Croatia’s Imperial Riviera to invest 38.4 mln euro in 2024

Key investments will be directed towards repositioning and improving service quality, digitalisation, sustainable energy sources, and tourist infrastructure, the company said in a filing to the Zagreb bourse on Monday.

These investments include the initial phase of transforming the three-star holiday village Suha Punta on the island of Rab into Valamar Collection Rab Resort with upgraded facilities. Additionally, there are plans for renovating the existing three-star complex Rivijera Sunny Resort by Valamar, turning it into the three-star Makarska Sunny Resort in Makarska, southern Croatia. Other projects involve constructing a new bike center for the Valamar Parentino hotel in Porec, on the northern Croatian Adriatic coast, and ongoing investments in other hotels owned by Imperial Riviera.

Imperial Riviera is a jointly owned by pension fund management company Allianz ZB and hotel operator and owner Valamar Riviera [ZSE:RIVP].

Imperial Riviera's shares last traded on November 16, ending flat at 105 euro.

Valamar’s shares traded 0.23% higher at 4.33 euro on Tuesday by 1105 local time on the Zagreb bourse.

($ = 0.923 euro)