With historical financial results, Arena Hospitality Group established the foundation for future development

Arena Hospitality Group has published its financial annual report for the year 2022, which shows record business results that surpassed the achievements of previous years, as well as the period before the pandemic, in 2019.

This growth of the Arena Hospitality Group is confirmed by the continued growth of the portfolio, the ongoing investment program to improve the existing assets and the relentless focus on improving the guest experience. The results from 2022 were driven by an extraordinary summer season, a clear strategy, quality investment and strong development.

The travel industry experienced a strong recovery throughout Europe in 2022, so the overall result of the Group exceeded all expectations and the results from 2019.

Revenues increased by 79,1%, to HRK 825,3 million (in 2021, revenue was HRK 460,7 million) and by 6,1% compared to 2019. EBITDA increased by 43,8% to HRK 235,0 .2021 million kuna (in 163,4 it amounted to XNUMX million kuna) and for  2,4% compared to 2019. Growth that exceeds the results from 2019 and an extraordinary increase compared to the previous year marked the recovery of business in general, especially in Croatia, where revenue increased by 17,9% and EBITDA by 22% compared to 5.

On the topic of excellent business results in 2022 Boris Ivesha, the chairman of the supervisory board emphasized that he believes that the results of 2022 have established the foundation for our future development.

"Thanks to our strategy and financial stocks, we have successfully weathered the ongoing economic uncertainty, which indicates our resilience over the past few years. Although the current rate of inflation may cause a short-term fluctuation in profitability, we are confident that we can continue with good financial results, bypassing the increase in input costs and with self-sufficient energy sources. I am pleased and confident that we will ensure that our stakeholders benefit by continuing to invest in very high value assets." Ivesha added. 

"In the year ahead, we will continue to strengthen the Group's presence in the countries of Central and Eastern Europe and reap the benefits of investments in upgrading the facilities in our portfolio. With the strategically important capital investments we are planning in 2023, we will further improve the offer of luxury camps, and we are opening a new art'otel in Zagreb. The company has secured a strong financial position and a portfolio in which quality investments are made and which our dedicated employees take care of, providing support to the ever-increasing demand for the high-quality service we offer. From that  reasons and with the encouraging increase in demand for holiday tourism throughout Europe, our Management Board is convinced that the Group will achieve further growth and outstanding results in the business year ahead." added Reuel Slonim, President of the Management Board.

In recent years, Arena Hospitality Group has introduced diversity into its operations and strategically stepped out of the Croatian market towards Germany, Hungary, Serbia and Austria with the acquisition of the Arena Franz Ferdinand Nassfeld hotel.

The group thus continues to develop and upgrade existing facilities and diversify its portfolio with exciting projects that form the basis for future growth and development.