The sale was selected over an offer from the American fund Blackstone, which had shown serious interest and conducted due diligence. The situation mirrors Alabbar’s previous acquisition of Bluesun Hotels & Resorts, initially reported to be acquired by the American fund KSL.
The transaction’s details, including the price, are not disclosed but are speculated to be higher than Blackstone’s offer. This sale is expected to be officially announced on the Frankfurt Stock Exchange, where CPI Property Group, the current owner of Sunčani Hvar, is listed. If completed, this deal would mark a significant development in the Central Dalmatian tourism sector.
Alabbar is known for several high-profile projects, including the Burj Khalifa in Dubai and the Belgrade Waterfront. His company, Eagle Hills Real Estate, focuses on property investment and development in Europe, the Middle East, and Africa. The firm previously acquired Bluesun Hotels & Resorts from Jako Andabak’s family, committing to upgrading the hotels and retaining employees and management. Eagle Hills Real Estate was planning to develop a project in Zagreb, often referred to as the “Zagreb Manhatt
