June 27 (SeeNews) - Croatian tourism company Valamar Riviera [ZSE:RIVP] said on Thursday its supervisory board has granted a preliminary approval for a 599 million kuna ($92 million/ 81 million euro) investment programme for next year.
The programme includes the launch of construction of a resort in the Pical zone, investment in the Zagreb hotel in Porec, further investment in the Istra Premium Camping Resort in Funtana as well as other investment projects, Valamar Riviear said in a Zagreb bourse filing.
The supervisory board also approved investment in the resort in the Pical zone, in Porec, worth a total of 790 million kuna, over the next two years.
The two-star Pical Hotel in Porec will be transformed into a five-star resort with some 500 accommodation units. It will be able to accomodate 1,700 people and will feature swimming pools, a congress centre for 1,200 people and a wellness centre.
The resort is expected to be completed in 2021.
The final decision on the 2020 investments will be rendered within this year.
(1 euro = 7.39877 kuna)