Coffee with Craig Show – daily CRE news covering the CEE region, Craig Smith, founder and Publisher of EuropaProperty.com and Winston Norman, Editor and Chief of EuropaProperty.com.
Radisson Hotel Group debuts in Montenegro
Radisson Hotel Group announced at HOTCO 2024 its debut in Montenegro with the signing of Radisson Blu Hotel & Resort, Kolasin. The 188-room hotel is scheduled to open during the ski season in Q4 2024. Standing at an altitude of 1450m, the resort is situated within the renowned ski centre on the Bielasica mountain, offering 42km of ski slopes and endless hiking trails.
David Jenkins, Vice President of Business Development, Eastern Europe, at Radisson Hotel Group, commented: “The Kolasin mountain resort zone aligns well with our regional growth strategy, and its inclusion further strengthens our footprint in the Balkans, where we currently have 19 hotels with 3,500 rooms in operation and under development.”
Despite some obstacles region’s hotel markets are improving
Christie & Co has published its annual “Business Outlook 2024” report. The report underlines the mixed feelings in hotel real estate from an operational and real estate perspective. On the one hand, the recovery in tourism demand in Germany, Austria and CEE continued in 2023, leading to visible increases in average daily room rates and revenue per available room. On the other hand, the hotel investment market recorded an extremely meagre result in 2023, largely due to the rise in key interest rates.
Lukas Hochedlinger, Managing Director of Central & Northern Europe at Christie & Co, comments: “Despite the subdued market environment for hotel properties last year, we are currently seeing a significant increase in activity among market participants. Investors and sellers alike are positioning themselves to find the right time for their transactions in 2024.”
pbb provides €33 million for two business parks in the Czech Republic
pbb Deutsche Pfandbriefbank has provided a €33 million investment loan facility to a SPV, managed by Amesbury. The company will utilise the proceeds for the refinancing of the two business parks near Prague. pbb acted as arranger, agent and sole lender under the facility. The two parks consist of nine buildings in key light-industrial locations near Prague. All properties are leased to a diversified tenant mix and comprise around 69,000 sqm of lettable area.
CTP leases 40,000 sqm in Czech Republic to Vitesco Technologies
CTP has leased 40,000 sqm at CTPark Ostrava Hrušov in the Czech Republic to Vitesco Technologies. This space will be used for a new €190 million production plant. The main products of the new plant will be new, unique parts for electric cars of the next generation.
The new park is also a regeneration of a former brownfield site and is notable for its commitment to sustainability and the environment, implementing sustainability measures to meet the ESG goals of both CTP and Vitesco Technologies.
Jakub Kodr, Head of Business Development, Czech Republic at CTP, said: “This deal demonstrates how the automotive sector is driving industry in the CEE region, a trend that we only expect to gather strength as both automotive companies and Asian manufacturers shift car production to CEE countries due to the nearshoring trend.”
