Arenaturist will acquire two hotels in Germany.
Arenaturist, Croatian company which has so far owned and managed hotels, tourist resorts and camps exclusively in Istria, announced that, through its affiliates, it had concluded a contract for acquisition of the art’otel cologne hotel and art’otel berlin kudamm (formerly known as the art’otel berlin city center west) in Germany, for a total amount of 54,500,000 euros, reports Poslovni.hr on December 9, 2016.
The closing of the deal is conditional upon the approval of the German local authorities. The group is currently negotiating the financing of the acquisitions. These acquisitions are in line with the strategic goal of Arenaturist to integrate hotels and hotel operations of the PPHE Hotel Group in Central and Eastern Europe, and is the first step towards the development of Arenaturist as the leading hotel company in Central and Eastern Europe, with a business model which includes ownership and management of its own assets and assets owned by others, primarily under the Park Plaza brand.
The art’otel cologne hotel is located in the very centre of Cologne in the area of Rheinaudocks. The newly built hotel was opened in 2010 and has 218 rooms. It includes a restaurant, a bar, meeting rooms and a sauna. In accordance with the art’otel brand, the hotel is inspired by modern art, and the Korean artist SEO is the main author of works of art which are part of the interior decoration of the hotel.
The art’otel berlin kudamm hotel is a hotel with 152 rooms located in Berlin’s Charlottenburg district, a few minutes away from Kurfürstendamm. Among other facilities, the hotel has a restaurant, a bar, meeting rooms, a sauna and a gym. The hotel is dedicated to Andy Warhol and contains more than 250 works and photographs made by his best friend Christopher Makos.