Croatia’s Imperial Riviera completes 90% of 226 mln kuna (30 mln euro) investment cycle

ZAGREB (Croatia), July 27 (SeeNews) – Croatian tourism company Imperial Riviera [ZSE:HIMR] said on Monday it has completed 90% of an investment cycle worth 226.2 million kuna ($35.3 million/30.1 million euro) which it launched at the end of last year.  

The bulk of the money, 113 million kuna, went for a revamp of the four-star Valamar Parentino Hotel in the coastal town of Porec, on the Istria peninsula, Imperal Riviera said in a statement. The facility was expanded and can now welcome over 1,000 guests. It employs a staff of 140. 

Imperial also launched the second phase of an overhaul of the Valamar Meteor Hotel in Makarska, and opened a 4.7 million kuna restaurant at the Meteor Hotel.

Furthermore, it completed the third phase of the investment cycle in Padova Camping Resort on Rab island, worth 20.7 million kuna, renovating 55 houses. The total investment in the camping site during the last three years amounts to 60 million kuna. It also renovated 20 houses in the San Marino Camping Resort, also on Rab island.  

Imperial Riviera operates six hotels, three tourism villages and two campsites on the Rab island and in the coastal town of Makarska. It was formed after hotel operator Hoteli Makarska [ZSE:HMAM] merged into Rab-based peer Imperial, owned by Valamar Riviera. 

Imperial’s shares last traded on July 2 on the Zagreb bourse. They closed at 645 kuna, down 5.84%.

(1 euro = 7.51775 kuna)