PPHE Hotel Group sells Croatian operating companies to Arenaturist

PPHE Hotel Group is selling its wholly-owned Croatian operating companies to Arenaturist for HRK108.55m, or about €14.4m, in cash as completion.

PPHE owns 65.6% of Zagreb-quoted Arenaturist. Completion was expected by 30 June. At 12:06 BST, PPHE's shares were down 2.46% to 792.5p.

Croatia is an increasingly popular holiday destination, in part thanks to the scenic sweeps seen in the television series Game of Thrones.

"The disposal forms part of the plans to develop Arenaturist into a leading Central and Eastern European leisure and hospitality company," said PPHE in a statement.

Its business model included owning and managing its own assets and those of others, primarily under the Park Plaza brand.