American KSL Capital takes over the Sunce hotels in Croatia

The travel company Sunce Hotels and facilities operating under the Bluesun brand was bought from Jake Andabaka by the American investment company KSL Capital Partners, which will entrust the management of the facilities to Valamar Riviera. So far, there are no official confirmations of the transaction that was reportedly concluded in mid-December 2020. The Sun said that they had no comments, noting that they would contact us if there was information with which they could go public.

The sale of Andabak's hotel portfolio, which is mostly located in Dalmatia, has been rumored for some time, as well as the fact that the company was in financial trouble even before the corona crisis. News broke last summer that they were being taken over by a Singapore fund, but that did not materialize. KSL Capital Parners allegedly chose Valamar to be a local partner in the Croatian market.

For now, the details of this acquisition are unknown, such as the price of the transaction, but also the scope of the purchase. The Sunce hotel consists of 11 hotels and one camp, as well as the TUI Blue Jadran hotel, which operates through a joint company, and is also majority owned by Brač Airport.