POREČ, 27 June 2019 – This autumn, Valamar will start the construction of the largest resort in Croatia worth a total of €105 million that was presented today during Investors Day in Poreč.
The Supervisory Board of Valamar Riviera d.d. has given prior approval for the next annual investment cycle worth EUR 80 million, representing the continuation of Valamar’s investment strategy to reposition the hospitality portfolio towards premium products and services. The 2020 investment cycle is significant, although smaller than in previous years considering the global slowdown in market demand and growing operating costs, the company said in a statement.
Hotel Pical 2* in Poreč will be transformed into a luxury year-round 5-star resort with around 500 keys. The resort will accommodate up to 1,700 guests and will feature 7 bars, 7 restaurants, swimming pools spanning 2,200 m2 of water surface, premium beach facilities, a new Sundance Beach Club, a congress center for 1,200 participants, an indoor pool and spa center, family oriented Maro facilities and a wide range of options for active holidays.
The development of this resort represents the largest single investment in Croatian tourism, and is planned for completion in 2021. Valamar continues investing in the Pical zone which, together with Valamar Collection Marea Suites 5*, opened this year, is poised to become the flagship leisure area in Poreč and one of the most attractive holiday spots in Croatia.
The process of merging Hoteli Makarska to Rab’s Imperial is expected to be completed in the coming days, after both companies were successfully privatized in partnership between Valamar and AZ pension funds. Valamar’s Supervisory Board supported the collaboration with Croatian pension funds to enable further investments in Croatia’s tourism and future growth. The new Imperial Riviera d.d. will focus on investment and development of hospitality properties in the region and Valamar will continue to manage operations.
Valamar has successfully completed all this year’s investments worth EUR 107 million, bringing company’s investments to a total of EUR 782 million in Croatia’s tourism thus far.
“Valamar has successfully completed the investment cycle and business goals for the previous 3-year period and is about to start a new development phase. We plan to continue growing Valamar following our formula for success which is based on sustainable and socially responsible investments in employees, products and destinations. However, it is still necessary to work on the general competitiveness of Croatia’s tourism in relation to other Mediterranean destinations if we want to boost the investment potential of the tourism sector and retain our employees in Croatia,” said Željko Kukurin, CEO at Valamar Riviera.
Valamar will present its development strategy for the forthcoming 3-year period by the end of this year, thus continuing its vision to be the leader in leisure tourism by creating authentic guest experiences in partnership with its destinations.