The company entered into a 45-year lease for the development and operation of a contemporary branded hotel in Zagreb, Croatia.

Arena Hospitality Group published an announcement on the Zagreb Stock Exchange stating that on 29 January 2020, the Group entered into a 45-year lease for the development and operation of a contemporary branded hotel in Zagreb, Croatia.

The development, which is subject to obtaining the necessary permits, involves the conversion of an iconic building in a prime location in the historic heart of the city, which according to media will be located in Amruševa street. Once opened, the 115 room hotel will include a destination restaurant and bar, wellness and spa facilities, fitness center, event space and parking.

The company deems that the new city center hotel will enhance the geographic spread of the Group’s portfolio, which is currently centered on the Istrian coast and decrease the exposure to seasonality. This new addition to the expanding portfolio will also further support the Group’s profile and reputation in the upscale, upper upscale and lifestyle market segments.  

The hotel is expected to open within 24 months.