TUI forms JV for Croatian hotel development

Sutivan, Brač, courtesy of BracInfo.com.

Croatia’s Sunce Group has purchased 79 acres of land in Sutivan on the island of Brač as part of plan to build three new hotels, the final phase of a joint venture in cooperation with the German tour operator TUI. 

Last week, TUI bought a 50-percent stake in the Punta Zlatarac Tučepi company from Sunce. Hoteli Tučepi sold the share for €31.5 million, turning Punta Zlatarac into a 51/49 joint venture with TUI owning the majority.

The Brač project is still in the planning phase, with no word yet on which brand would be represented in future hospitality development. The hotels will be managed by a company that will manage all hotels owned by the Punta Zlatarac.

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The news about the new project came shortly after Sunce owner Jako Andabak announced the upcoming demolition of the old complex of Hotel Termia in Bizovačke Toplice in Slavonia, which he bought three years ago. Sunce plans to build a new facility worth €10 million on the location.

“The demolition of the existing Hotel Termia complex should begin by the end of this year,” Andabak said. The new 160-guestroom hotel will will mark the end of the final phase of the reconstruction of the Bizovac thermal spas worth about €10 million.