Zagreb-based investment firm Prosperus Growth Sedam has received approval from the Zagreb Stock Exchange to acquire the remaining 1.1 million shares in Croatian hotel operator Medora Hoteli i Ljetovalista, or Medora Hotels & Resorts.
A document on the stock exchange’s website confirms the Croatian Financial Services Supervisory Agency has rubberstamped the proposed transaction.
Podgora, Croatia-based Medora has one resort, the 253-room Medora Auri Beach Resort, on the Mediterranean coast at Podgora, 45 miles southeast of Split. It also has a seasonal, luxury resort and glamping site, Medora Orbis, less than half a mile to the south of Medora Auri.
The area both assets occupy is known as the Makarska Riviera.
According to the announcement, Prosperus will launch an offer to Medora shareholders to acquire the remaining 1,115,116 shares in Medora for €4.69 ($5.53) per share, giving those shares a value of approximately €5.23 million ($6.17 million).
Prosperus already owns approximately 86% of Medora and approximately 6.78 million shares. The latest offer, if accepted, gives Medora an overall market capitalization of approximately €37 million ($43.6 million), depending on price-per-share value.
In November, Prosperus acquired the majority tranche, following acceptance of that part of the deal from investment firm Agram Invest and three insurance companies — Adriatic Osiguranje, Agram Life Osiguranje and Euroherc Osiguranje, according to the Feb. 6 bourse document. All those entities are based in Zagreb, Croatia's capital.
According to Prosperus’ website, the firm has investment interest in several hotel- and glamping-related concerns, including Club Adriatic; Plat Hotels & Villas; Orebić Hotels, and Korčula Hotels’ Adriatic Kampovi. It also invests in energy, F&B and pharmaceuticals, among other sectors.
Croatia has a history of publicly listed entities whose core business interests are campsites and glamping. One notable company is Arena Campsites, which has eight assets, all in Croatia.
CoStar News reached out to Prosperus for comment and had not heard back at press time.