CPIPG – Changes to senior management, sale of Sunčani Hvar Hotels and share buy-back programme

Luxembourg – CPI Property Group, a leading European landlord,  announced changes to CPIPG’s Board of Directors and senior management team. David Greenbaum, CFO of the Group since 2018, has been appointed CEO and managing director (administrateur délégué) and was co-opted to CPIPG’s Board of Directors. David replaces Martin Němeček, who resigned from his roles of CEO, managing director, and member of the board of directors. After a short break, Martin will remain with CPIPG in a newly created senior role focused on high-value projects.

“During his tenure as CEO, Martin Němeček led the Group through countless high-value strategic transactions and earned internal and external admiration for his superb corporate finance and real estate skills,” said David Greenbaum. “Our new management structure will allow Martin to focus his energy on projects within the Group’s strategic objectives, including asset sales, debt repayment, and the further integration of IMMOFINANZ and S-IMMO.”

“I am incredibly proud to have played a role in CPIPG’s transformation from a local champion into a European leader over the past decade, and I look forward to working with David and the rest of the senior management team going forward,” said Martin Němeček. “My new role is an exciting opportunity to tackle the Group’s most important priorities as we continue to thrive and evolve.”

Zdeněk Havelka, currently executive director of the Group, has also been appointed to the newly created position of Chief Operating Officer (COO). Zdeněk has been with the Group for more than 20 years, has already been driving many aspects of CPIPG’s operations, and will formally assume some of Martin’s internal responsibilities.

Pavel Měchura, Group Finance Director, will remain in his role and will become sole head of the finance division. Tomas Salajka, Head of Acquisitions, Asset Management and Sales, has been appointed as a Managing Director (administrateur délégué) of CPIPG. His role and the role of Jan Kratina, Director of CPI Hotels, are otherwise unchanged.

“CPIPG draws great strength from our senior management team, which has been together for many years,” said Edward Hughes, Chairman of the Board of Directors. “We wish David, Martin, and Zdeněk the best in their new roles and are confident the transition will be seamless.”

Signing of agreement concerning disposal of Sunčani Hvar Hotels

Also CPIPG announced the signing of a binding agreement for the sale of 100% of the shares of Sunčani Hvar Nekretnine d.o.o. and Sunčani Hvar d.d., the companies owning and operating the Sunčani Hvar Hotels, a unique resort portfolio located on the Island of Hvar, Croatia. The purchaser is Eagle Hills, a real estate and hospitality investor and developer based in Abu Dhabi. The transaction is conditional only on approval by the Croatian antitrust agency; the full purchase price has been deposited with an escrow agent.

“CPIPG continues to see strong investor interest in hotels as tourism and business travel have rebounded fully from the COVID period,” said Jan Kratina, Director of CPI Hotels. “We are certain that Eagle Hills will contribute to the continued success of Hvar as a desirable tourist destination.”

Finally, CPIPG has approved the terms of a share buy-back programme enabling the Company to repurchase up to 1,000,000,000 shares of CPIPG. This offer period will be open from 21 November 2023 to 30 November 2023.

The article CPIPG – Changes to senior management, sale of Sunčani Hvar Hotels and share buy-back programme first appeared in TravelDailyNews International.

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