Most of the funds will be directed towards the reconstruction of the existing Suha Punta holiday village on the island of Rab into the 4-star/5-star Valamar Collection Rab Resort, as well as the repositioning of the Rivijera holiday village in Makarska, the company said in a filing to the Zagreb bourse on Monday.
Imperial Riviera is 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 June 7, ending 1.0% higher at 101 euro.
Valamar’s shares traded flat at 5.04 euro on Monday afternoon on the Zagreb bourse.
($ = 0.933 euro)