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03 October 2016 | Hotels

Dubrovnik's Radisson Blu resort changes hands in year's biggest Eastern Europe deal

Following its successful sale of Dublin’s Gresham Hotel in September, specialist business property adviser Christie & Co has brokered the sale of one of Croatia’s largest hotel complexes in what is believed to be the largest hotel transaction in Eastern Europe this year.

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Erste Group Bank AG, has sold the luxury resort Radisson Blu Resort & Spa Sun Gardens in Dubrovnik to a Chinese investor under the terms of a share deal.

Built in 2009, the modern beach resort has established itself as one of the foremost luxury and conference hotels in Croatia. It comprises 201 individually designed rooms and suites, extensive sports, leisure and health facilities, including an award-winning spa, restaurant and retail outlets, a conference zone spanning more than 1,100 sq m and 207 high-quality apartments.
 
Lukas Hochedlinger, Managing Director Germany, Austria & CEE at Christie & Co comments, “In terms of positive performance and development possibilities, this resort is unique in Croatia. We are delighted to have concluded the sales process for Erste Group with a visionary investor capable of continuing the Sun Gardens success story.
 
“Croatia is one of the most promising hotel markets in the Mediterranean. It offers accessibility from the main source markets, excellent infrastructure and above all, security. This will help Croatia consolidate its position as one of the most important tourism destinations in the Mediterranean in the coming years.”
 
Dr. Alexander Rössler, Senior Workout Manager at Erste Group Bank AG adds, “With the support of Christie & Co, we are happy to have found an investor that recognises the potential of the resort, and we look forward to a productive future with the new owner.”