TUI has taken over 50% of Punta Zlatarac from Tučepi on the Makarska riviera.
The Tučepi Hotels on the Makarska riviera, part of the Sunce Group, has sold 50 percent of the Punta Zlatarac Tučepi company to the German tour operator TUI for 31.5 million euros. Punta Zlatarac owns and operates TUI Blue Jadran hotel, announced Sunce Group on Monday, reports Poslovni.hr on November 13, 2017.
“The agreement between Sunce Group and TUI on establishing a stronger partnership was reached on 10 November. In addition to the sale of 50 percent of the Punta Zlatarac Tučepi company, we have also agreed to establish a joint management company,” announced Sunce Group.
As part of this agreement, Punta Zlatarac will become a joint venture company, while TUI will have 51 percent and Sunce will have 49 percent stake in the joint management company. “In this way, the partnership with TUI is raised to a higher level, and it is envisaged that the transaction will be carried out in two phases – the first will include the establishment of a joint venture company with TUI purchasing 50 percent of the Punta Zlatarac for 31.5 million euros, while the second phase will include the foundation of a management company that will enter into a management agreement with Punta Zlatarac,” explained the Sunce Group.
They added that Punta Zlatarac was a wholly-owned subsidiary of the Hoteli Tučepi, as well as that Punta Zlatarac is the owner of TUI Blue Jadran Hotel in Tučepi, which has 4.5 stars and whose 161 rooms were opened in early July this year, as the only TUI Blue hotel under local management.
“The hotel operates on the basis of a franchise agreement signed with TUI, and Sunce is proud of the fact that guest ratings for the initial year of operations are exceptional, which is an excellent basis for sales in 2018, which will be the first full year of business,” said Sunce.
They added that the new management company established with TUI would conclude a contract with Punta Zlatarac and would manage all hotels owned by the company. They also noted that the proceeds from the transaction would be used to strengthen the balance sheet further, since Sunce has initiated a comprehensive refinancing process for the existing financial debt. It expects to significantly improve the parameters of maximum indebtedness under the strategic financial guidelines for 2017 and 2018, as part of the debt management strategy.
Translated from Poslovni.hr.
