Bloomberg News

Alterco of Poland Seeks to Buy Croatia’s Jadran Hotel Chain

June 26, 2012

Alterco SA (ALT), a Polish real-estate company, is in talks with a group of investors to jointly buy Croatian hotel chain Jadran Crikvenica Hoteli.

Alterco will meet with the Croatian Finance Ministry next month to discuss a takeover of Jadran d.d., the chain’s owner, based in Crikvenica, near the Adriatic port of Rijeka, Mateusz Olszak, a spokesman for Alterco said by phone today. Croatia is a “significant” shareholder of the nine-hotel chain, he said.

“Croatia is a popular tourist destination and we want to take advantage of this,” Olszak said. “We are mainly talking to financial investors to create a group that could buy the owner of the chain and we also could acquire a stake in it.”

The Balkan country, which is set to become the European Union’s 28th member in July 2013, is seeking foreign investment after two years of recession and a period of stagnation in 2011. Tourism accounts for one fifth of Croatia’s economy.

Olszak declined to comment on how much the group might pay for the company or discuss its investment plans. Alterco plans to invest 80 million euros ($100 million) in the unprofitable hotel chain, the Zagreb-based Poslovni Dnevnik reported today.

Alterco shares slumped 5.5 percent to 5 zloty at 2 p.m. in Warsaw, falling for a seventh day and valuing the Polish company at 29 million zloty ($8.5 million).

To contact the reporters on this story: Pawel Kozlowski in Warsaw at pkozlowski@bloomberg.net; Jasmina Kuzmanovic in Zagreb at jkuzmanovic@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net


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