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.

The value of last week’s taxable invoices in Croatia (20th Sep – 26th Sep 2021) increased by 29.9% YoY, reaching HRK 4.33bn.

According to the latest announcement from the Tax Administration of the Republic of Croatia the value of last week’s taxable invoices (20 Sep – 26 Sep 2021) increased by 29.9% YoY. Compared to the same period in 2019 the value of taxable invoices is up by HRK 325.8m or 8.14% leading up to HRK 4.33bn.

Increase in taxable invoices in wholesale and retail trade in the same period was up by 16.29%, while compared to the same week in 2019, value of invoices is actually up by 7.02%.

Meanwhile, the value of taxable invoices from accommodation and food services activities increased by 106.51% YoY (HRK 333m) to 646bn. Comparing the same period in 2019 the value of invoices increased by 12% (or HRK 69m). Strong increasing trend in hospitality is continuing due to favourable weather and good epidemiological conditions.

Longer period that is being tracked for pandemic purposes is 22 Feb – 26 Sep, and it also shows that total value of taxable invoices is up 27% YoY, and are 4% higher compared to the same period in 2019. Higher YoY figures are expected due to low base imposed by pandemic conditions, while overall spending in the period from 22 Feb to 12 Sep of 2021 due to pent-up demand surpassed 2019 spending. Still the value of taxable invoices from accommodation and food services activities is down 7% compared to the same level in 2019.