“Tupeci Hotels on the Makarska Riveria, part of the Sun Group, has sold 50 percent of its stake, in the Punta Zlatarac Tupeci to German tour operator TUI for 31.5 million euros ($36.75 million).

‘The agreement between Sun Group and TUI on establishing a stronger partnership was reached on 10 November. Additionally,  the sale of 50 percent of the company Punta Zlatarac Tucepi has been agreed and the establishment of a joint management company,” said the Sunce Group.

As a part of the agreement, Punta Zlatarac will become a joint venture company, while TUI will have 51 percent and Sunce will have a 49 percent stake in the joint management company. ‘In this way, the partnership with TUI is raised to a higher level, and it is envisaged that the transaction will be carried out in two phases – the first will include the establishment of a joint venture company with TUI purchasing 50 percent of Punta Zlatarac for 31.5 million euros ($36.75 million), while the second phase will include the foundation of a management company that will enter into a management agreement with Punta Zlatarac,’ explained the Sunce group. (total-croatia-news, poslovni.hr)