Heta Asset Resolution has sold the Kempinski Hotel Adriatic and Skiper Residences in Savudrija, Croatia to the Belgrade-based holding MK Group for an undisclosed amount.
The property - which reportedly cost €160 mln to develop - represents one of the most sought out vacation destination in the westernmost point of Croatia spreading across the country side of Istria.
It comprises 186 rooms, 22 villas, over 160 aparments as well as restaurants, bars, spa centers, a conference center, a 18 hole golf course and two private beaches.
JLL was the exclusive advisor to Heta which following its nationalisation in 2009 is now a wind-down company owned by the Republic of Austria and owns a €9.91 bn portfolio as of December 2016, formerly held by Hypo Alpe-Adria-Bank International. Its statutory task is to dispose of its assets as effectively as possible while preserving value. Financial details were kept confidential.
Uros Grujic - head of Capital Markets JLL for SEE commented: 'With the tourism figures growing fueled by a double digit increase in overnight stays year-on-year, we gathered a large amount of offers and this project has become the most competitive process we have advised on up to date.'
MK Group already owns seven 4 and 5 star hotels in the region. 'I consider this a significant step towards the achievement of our goals towards the creation of a strong regional hotel company, which will connect the business operations at the most attractive locations and complement each other with already existing links within the system,' said Nikola Avram, director of a group of hotels operating within MK system.
The group owns the Grand Hotel & Spa and Angella Hotel & Residence in Kopaonik, Serbia, the 88 Rooms Hotel in Belgrade and the Hotel Kempinski Palace in Portorož, Slovenia. In addition, MK Group is a minority owner of the Budvanska Rivijera Hotel in Montenegro and has a 30% stake in Airport in Portorož. The company recently established a cooperation with Sheraton Starwood Group and plans to open the first Sheraton hotel in Serbia in January 2018.
