Business

Americans Buy Croatia's Bluesun Hotels in 'Tourist Transaction of the Year'

By 2 February 2021
Bluesun Hotels Amor, Supetar, island of Brač
Bluesun Hotels Amor, Supetar, island of Brač © Bluesun Hotels

February 2, 2021 – In an incredibly optimistic signal for the future of Croatian tourism, a huge American investment company has bought the sizeable Croatian property portfolio of Bluesun Hotels / Sunce Hotels. They will entrust management of the facilities to highly-regarded local operator Valamar

The acquisition of Bluesun Hotels / Sunce Hotels has been made by an American investment company called KSL Capital. They are investment specialists within the travel and leisure sector. They primarily invest in hotels and resorts, entertainment and sports facilities.

Bluesun_Hotel_Alga_Tučepi_Makarska_Riviera.jpegBluesun Hotel Alga, Tučepi, Makarska Riviera

According to their website, since they established the company in 2005, KSL Capital have raised four private equity funds and three credit funds with over $13 billion in equity commitments. Although not yet officially announced, the sale has already been described by Poslovni.hr as potentially being “the tourist transaction of the year for Croatia.”

With the global travel and leisure sector currently facing continuing uncertainty due the pandemic, this strong indicator of faith in the future of the Croatian tourism market cannot be taken as anything less than a sign of optimism. An official announcement of the sale should soon be forthcoming.

The_view_from_Bluesun_Hotel_Soline_Brela_Makarska_Riviera.jpegThe view from Bluesun Hotel Soline, Brela, Makarska Riviera

KSL Capital owns the largest U.S. travel company, Apple Vacations, which they took over in 2016, and the luxury hotel group AMResorts, which operates in Spain, the United States and Mexico. Their portfolio includes more than 60 hotels and resorts globally. According to Poslovni.hr, senior vice president of KSL, Martin Edsinger, spoke about the company's intention to invest in Croatia at the Adria Hotel Forum in Belgrade, held before the pandemic.

For now, details of the acquisition are unknown, such as the price of the purchase and its scope - Sunce Hotels consists of 11 hotels and one camp, as well as the TUI Blue Jadran hotel, which operates through a joint venture, and is also majority-owned by Brac Airport. Bluesun Hotels & Resorts is the name under which Sunce Hotels manages most of the members of its group.

All images © Bluesun Hotels

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