Arena Hospitality Signs the SPA for Riviera Pula

The Company signed the SPA with the Republic of Croatia for an amount of HRK 36.5m.

Arena Hospitality Group published an announcement regarding execution of the Sale and Purchase Agreement with the Republic of Croatia related to Riviera Pula. The Group has been operating Guesthouse Riviera in Pula for several decades and has been in discussions with the Croatian Ministry of State Assets to formalize the informal arrangement and acquire the Property.

As previously announced by the company, further to legal proceedings initiated by the Republic of Croatia against the Company for repossession of the property and compensation and the decision of the Government of the Republic of Croatia to enter into a settlement for the aforementioned court dispute for Riviera, the Company carefully assessed the proposed settlement and decided to agree to the proposal and settle this case.

Following the settlement reached on 28 April 2020, the Company yesterday signed the SPA for Riviera with the Republic of Croatia for an amount of HRK 36.5m. Therefore, the purchase concludes the ownership status of the hotel.

The company notes that this enables the them to finally commence with the plans to reposition this property into a luxury, branded, 80 rooms hotel.

Category : Flash News

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