The loan bears a fixed interest rate of 4.3%, it is denominated in Serbian Dinars, with final maturity in 2025.

Arena Hospitality Group yesterday announced that through its local subsidiary, it has entered into a new HRK 32.0m (EUR 4.2m) loan agreement with AIK Banka, Belgrade in Serbia for the acquisition of Hotel 88 Rooms in Belgrade.

The completion of the acquisition of the hotel is expected during Q1 2021. The transaction value is HRK 45m and approximately HRK 32m will be funded from the new loan. The loan bears a fixed interest rate of 4.3%, it is denominated in Serbian Dinars, with final maturity in 2025.

Arena notes that the acquisition of 88 Rooms Hotel is another milestone of the Group pursuit of its strategy to further expand its business through the CEE region.

As a reminder, the Group has recently announced that they have also entered into a new EUR 24m loan agreement for the repositioning and redevelopment of Hotel Brioni in Pula. To read more about it click here.