Slovenian fund acquires hotel complex on Croatian coast
The Slovenian investment fund ECM Partners has acquired a property in Novi Vinodolski on the Croatian coast that comprises a 160-room hotel and 330 apartments. The Croatian media report the transaction is worth around €45 million.
ECM Partners announced the acquisition on its website, saying they successfully completed the takeover of Novi Vinodolski Resort on 4 December alongside a Europe-focused investment fund.
The company, which employs around ten employees and deals in acquisitions in Central and Southeast Europe, announced a complete makeover of the brand and major capital investments in the hotel and apartments.
The Croatian business weekly Lider has reported that ECM Partners, which manages the portfolio of the alternative investment firm York Capital in the region, purchased Novi Vinodolski Resort for around €45 million.
According to the Croatian media, the resort is the former Zagori hotel complex, operated by the company Hoteli Novi, which has been part of the world's largest hotel group, Wyndham Hotels and Resorts, since 2019.
The complex, located some 2.5 kilometres from the centre of Novi Vinodolski, also features a swimming pool and a large conference hall with 400 seats.
Lider writes that revenue of ECM Partners has been increasing steadily. In 2020, it amounted to €2.4 million, in 2021 it increased to €4.2 million and last year to €11.81 million, with a profit of €6.4 million.