The planned €107 million Hyatt Regency hotel and business complex in Novi Sad has secured additional land after developer Trinity Park acquired more than 17,000 square metres of city-owned property adjoining the former Hotel Park site. Trinity Park, majority-owned by Novi Sad construction company Inobačka, paid RSD 869.9 million, or about €7.4 million, for two parcels with a combined area of 17,167 square metres on Novosadskog sajma Street.
The company was the sole bidder and purchased the parcels at the starting price. The acquisition enables Trinity Park to combine the newly purchased property with land it already controls around the demolished Hotel Park, creating a development site of approximately 24,000 square metres.
Mixed-use complex planned for former Hotel Park site
The development, known as Trinity Park – Hyatt Regency Novi Sad, has an announced investment value of about €107 million and has been designated a project of significance by the Serbian government. Hyatt International Group is expected to manage the hotel.
The planned development extends beyond replacing the former Hotel Park. Planning documents provide for a mixed-use complex comprising a hotel, office buildings and parking infrastructure next to Futoški Park. For Novi Sad, the project would represent the city’s largest hotel investment and one of its largest private real-estate developments. The additional land acquisition removes a property constraint around the site and could enable the developer to advance toward construction, subject to outstanding planning, permitting and execution requirements.
Original hotel opening schedule has slipped
The project was announced in 2023, when the hotel was expected to open in 2026. That timetable has since slipped substantially. The former Hotel Park has been demolished, but construction of the replacement complex has not yet started. The proposed hotel would expand Novi Sad’s premium accommodation capacity and could support demand for conferences, corporate events and business visitors.
The city already has the Novi Sad Fair, Exit festival and a substantial corporate and technology sector, while its international upscale hotel market remains smaller than that of Belgrade. A large internationally branded hotel with conference facilities would therefore add capacity for the MICE — meetings, incentives, conferences and exhibitions — market, alongside the city’s existing leisure-tourism demand.
Office component broadens commercial investment
The office element gives the project an additional commercial real-estate dimension. Novi Sad has developed into Serbia’s strongest commercial centre outside Belgrade, with economic activity supported by IT, engineering, financial services, agriculture and manufacturing. The Trinity Park development combines the planned hotel with higher-grade commercial space and associated infrastructure on the consolidated site.
Futoški Park dispute remains part of project execution
The project has faced opposition related to its proximity to Futoški Park, a protected urban green area. Citizen groups have protested against the land sale and challenged decisions associated with the development, arguing that the project threatens public green space.
Trinity Park and Inobačka dispute that position, saying the acquired parcels are not within the protected Futoški Park area and were previously used for functions associated with the former hotel, including parking, service access and utility infrastructure. The investor says the boundaries of the protected area will remain unchanged and that the completed development will contain more trees than the current site.
The dispute remains relevant to the project’s execution because planning and environmental challenges can affect development schedules, legal costs and financing conditions. The land auction may also continue to face scrutiny, although the property was sold through the city’s public-auction procedure. The next stages for the developer include construction commencement, final financing arrangements, contractor mobilisation and a revised opening schedule for the €107 million project.
