December 5 (SeeNews) - Croatian hotel operator Valamar Riviera [ZSE:RIVP-R-A] said it will invest 873 million kuna ($123.2 million/115.8 million euro) in its portfolio of hotels, apartments and campsites in 2017.
A large portion of the funds is earmarked for the company's Family Life Bellevue Resort and Valamar Girandella Resort in Rabac, including campsites in Porec and Krk, Valamar said in a filing with the Zagreb bourse on Friday.
As a result of an increase in bookings in the third quarter of the year, Valamar expects to end the year with consolidated operating income in the range of 1.48 billion kuna to 1.49 billion kuna, which represents an increase of 12.8% to 14.0% on the year.
The company said earlier it will invest between 1.5 and 2 billion kuna in its facilities by 2020.
Valamar's consolidated EBITDA rose 18% on the year to 657 million kuna in the first nine months of 2016. Its total revenues increased 19% year-on-year to 1.5 billion kuna in the nine months ended September 30, as sales revenues rose 15% to 1.4 billion kuna.
The Valamar group runs hotels, apartment villages and campsites in Istria and in Dubrovnik and on the islands of Krk and Pag.
Tourism is a key industry for Croatia, generating around a fifth of the country's gross domestic product.
(1 euro=7.54133 kuna)