December 9 (SeeNews) - Croatian hotel operator Arenaturist said on Friday it has purchased two hotels in Germany, art'otel cologne and art'otel berlin kudamm, for an aggregate 54.5 million euro ($57.8 million) net.
The hotels, one based in Cologne and the other in Berlin, were purchased through Arenaturist's wholly owned subsidiaries, the company said in a Zagreb bourse filing.
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The acquisition is subject to receiving the consent of local authorities, it added. Funding arrangements are being negotiated.
"This acquisition is in line with the company’s strategic intention to integrate PPHE Hotel Group’s hotels and hotel operations in Central and Eastern Europe into Arenaturist, and it is the first step towards developing Arenaturist into a leading Central and Eastern European leisure and hospitality company with a business model that includes owning and managing its own assets and those of others, primarily under the Park Plaza brand", the company noted.
PPHE Hotel Group's owns 74.15% of Arenaturist and has received regulatory approval to acquire the remaining 25.85%.
art'otel cologne is located on the Rheinaudocks in the centre of Cologne and has been operated by PPHE Hotel Group since 2010. The newbuild hotel opened in 2010 and offers 218 guest rooms, a bar, restaurant, several meeting rooms and a sauna.
art'otel berlin kudamm is a 152 room hotel located in Berlin’s Charlottenburg area, just minutes away from the Kurfürstendamm. It has been operated by PPHE Hotel Group since 2001. Facilities include a bar, restaurant, several meeting rooms, a sauna and gym. The hotel is dedicated to Andy Warhol, with over 250 art pieces and photos taken by his best friend, Christoper Makos.
Arenaturist and its three subsidiaries, which it recently merged into itself, run seven hotels, six apartment complexes and eight campsites in Croatia's Istria.
($=0.942144 euro)