Vienna-based Falkensteiner Michaeler Tourism Group has embarked on 12 development projects with a total investment volume of more than EUR 350 mln as part of its ongoing expansion in its home markets and Central and Eastern Europe.
Vienna-based Falkensteiner Michaeler Tourism Group has embarked on 12 development projects with a total investment volume of more than EUR 350 mln as part of its ongoing expansion in its home markets and Central and Eastern Europe.
The largest scheme is the Punta Scala Residence and Vacation Club on the Dalmatian Coast in Croatia. The mixed-use holiday resort being constructed on a 3-hectare site features 210 luxury hotel rooms of 5-star quality, and 250 4-star rooms for family accommodation.
The resort also features 28 luxury apartments, 187 Senia residences and 274 Zara residence and vacation club apartments. Residents of the apartments will be entitled to use the hotels' amenities and services.
The scheme will comprise 105,000 m2 of floor space for an investment volume of EUR 220 mln. It is due for completion in the summer of 2008.
FMTG is involved in six other hotel projects in Central Eastern Europe and Southeast Europe. Some have been initiated by Falkensteiner Hotels & Resorts, while others are third-party projects in which Falkensteiner Hotels & Resorts has a management role. The company also has two hotel projects in Italy and two projects in Austria, including the Edel Weiss serviced apartment towers next to the Cristallo Hotel in Katsberg. Most of the projects feature a 'wellness' offering - with a family or medical spa.
As investor, FMTG is putting EUR 22 mln into the development of the 4-star Falkensteiner Hotel Punta which will offer medical spa facilities. There are two 4-star hotel projects in Slovakia, one in the Czech Republic, one in Serbia and one in Ukraine.