Hotel chain Hoteli Bernardin has sold a four-hotel complex in Portorož to Croatian hotel operator Hoteli Cavtat for an undisclosed price. The sale is part of financial restructuring and will help the company deleverage, according to Friday's press release from Hoteli Bernardin.
The four-hotel Metropol Resort complex comprises the five-star Grand Hotel Metropol and three-star hotels Roža, Lucija and Barbara, with a combined 461 rooms.
Hoteli Cavtat, which operates hotels in the south-eastern Croatian town of Cavtat, is in majority ownership of the Opatija-based operator Liburnia Riviera Hoteli.
The sale agreement signed today will enter into force if it is confirmed at the shareholders' meeting on 16 December.
The new owner will keep all 69 employees from the four hotels, who will also retain their rights from the existing employment contracts.
According to the seller, the buyer will make strategic investments in the development of hotel infrastructure and other development projects. Hoteli Cavtat is expected to take over in the first quarter of 2015.
The four hotels had been on sale since May, with the asking price set at EUR 29.6m. The actual sales price has not been disclosed.
Hoteli Bernardin last year generated EUR 37.5m in revenues, up 0.3% compared to 2012, managing to reduce the net loss to EUR 2.1m from EUR 12m.
Souce: The Slovenia Times
