November 13 (SeeNews) - Croatian tourism company Sunce Koncern [ZSE:SUKC] said on Monday it has established a joint venture with Germany-based peer TUI by selling to it 50% of hotel operator Punta Zlatarac Tucepi.
The two companies have also set up a joint venture management company in which Sunce holds 49% and TUI owns 51%, Sunce Koncern said in a Zagreb bourse filing. The new company will manage all hotels run by Punta Zlatarac.
The stake in Punta Zlatarac Tucepi changed hands for 31.5 million euro ($36.7 million).
Sunce Koncern will direct the proceeds from the deal to refinance existing debts.
Punta Zlatarac Tucepi is a 100% subsidiary of Hoteli Tucepi, which is part of Sunce koncern. Punta Zlatarac Tucepi is the owner of the hotel TUI BLUE Jadran in Tucepi.
TUI Group is a multinational travel and tourism company headquartered in Hannover, in Germany. It is the largest leisure, travel and tourism company in the world.
Sunce Koncern, founded in 2004, owns and operates a chain of hotels and resorts under the Bluesun brand in Dalmatia, Bol, Brela, Tucepi, Starigrad Paklenica, and Marija Bistrica.
($=0.8587 euro)