Suncani Hvar Sold to Eagle Hills Company

Katarina Anđelković

Suncani Hvar/Romulic and Stojcic
Suncani Hvar/Romulic and Stojcic

November 21, 2023 – It seems that contrary to prior expectations, Suncani Hvar was sold to the Eagle Hills company from the United Arab Emirates, headed by Muhamed Alabar. Well-informed sources from financial circles claim that Radovan Vitek, the owner of CPI Property Group, chose Muhamed Alabar as a buyer, even though the powerful American fund Blackstone showed serious interest in the takeover, having done their due diligence on Suncani Hvar and acted like a serious and responsible buyer.

The matter has progressed in recent weeks, writes Jutarnji, and the situation has become similar to his takeover of Bluesun Hotels&Resorts, i.e. the company Sunce Hoteli. Namely, the media had already announced that Sunce Hoteli had been taken over by the American fund KSL, and they had already declared the new owner of Sunce Hoteli, however Alabar became the owner in the end. That’s why even this time, despite the fact that it is known how many transactions have already been prepared, one should be careful because things can always get complicated. It’s never over until it’s over, which means until the transaction is completed.

The price that was reached is not known at this time, but it is apparently higher than the one offered by Blackstone. This will be revealed by an announcement on the Frankfurt Stock Exchange where CPI Property Group, the owner of Suncani Hvar, is listed. If all is realized, then a very serious and powerful tourist company will be created in Central Dalmatia.

Alabar is known as an investor in Belgrade on the water, and in Zagreb he expressed interest in the development of the Zagreb Manhattan project. Among the buildings he built is the famous Burj Khalifa tower in Dubai. This is the second investment in Croatian tourism after taking over Jako Andabak’s Bluesun Hotels&Resorts, i.e. his company Sunce Hoteli, which manages hotels in Breli, Tučepi, Bol on Brač and Hotel Alan in Starigrad Paklenica. Sunce Hoteli, then owned by Jako Andabak’s family, were taken over by two Eagle Hills Real Estate companies a year ago. First, it took over 4.1 million shares, which represent 69.7 percent of Sunce Hoteli’s share capital. The price of the transaction was slightly higher than 101 million euros. The crucial thing there was that Jako Andabak then gave a guarantee that Eagle Hills Real Estate would stay for ten years, develop all four and five-star hotels, retain employees and that the new owner was satisfied with the management.

Eagle Hills Real Estate deals in real estate investment and real estate development with a focus on the markets of Europe, the Middle East and Africa. It is headed by Mohamed Ali Rashed Alabbar, who currently manages the development of mixed-use buildings in the UAE, Egypt, Serbia and other destinations. worth 50 billion euros. The company intended to build the Zagreb Manhattan project, and is also known as the company that developed the Belgrade on Water project.

The sale of Suncani Hvar is the result of balancing the balance sheet of the umbrella company CPI Property Group, and is not, as speculated, a consequence of the restructuring. A large number of buyers expressed their intention to take over Suncani Hvar, otherwise the largest tourist company in Split-Dalmatia. Apart from Eagle Hills, the American company Blackstone came close to closing the deal. Blackstone is the largest private equity fund in the world.

Suncani Hvar is the first group in Croatia to join UNESCO’s Sustainable Travel Pledge, i.e. UNESCO’s sustainable tourism program. This program is the first of its kind designed to promote sustainable tourism and heritage conservation on a global scale.

They are also working on renewable energy projects and improving energy efficiency. Suncani Hvar was the first hotel company in Croatia to install solar power plants on all its hotels and buildings in order to reduce pollution and the costs of hotel operations.


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