develop a tourist service delivery site in newly built facilities in Kupari, just south of Dubrovnik, Croatia’s main Adriatic tourist destination.
“The investment will allow the HPL group to expand and diversify its portfolio of hotel properties into a new market in a booming tourist location in Europe and one of the most visited tourist destinations in the Mediterranean,” said HPL in a press release published on its website. .
The site consists of 13.12 hectares of land and 8.6 hectares of maritime domain. It has a 99-year lease that is expected to start from 2022, subject to certain conditions being met. Work is underway for the design, approval and further development of a 150-key hotel, spa facilities, as well as apartments and villas on a beachfront location, a short drive away. boat from the center of Dubrovnik.
Avenue Ulaganja has also entered into hotel and residence management agreements with Four Seasons Hotels & Resorts.
“HPL Croatia and the vendor have also entered into a joint venture agreement governing certain voting, management and governance issues, for the ongoing project to jointly undertake the development of a Four Seasons hotel alongside the residences of Four Seasons brand for sale, “the statement said. added.
(1 euro = 7.479 Croatian kuna)