Istrabenz Turizem has sold Istrabenz hoteli Portorož, the operator of Kempinski Palace, as part of the disinvestment plan agreed between the indebted holding and creditor banks.

The disinvestment is of key importance for reducing the loan indebtedness of Istrabenz Turizem and further development of the LifeClass brand into the Anti-Ageing Resort brand, the company said in a press release on Friday.

Istrabenz Turizem, which owns the Lifeclass Grand Hotel Portorož and the hotels Apollo, Riviera, Slovenija, Neptun and Mirna, recorded 179,000 overnight stays between April and August, or 5% more than in the same period last year.

Operating revenues were also up by 5% to EUR 13.3m, while earnings before interest, taxes, depreciation, and amortisation (EBITDA) was higher by EUR 600,000 or 17% compared to the same period last year.

In the first eight months of the year, the company recorded 231,470 overnight stays, EUR 17.2m in operating revenues and EUR 3.8m in EBITDA.