March 8 (SeeNews) - Croatian hotel owner Imperial Riviera [ZSE:HIMR] said on Friday it has signed a deal with local builder Radnik for the initial phase of enlargement and reconstruction of holiday village Valamar Collection on the Suha Punta peninsula on the island of Rab.
The initial phase of the project, which involves an investment of 54 million euro ($59 million), includes renovation of 190 accommodation units of former hotel Eva and tourism complex Suha Punta, building 24 new family rooms and investments in beaches and additional facilities, Imperial Riviera said in a press release.
The 4/5-star holiday village, operating under the Valamar Collection brand, is scheduled to open in the summer of 2025, creating 235 job opportunities. It will provide all-inclusive services tailored for families, incorporating electricity sourced from renewable sources and food supplied by local farmers.
Overall, Imperial Riviera plans to invest more than 38 million euro in 2024, which along with the investment in Suha Punta, include investments in its other tourism capacities in Porec, Dubrovnik, and Rab.
Imperial Riviera is a joint company of pension fund management company Allianz ZB and hotel operator and owner Valamar Riviera [ZSE:RIVP] for investments and development of tourism assets.
Imperial Riviera's shares last traded on Thursday, ending 0.94% lower at 105 euro on the Zagreb bourse.
Blue-chip shares of Valamar Riviera traded 0.20% higher at 4.89 euro intraday on Friday.
($ = 0.915 euro)