Ilej & Partners, in cooperation with Karanovic & Partners and working with Dentons, has advised Singapore's Hotel Properties Limited on its acquisition of a 50% stake in Kupari resort developer Avenue Ulaganja.
HPL purchased one share, with a nominal value of HRK 11.1 million, representing 50% of the registered share capital of Avenue Ulaganja d.o.o. za Turizam i Poslovanje Nekretninama.
According to Ilej & Partners, “Avenue Ulaganja has entered into a project agreement with the Republic of Croatia to develop a site for the provision of tourist services in newly constructed facilities. The site is in Kupari, just south of Dubrovnik, Croatia, and consists of about 13.12 hectares of land and 8.6 hectares of the maritime domain. Avenue Ulaganja has also entered into both hotel management and residence agreements with Four Seasons Hotels & Resorts.”
According to the firm, “this investment will enable the HPL Group to expand and diversify its hotel property portfolio to a new market in a fast-emerging tourist location in Europe and one of the most visited tourist destinations in the Mediterranean.”
Ilej & Partners could not provide additional information on the deal.