Secured financing for the acquisition of 88 Rooms Hotel
Arena Hospitality Group has entered into a new HRK 32.0 million (EUR 4.2m) loan agreement for the acquisition of 88 Rooms Hotel in Belgrade, Serbia.
Hotel 88 Rooms is a contemporary hotel is minutes away from the historic old town. It offers 88 rooms and suites, a restaurant, bar and conference room and fitness facilities. The completion of the acquisition is expected during the first quarter of 2021.
The acquisition of 88 Rooms Hotel is yet another milestone in a strategy to expand the business through the Central and Eastern Europe, which allows to further increase the operations across Europe aiming at maintaining and increasing profile in the upscale, upper-upscale and lifestyle market segments in the Central and Eastern Europe.
Upcoming projects, in the short and medium-term, include the repositioning of Hotel Brioni Pula into a luxury upper upscale hotel with 227 rooms building upon the hotel’s status and reputation, with the ambition for it to become the best in class hotel in Pula and the surrounding area, repositioning of campsite Arena Stoja in Pula into an upper upscale campsite, conversion of an iconic building in a prime location in the heart of the city of Zagreb into an upper upscale 113 bedroom hotel which will include a destination restaurant and bar, wellness and spa facilities, fitness centre, event space and parking, and refurbishment of historic hotel Riviera located in the heart of the city of Pula.