Austria: PPHE Hotel Group has entered into an agreement to acquire the FRANZ Ferdinand Mountain Resort in Nassfeld for an aggregated purchase price of £12.7 million.
The resort comprises a four-star hotel with 144 family rooms, a restaurant and bar, conference rooms, private car park, and wellness and sauna facilities.
As part of the deal, the agreement also includes the acquisition of a detached property consisting of 21 rooms currently used as employee accommodation. A site adjacent to the hotel has been earmarked for future development of a swimming pool.
When the transaction is completed, it will mark the first foray into Austria for PPHE. Dependent on conditions, the group intends to close the deal prior to the start of winter season 2021/2022.
Boris Ivesha, president and CEO of PPHE Hotel Group, said: “This latest acquisition marks our entry into Austria, which is a strong and important customer market for our Croatian operations. It is also a further step in creating a stronger footprint in the Central Eastern Europe and DACH regions, where we now have properties in Croatia, Hungary, Serbia, Germany and Austria.
“This announcement coincides with the start of development works on the group’s much awaited iconic luxury hotel in Zagreb city centre and with the repositioning programme of the luxury Hotel Grand Brioni in Pula nearing its final stage,” he added.