Hotel Properties’ wholly owned subsidiary HPL Croatia has entered a deal to acquire 50 percent of Avenue Ulaganja from Avenue Investments & Asset Management for 3.52 million euros, or around S$5.6 million, the Singapore-listed company said in a filing to SGX Thursday.
Under the deal, HPL Croatia and Avenue Investments & Asset Management have formed a joint venture to deal with management and governance of an ongoing project to develop a Four Seasons Hotel alongside Four Seasons-branded residences for sale, the filing said.
Hotel Properties said the deal would be funded with internal funds.
The site is located in Kupari, just south of Dubrovnik, Croatia, and consists of 13.12 hectares of land and 8.6 hectares of maritime domain, the filing said.
Work is in progress for the design and approval for a 150-key hotel, spa facilities, apartments and villas on a beach-front location, the filing said.
“The investment will enable the HPL Group to expand and diversify its hotel property portfolio to a new market in a fast-emerging tourist location in Europe and one of the most visited tourist destinations in the Mediterranean,” Hotel Properties said in the statement.