Arena Hospitality Group has entered into an agreement to acquire the 88 Rooms Hotel, a 4-star hotel in Belgrade, Serbia. The property is located minutes away from the historic old town and offers 88 rooms and suites, a restaurant and a bar, a conference room and fitness facilities. The vendor is MK Aviation Services. The transaction value is €6.34m (47m HRK).
The deal marks another milestone of Arena Hospitality Group’s pursuit of its strategy to further expand its business through the CEE region. It further allows the Group to increase its operations across cities in Europe aiming at maintaining and increasing its profile in the upscale, upper upscale and lifestyle market segments in the CEE region, whilst striving to create and realise shareholder value. As part of its 2018 Annual Report, the Group announced its investment plan for the short and medium term which includes investments in Arena Kažela Campsite in the amount of €17.25m (128m HRK), art’otel berlin kudamm in the amount of €7.14m (53m HRK), Verudela Beach Resort in the amount of €8m (60m HRK) and Hotel Brioni in the amount of €25.6m (190m HRK).
