Croatia’s Valamar plans 450 mln euro investments by 2026

Valamar's strategic goals include achieving double-digit business and company value growth based on comparable multiples valuation approach, it said in a press release on Wednesday after its supervisory board adopted the group's business strategy.

For the coming period, the group aims at a dividend yield of around 4%, as dividend payment will depend on the implementation of annual business plans and share value market movements.

The supervisory board also gave a final approval for the continuation of investments in the five-star Pical Resort, Valamar Collection, the largest investment in the Croatian tourism sector, worth 139 million euro. Hotel Pical will be open year-round. It will have 513 accommodation units, ten themed restaurants and bars, a wellness centre, managed beaches and beach clubs, and outdoor and indoor swimming pools.

At a meeting held on Tuesday, the supervisory board of hotel owner Imperial Riviera [ZSE:HIMR] gave the go-ahead to the first phase of the Rab Resort 4/5 star construction in Suha Punta, worth 54 million euro.

Imperial Riviera is a joint company of pension fund management company Allianz ZB and Valamar Riviera for investments and development of tourism assets.

Construction will begin this year, with planned opening in the summer of 2025. The first phase of investment includes a complete reconstruction of all 190 accommodation units of the former Hotel Eva and the addition of 24 new family rooms.

Valamar's shares traded flat at 4.72 euro intraday on Thursday.

($ = 0.922 euro)