June 26 (SeeNews) - Croatian hotel operator Arena Hospitality Group, formerly Arenaturist, said on Monday it has acquired full control of Sugarhill Investments B.V. by purchasing the remaining 12% stake in the company from Guernsey-registered PPHE Hotel Group Limited.
Arena paid 8.33 million euro ($9.32 million) to purchase the 12% stake in Sugarhill, using the proceeds of its recent succesful public offering on the Zagreb Stock Exchange, the company said in a bourse filing.
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The hotel operator exercised an option for the acquisition of the 12% stake agreed on December 23, when it purchased 88% of the shares in Sugarhill from Dvadeset Osam, a fully-owned subsidiary of PPHE Hotel Group Limited.
Last month, Arena said it successfully completed a public offering on the Zagreb Stock Exchange (ZSE), raising 788.4 million kuna ($119 million/106.3 million euro). Upon the completion of the issue, PPHE Hotel Group Limited received 141,883 new shares, and indirectly owns 51.97% of Arena’s share capital.
Arena will gain an indirect control of the operations of PPHE Hotel Group Limited in Germany and Hungary through the purchase of Sugarhill, the Croatian company said back then.
PPHE Hotel Group Limited owns, leases, operates, franchises and develops full-service upscale, upper upscale and lifestyle hotels predominantly in Europe.