Croatia's Valamar Riviera launches construction of 107 mln euro Pinea Hotel in October

The five-star hotel will comprise 514 accommodation units and will contain the largest hotel event centre on the Istrian peninsula with a capacity to host 1,200 guests, Valamar said in an emailed statement on Tuesday.

The hotel is scheduled for completion prior to the 2021 tourism season, the statement said.

With the planned investment in Pinea Hotel, Valamar's total investments in Porec's Pical zone, where the future hotel will be located, will reach some 1.5 billion kuna.

In the Pical zone, Valamar already opened its five-star Valamar Collection Marea Suites earlier this year, and also owns four-star Valamar Parentino Hotel (former Hotel Zagreb), planning to additionally extend its capacities and enrich its offer for the 2020 season, as well as Valamar Pinia Hotel.

Valamar's shares closed flat at 36.5 kuna on Tuesday.

(1 euro = 7.40322 kuna)