The owner of the hotel chain OREA Hotels & Resorts, Cimex Group, has agreed a CZK 3.5 billion loan with Czech banks and the European Bank for Reconstruction and Development.

The investment group Cimex, which is behind the OREA Hotels & Resorts hotel chain, has obtained a bank loan of CZK 3.5 billion (EUR 140 million) to refinance its existing debts with Czech banks, while CZK 1.5 billion will be used for further development of the hotels.

Raiffeisenbank, UniCredit Bank and the European Bank for Reconstruction and Development are part of the newly formed international syndicate providing financing.

“The new partnership with major banking institutions will enable further investments that strengthen OREA Hotels & Resorts’ position as a leader in the Czech hotel market. This financing paves the way for further development and expansion of the entire Cimex Group,” said Aleš Konrád, CFO of the group.

The investments are to be directed into renovation of hotel interiors, building new wellness centres, expanding the capacity of restaurants and rooms and reducing the energy consumption of hotel buildings.

“The planned investments will support the strategic direction of the OREA brand and our strong pro-customer culture. The modernisation of our portfolio will allow us to further enhance the value of the services that our guests appreciate and keep them coming back,” added the CEO of OREA Hotels & Resorts Gorjan Lazarov.

OREA is one of the leaders in the Czech hotel market. Guests spend over one million nights each year in more than 2,200 hotel rooms across the Czech Republic.

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