October 22 (SeeNews) - Croatia's state assets minister Mario Banozic said the spatial plans needed for the launch of the 1.0 billion kuna ($150 million/134 million euro) Kupari I resort project will be adopted by the end of 2019.
Once the plans are drafted, they will need the approval of the ministries of tourism and transport, after which the concession awarded to local company Avenue Ulaganja for carrying out the investment will be activated, Banozic said in a statement on Monday.
The Kupari tourism complex, located in the southern Dubrovnik-Neretva county, is a disused former recreational facility of the military. It includes several large hotels that were severely damaged during the Croatian war of independence.
In early 2016, the then state property management office signed a deal for the Kupari project with Avenue Ulaganja, saying that the project would be completed in two to four years.
Back then, the deal was signed with a consortium comprising Avenue Ulaganja, U.S.-based hospitality company Marriott International and Avenue Osteuropa, which submitted the sole bid in a 2015 tender. Marriott has pulled out of the deal since then. According to media reports, the Four Seasons company was expected to replace Marriott in the consortium.
(1 euro = 7.43928 kuna)