INVESTMENT MEMORANDUM

Transcription

Trg bana Josipa Jelačića 3/V, 10000 Zagreb, Croatia, telephone: +385 (1) 481 69 69, telefax: +385 (1) 483 80 60, www.filipovicadvisory.com
Zagrebačka banka, Account No.: 2360000-1101325578, MB: 1478249
Commercial Court in Zagreb, MBS: 080329865
Zagreb, 2011
Trg bana Josipa Jelačića 3/V, 10000 Zagreb, Croatia, telephone: +385 (1) 481 69 69, telefax: +385 (1) 483 80 60, www.filipovicadvisory.com
Zagrebačka banka, Account No.: 2360000-1101325578, MB: 1478249
Commercial Court in Zagreb, MBS: 080329865
1. Investment Portfolio
The Austrian investment group is the 100% owner of the four operating hotels in Croatia, three
situated in Opatija, out of which two four-star properties and one two-star property and one
four-star property on the island of Mali Lošinj. The company is offering to sell the complete
Croatian portfolio as a package, or hotels individually.
The following portfolio is subject to sale:
Hotels
Location
Category
Size
Opatija
Hotel Opatija
Hotel Bristol
Design Hotel
Astoria
Opatija center, hill
over Slatina
beach
operating 2 star
Site approx. 17.000m2,
2 connected buildings
with 216 rooms; total
renovation + upgrade to
4-star/5-star property
planned
Opatija center,
main street opp.
Angiolina Park
operating 4
star, total
revitalization
and re-opening
June 2005
78 rooms and suites
Opatija center,
main street, 200
m west of bus
terminal
operating 4
star, total
revitalization
and re-opening
June 2005
51 rooms and suites
Mali Lošinj
center, on the
board walk of the
city bay
operating 4
star, total
revitalization
and re-opening
June 2004
25 rooms and suites
Mali Lošinj
Hotel
Apoksiomen
Investment Memorandum: Hotel Opatija, Hotel Bristol, Hotel Astoria, Hotel Apoksiomen
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The hotels in Opatija are operated by one operating company and the hotel in Mali Lošinj is
operated by the second operating company. Both operating companies have the same
management.
Asking price (4 hotels within 4 companies including 90 staff) is € 33.000.000,00. With the
purchase, a change of management will be possible. With the purchase all long-term bank
loans and mortgages will be erased.
The hotels can also be acquired as individual buildings owned by separate companies.
2. Geographic Location
Picture 1: Map of Croatia.
Location of Opatija is marked with red dot
Location of Mali Lošinj is marked with blue dot
Opatija (German: Sankt Jakobi; Italian: Abbazia) is a town in western Croatia, at the north part
of Croatian coast just southwest of Rijeka on the Adriatic coast, two hours drive from both the
Zagreb and Ljubljana Airport.
Opatija is situated in the Gulf of Kvarner in a sheltered position at the foot of Učka mountain.
Opatija is located 90 km from Trieste by rail and 82 km from Pula by road. The city is
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geographically on the Istrian peninsula, though it is not in Istria county, but Primorje-Gorski
Kotar county.
Opatija Riviera is 20 km long and rich in beautiful nature, parks, walking paths near the sea, old
Austro-Hungarian villas and beaches and it has a rich and prosperous tourism history. The
seaside resort Opatija is the oldest tourist place and center of tourism in Croatia. It treasures
the 160 years old hospitality tradition. Opatija is today the most important congress, health,
sport, culture and tourist center of western Croatia but even wider.
Because of the favorable geographic position, Opatija has very good traffic connections with
many cities in Central Europe, from Milan, Vienna and Munich and back to Croatia. Beautiful
beaches, clean warm see and pleasant climate were good reasons for the start and quick
development of tourism in the 19th century.
Picture 2: Closer view of area where Opatija and Mali Lošinj are situated with the
marked airports and transport routs to the western Europe
The Island of Lošinj is part of the Cres-Lošinj island group, inside the Kvarner Bay. Mali Lošinj
is situated on the island of the same name and is the biggest settlement on the island of Lošinj.
It is the largest, closed bay in the Kvarner area. Mali Lošinj is the most important tourism and
economic center of the Lošinj Island also at the same time and the principal place of the island.
It offers a broad tourist offer at accommodations, sport and recovery possibilities. The city Mali
Lošinj is the largest island city to the whole Adria.
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One can get to Mali Lošinj by getting to the ferry on the island of Krk, island of Cres and place
Brestova in Istria.
3. Hotels in Opatija
1
3
2
Picture 3: 1. Hotel Opatija
2. Hotel Bristol
3. Design Hotel Astoria
All three hotels in Opatija are operated by one operating company.
3.1.
Hotel Opatija, Opatija
Tour-de-siecle building in Vienna Secession style, built 1888 as sanatory & health spa. Main
building and park are listed as cultural heritage. The original building with later annex hosts 117
rooms (last renovation 1986), in 1968 a second wing was erected with 99 rooms (light
refurbishment incl. air conditioning in 2004), overall 216 rooms. The complete site measures
16.703 m2, land titles are secured. Staff: 71 (whole year average).
The hotel is located in Opatija center on a hill over Slatina beach, 50m walk to Opatija bus
terminal.
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Facilities:
-
restaurant (up to 400 seatings), bar, 2 terraces, 6 conference rooms (up to 250
seatings)
indoor seawater pool, sauna, massage; 3 tennis courts
80 parking lots
gardens and parks.
Picture 4: Hotel Opatija
Picture 5: Situation
Currently managed as a 2-star property, drafts for a complete reconstruction and upgrading of
Hotel Opatija already exist. The current reconstruction plans offer two options: 4-star with 264
rooms & suites or 5-star with 198 rooms & suites, both with considerable garage, wellness, spa,
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conference and f&b facilities. Although the reconstruction plans are already being coordinated
with the local authorities, architectural adjustments are still possible.
3.2.
Hotel Bristol, Opatija
Tour-de-siecle building in Vienna Secession style, built 1906 (listed as cultural heritage).
Complete revitalization and reopening in June 2005 as 4-star hotel with 78 rooms (67 twin
rooms + 11 suites). Staff: 30 (whole year average)
Central location on Opatija's main street opposite Angiolina Park.
Facilities:
-
Restaurant (108 seatings)
Viennese coffeehouse „Palme“ (bar & light dishes) with terrace (overall 131 seatings)
Conference room (up to 50) + 2 meeting rooms (8-25 seatings)
200 m2 wellness area
8 parking lots (city concession)
200 m2 are rented to Hypo-Alpe-Adria-Bank (until 2020) as their local branch & offices.
Picture 6: Hotel Bristol
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3.3.
Design Hotel Astoria, Opatija
Tour-de-siecle building in Vienna Secession style, built 1910 (listed as cultural heritage).
Complete revitalization and reopening in June 2005 as 4-star design hotel with 51 rooms
(45 twin rooms + 6 penthouse suites). Staff: 21 (whole year average)
Central location on Opatija's main street, 200 m after bus terminal.
Facilities:
-
Penthouse floor with 6 suites
Restaurant (40 seatings)
Bar (15 seatings)
Terrace (76 seatings)
10 parking lots (5 own + 5 city concession)
Technical room and rooftop space (antenna) rented to T-Mobile (until 2015).
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Picture 7: Design Hotel Astoria
Design Hotel Astoria received several international recognitions:
-
entered Conde Nast Traveler's Hot List 2006 of best new hotels worldwide
entered German Focus magazine's list of 550 best hotels worldwide (2006)
4. Hotel Apoksiomen, Mali Lošinj
Picture 8: Hotel Apoksiomen, Mali Lošinj
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Tour-de-siecle building in Vienna Secession style (listed as cultural heritage). Complete
revitalization and reopening in June 2004 as 4-star boutique hotel with 25 rooms (24 twin
rooms + 1 suite). In 2005 and 2006 the hotel operated seasonally April-October. Staff: 10
(whole season average)
Located centrally on the boardwalk of Mali Lošinj's city bay (yacht harbour).
Facilities:
-
Restaurant (25 seatings), suitable also for meetings for up to 40 people
Coffeehouse (30 seatings)
Terrace (40 seatings)
4 parking lots (city concession).
Entered UK's Daily Mirror Top 10 of European Boutique Hotels (2005).
Picture 9: Hotel Apoksiomen
5. Additional Project Documentation
Interested parties are welcome to have a look at this portfolio overview. All requests and
inquiries are to be addressed to Filipovic Business Advisory Ltd. which will communicate it with
the owner. Further information, such as business figures, will be released by the owners after
receiving a Letter of intent and a Confidentiality agreement signed by the interested party.
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6.
Business Opportunities
The acquisition of this portfolio can be either by:
1. acquisition of the whole package of four hotels out of which three are situated in
Opatija (Hotel Opatija, Hotel Bristol, Hotel Astoria), and one in Mali Lošinj (Hotel
Apoksiomen);
Hotel Opatija presents an interesting opportunity for development due to the great location and
its size of the plot. Drafts for complete reconstruction already exist but these are subject to
changes and plans of the new owner.
Three companies are owners of these four hotels (one company is the owner of two hotels and
two other companies are owners of one hotel each). Asking price for these companies in
ownership of 4 hotels including some 90 permanent staff is € 33.000.000,00. With the
purchase, a change of management will be possible. With the purchase all long-term bank
loans and mortgages will be erased.
2. acquisition of the package of two hotels in Opatija - Hotel Bristol and Hotel Astoria
for the price of € 18.000.000,00;
3. acquisition of Hotel Opatija in Opatija for the price of € 13.000.000,00;
4. acquisition of Hotel Apoksiomen in Mali Lošinj for the price of € 3.500.000,00.
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INVESTMENT MEMORANDUM

Transcription

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