Croatia’s Arena to end Berlin hotel lease ahead of schedule
Croatian hotel owner and operator Arena Hospitality Group said on Friday that its lease for the Park Plaza Wallstreet Berlin Mitte hotel will expire on September 8, four months earlier than planned.
"The 20-year lease for Park Plaza Wallstreet Berlin Mitte was originally set to expire at the end of 2025, however the Group reached a mutually beneficial agreement with the landlord to terminate the lease four months ahead of schedule," Arena said in a note to the Zagreb bourse.
The 167-room property has been part of Arena’s German portfolio since the 2016 acquisition of Sugarhill Investment B.V.
While the four-month gap in operations will reduce operating income, Arena does not expect a negative impact on statutory profit or cash flow for the year, it said.
In Berlin, Arena will focus on its other hotels - Park Plaza Berlin, art’otel Berlin Mitte and Radisson RED Berlin Kudamm. The latter, a 133-room property, was repositioned and rebranded in 2024. Arena also plans upgrades to public areas at Park Plaza Nuremberg and art’otel Cologne.
by Annie Tsoneva