The German travel giant TUI, the largest leisure and travel company in the world, is cutting out the middle man and moving in on the accommodation market in Croatia with the construction of new hotels on an Adriatic island.
Sunce koncern d.d. Zagreb and TUI are planning a new investment on the Croatian island of Brač.
The Croatian company owned by Jako Andabak has purchased 320,000 square metres of land at Sutivan on Brač where, in cooperation with the German tour operator TUI is planning to build three new hotels.
This is the final phase of a joint venture of Sunce koncern and TUI, which became the 50 percent shareholder of the Punta Zlatarac Tučepi last week. The Tučepi Hotels sold their share in the company to the Germans for 31.5 million Euros, whilst, according to the agreement, Punta Zlatarac became a joint venture with 51 percent of ownership of TUI and 49 percent of Sunce koncern.
''The land is located on the island of Brač in the Sutivan municipality and represents an exceptional location for the development of new tourist facilities. It is an area of 320,000 square metres with a direct access to the coast and good infrastructure connectivity'', said Sunce koncern.
The news about new projects came shortly after Jako Andabak, the owner of Sunce koncern, announced the pulling down of the old complex of the Termia Hotel in Bizovačke Toplice by the end of this year. Andabak purchased it three years ago and now he is planning to build a completely new facility worth 10 million Euros.