The Group will acquire the FRANZ ferdinand Mountain Resort Nassfeld, a 4-star hotel in Nassfeld, Austria at a consideration of HRK 112m, implying HRK 778k per room. 

According to a statement released yesterday by the company, the Group has entered into a property purchase agreement with “K1” Hotelerrichtungs GmbH (part of MID Holding group) pursuant through its subsidiary Sugarhill Investments B.V.

The Group will acquire the FRANZ ferdinand Mountain Resort Nassfeld, a 4-star hotel in Nassfeld, Austria at a consideration of HRK 112m, implying HRK 778k per room.

The above-mentioned mountain resort is located next to the valley station of the Nassfeld Ski Resort in Carinthia, which provides access to the area’s 110km of slopes. The hotel offers 144 family rooms, a restaurant, bar, conference rooms, private car park, wellness and sauna and children facilities.

In recent years, the Group has diversified its business from solely operating in Croatia to expand into Germany, Hungary and Serbia and, on completion of this transaction, Austria, further strengthening its position in the CEE region.

The Group expects the conditions in relation to the completion of the transaction to be fulfilled latest by end of quarter one 2022, but the Group will endeavor to complete the transactions prior to the start of winter season 2021/2022.