Central European Estates (CEE) has reportedly sold its loss-making hospitality subsidiary, CEE Hotel Holdings, to Inventech for NIS 117 mln (EUR 21 mln). The disposal follows the acquisition by CEE of a 74% stake in Inventech earlier this week, according to an article in the online edition of Globes.
Central European Estates (CEE) has reportedly sold its loss-making hospitality subsidiary, CEE Hotel Holdings, to Inventech for NIS 117 mln (EUR 21 mln). The disposal follows the acquisition by CEE of a 74% stake in Inventech earlier this week, according to an article in the online edition of Globes.
CEE is a Dutch registered and Hungary-based property company controlled by Israeli entrepreneurs Yuli Ofer and Nimrod Rinot. The company owns and develops residential, commercial, and hotel properties in Central Europe.
'We intend to establish a separate platform for our hotel business, which will be managed by a top professional team,' CEO Orly Paran said. ‘The acquisition of Inventech will be the foundation for expanding our hotel business, by exploiting opportunities in markets we know in Central and Eastern Europe.'
