PBZ and Esplanade Zagreb Hotel Sign Long-Term Financing Agreement

01/12/2025

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PBZ and Esplanade Zagreb Hotel Sign Long-Term Financing Agreement

PBZ approves a long-term loan of EUR 40 million for the Esplanade Zagreb Hotel

Zagreb, 26 November 2025 – A long-term financing agreement was officially signed today at the Esplanade Zagreb Hotel between Privredna banka Zagreb (PBZ), part of the Intesa Sanpaolo International Subsidiary Banks Division, and the hotel company Esplanade Oleander d.o.o., the owner and operator of the iconic Esplanade Zagreb Hotel. The agreement was signed on behalf of PBZ by Dinko Lucić, President of the Management Board, and on behalf of the hotel by Herbert Haselbacher, President of the Management Board of Esplanade and President of the Austrian WSF Group.

Under this agreement, PBZ is granting a long-term loan totaling EUR 40 million, intended for refinancing existing obligations and for the comprehensive renovation of the hotel during 2026 and 2027. The investment includes a complete refurbishment of all 208 rooms, modernization of conference facilities, reconstruction of the renowned Oleander Terrace, and enhancements to Le Bistro restaurant and other public areas. Throughout the renovation, the hotel will remain open, with works carried out in phases to align with the high season and ensure minimal impact on guests.

Dinko Lucić, President of the Management Board of PBZ, emphasized that the Esplanade is one of the most prominent symbols of Croatian hospitality and cultural heritage: “PBZ continuously supports projects that contribute to the development of Croatian tourism and strengthen the country’s economic competitiveness. The renovation of the Esplanade Hotel carries special significance, as this is a property that has shaped the identity of Zagreb and Croatian hospitality for an entire century. We are proud to participate in a project that unites tradition and modernity, and to continue investing in high-quality tourist capacities that position Croatia as an attractive, sustainable, and recognizable destination on the European map.”

Herbert Haselbacher, President of the Management Board of Esplanade and President of the Austrian WSF Group, stated that the investment represents a key step forward in the hotel’s continued development: “Esplanade Zagreb is our flagship in the region and a project with exceptional emotional and historical value. Thanks to this financing, we will be able to further strengthen the hotel’s position as a leading luxury destination in Southeast Europe, with a complete renovation carried out to the highest international standards while preserving its unique Art Deco character.”

The Esplanade Zagreb Hotel, opened in 1925 to serve passengers of the legendary Orient Express, has for decades been one of the most recognizable luxury destinations in the region. With its strong market position, the hotel continues to affirm its status as the leading luxury hotel in Southeast Europe. Following the planned renovation, the Esplanade will gain additional value and momentum through its rebranding under the luxury Almanac Hotels brand, further enhancing Zagreb’s premium accommodation offering.

Today’s signing marks the beginning of the largest investment cycle in the hotel’s recent history and an important step in elevating Zagreb’s luxury tourism offer.