Fortenova Group nurtures open and transparent communication
TUI acquires Fortenova Group's portfolio in Karisma Hotels Adriatic09/30/2020
Fortenova Group and the world’s leading integrated tourism group TUI, one of the partners in the current ownership structure of Karisma Hotels Adriatic (KHA), achieved an agreement whereby TUI acquires the 33.3 per cent stake owned by Fortenova Group in this holding company, which manages the Koločep Hotels, the Živogošće Hotels and the company Adriasense Zagreb.
The total capacity includes three modern, refurbished four-star hotels with 589 rooms. KHA had almost 350,000 overnight stays in its facilities last year, and the guests were mostly from the United Kingdom, Germany, Scandinavia and France.
„As already communicated, Fortenova Group has a clear strategy of focusing on its core businesses in retail, food and agriculture and having an overall less complex group, which will enable it to generate better returns as we move forward. We have therefore been looking to find the right partners to take forward our businesses in the tourism sector. As one of our partners in the KHA ownership structure, TUI was the natural choice for the execution of this transaction, given that - apart from the fact that the group’s international tour operator business has brought the majority of guests to the hotels and camps – it also knows KHA’s operations and, even more importantly, has a clear vision for the future for this business, which is exceptionally important for us. ” – said James Pearson, Chief Financial Officer of Fortenova Group.
The transaction will be formally closed once the Market Competition Agency approves the concentration of KHA with TUI.
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