Croatia's Valamar Riviera acquiring hotel in Austria

Croatia's Valamar Riviera acquiring hotel in Austria Baska. Author: Valamar. License: All rights reserved.

ZAGREB (Croatia), July 26 (SeeNews) - Croatian hotel operator Valamar Riviera [ZSE:RIVP] said on Thursday it is purchasing a four-star hotel in Austria, the Petersbuhel, from Matthias Aichmann GmbH.

Valamar expects to complete the necessary steps to transfer ownership of a 100% stake in the hotel within the next two months, it said in a filing to the Zagreb Stock Exchange.

The price of the deal was not disclosed.

This is the company's first investment abroad and represents a step towards business internationalisation, Valamar said.

Valamar also noted it is in the process of registering Valamar A GmbH, a Vienna-based company, for the purpose of running its business operations in Austria.

The Petersbuhel hotel has 80 accommodation units and a prime location in Obertauern, a winter tourism destination.

Valamar Riviera owns two brands: Valamar Hotels and Resorts and Camping Adriatic. With the acquisition of Imperial in 2016, a hotel group on Rab Island, Valamar Riviera Group now operates 30 hotels and resorts and 15 camping resorts in five attractive destinations along the Adriatic coast – from Istria and the islands of Krk and Rab to Dubrovnik.

5 / 5 free articles left this month
Get more for free. Sign up for Basic subscription
Get full access. Upgrade to Premium subscription