TUI Group has acquired a 33% stake in Karisma Hotels Adriatic from Fortenova Group for an undisclosed fee.
The company manages the Koločep Hotels, the Živogošće Hotels and the 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 UK, Germany, Scandinavia and France.
James Pearson, CFO, Fortenova Group, said: “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. ”