Hypo Alpe-Adria-Bank International AG is the sole shareholder in Grand Hotel Lav Ltd. and Grand Marina Lav Ltd. and have appointed Jones Lang LaSalle Hotels & Hospitality Group as sole exclusive agent to sell the companies in an open, transparent and non-discriminatory sales process.
Grand Hotel Lav Ltd. and Grand Marina Lav Ltd own the Le Méridien Lav Hotel and the adjoining resort and marina (totaling 4.4 hectares), one of Croatia’s finest freehold hotel & resort investment opportunities.
Angus Wade, Executive Vice President at Jones Lang LaSalle Hotels & Hospitality who is managing the sale, said: “Le Meridien Lav Hotel and Resort offers a unique opportunity to purchase an internationally branded, market leading five star hotel and resort. Croatia’s ascension to the European Union in July this year is anticipated to improve the country’s long term stability and boost its tourism industry, further enhancing the trade prospects for the resort.”
Le Meridien Lav Hotel and Resort is situated in a prime beachfront position on the Adriatic coast. This fully integrated luxurious resort was completely renovated and refurbished in 2006 and offers 381 lavishly appointed guest rooms, a private marina, retail units, casino, nightclub, tennis courts, spa and swimming pool and a wealth of other food and beverage outlets, conference and leisure facilities. The hotel is operated by Starwood Hotels & Resorts Worldwide, Inc. under the luxury Le Meridien brand on a management contract.
Daniel Pugh, Vice President at Jones Lang LaSalle Hotels & Hospitality commented on the market: “The Croatian hotel market is dominated by international tourist visitation with its tourism industry going from strength to strength in recent years. Split saw an 8.9% increase in tourist arrivals in 2012 from 2011 with further market growth anticipated in 2013 and beyond”.
Source: Jones Lang LaSalle