Financing Agreement between PBZ and Esplanade

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

Under this agreement, PBZ is extending a long-term loan of EUR 40 million, intended for refinancing existing obligations as well as for the comprehensive renovation of the hotel during 2026 and 2027. The investment includes a complete renovation of all 208 rooms, the modernisation of conference halls, the reconstruction of the iconic Oleander Terrace, and upgrades to Le Bistro restaurant and other public areas. The hotel will remain open throughout the works, which will be carried out in phases and aligned with the high season to ensure minimal impact on guests.

Dinko Lucić, President of the Management Board of PBZ, emphasized that the Esplanade Hotel is one of the most recognizable 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 is particularly meaningful, as this landmark has shaped the identity of Zagreb and Croatian hospitality for over a century. We are proud to be part of a project that combines tradition and modernity, and to continue investing in premium tourism facilities that position Croatia as an attractive, sustainable, and distinctive destination on the European map.’

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

Hotel Esplanade Zagreb, opened in 1925 for passengers of the legendary Orient Express, has for decades been one of the most recognisable luxury destinations in the region. With its strong market position, the hotel confirms its status as a leading luxury hotel in Southeast Europe. Following the planned renovation, the Esplanade will gain further value and momentum through rebranding under the luxury Almanac Hotels brand, which will strengthen Zagreb’s premium hospitality offering even further.

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