Christie & Co brokers Sale of Luxury Resort in Dubrovnik to Chinese Investor
The Real Estate Workout department of Erste Group Bank AG, headed by Wolfgang Urban, has successfully concluded the sale of the luxury resort Radisson Blu Resort & Spa Sun Gardens to a Chinese investor under the terms of a share deal. The property – one of the largest hotel complexes in Croatia – enjoys a prime beachside location in Dubrovnik. The hotel broker Christie & Co was responsible for what is considered the largest hotel transaction in Eastern Europe this year to date; the vendor was also advised by CMS Reich-Rohrwig Hainz and DLA Piper Weiss-Tessbach.
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 a multi-award-winning spa), various restaurants, retail and food shops, a conference zone spanning more than 1,100 square metres and 207 high quality apartments, fully furnished in the Mediterranean style. More hotels could potentially be built on two neighbouring plots in the near future.
Lukas Hochedlinger, Managing Director Germany, Austria & CEE at Christie & Co, explains: “In terms of positive performance and development possibilities, the resort is unique to Croatia. This is why we are delighted to have concluded the sales process for Erste Group Bank AG with a visionary investor capable of continuing the Sun Gardens success story.”
“Croatia is one of the most promising hotel markets in the Mediterranean. Easy accessibility from the main source markets, excellent infrastructure and above all security will help Croatia consolidate its position as one of the most important tourism destinations in the Mediterranean over the years ahead.”
Dr. Alexander Rössler, Senior Workout Manager at Erste Group Bank AG who was instrumental in the successful conclusion of the transaction, 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.”