GS Hotels and Resorts secures more than £30m in funding to expand in Croatia

09 February 2007 by
GS Hotels and Resorts secures more than £30m in funding to expand in Croatia

The European Bank for Reconstruction and Development (EBRD) plans to provide €52.6m (£35.1m) in financing for Croatian hospitality group GS Hotels and Resorts.

GS Hotels and Resorts operates Adriatic Luxury Hotels in Croatia and Wren's Hotels in England.

EBRD wants to assist in developing high-quality tourism facilities in Croatia by supporting the restructuring and development of GS Hotels and Resorts and similar tourism facilities in Bosnia and Herzegovina and Montenegro.

EBRD plans to make a €25.1m (£16.8m) equity investment in GS Hotels and Resorts and a €27.5m (£18.4m) senior loan to the company's property subsidiaries.

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By Jim Glenn at CEN

E-mail your comments to Chris Druce]( Hotels and Resorts secures more than £30m in funding to expand in Croatia) here.

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