Arena Hospitality Group - Eastward Ho!
Arena Hospitality has bucked travel industry despondency with the expectation of a ‘strong’ summer in Croatia, its longstanding profit driver, and confirmation of sustained targeted investment despite market challenges. Indeed, this ‘surge in leisure demand’ is substantiated for June by industry reports of a c 80% year-on-year rise in foreign tourist nights in Istria, where Arena is based. While half the level of 2019, this is no mean feat, given extensive site closures until June, and shows potentially rapid recovery on travel easing. Also in H121, key investments made good progress, notably repositioning the iconic Hotel Brioni in Croatia, opening in Belgrade on the push eastwards and a new mobile check-in app. Robust finances (c 56% bank gearing at June 2021) should allow Arena to capitalise on growth opportunities enhanced by pandemic fallout.
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