You have 10 free articles left this month. Get your freeBasic subscription now and gain instant access to more.

Croatia's Valamar Riviera to invest 111 mln euro in 2020

Croatia's Valamar Riviera to invest 111 mln euro in 2020 Photo: Valamar

ZAGREB (Croatia), December 2 (SeeNews) - Croatian tourism company Valamar Riviera [ZSE:RIVP] said its supervisory board has approved the investment programme for next year in the amount of 826 million kuna ($122.5 million/111.1 million euro).

"Investments in 2020 represent the continuation of Valamar’s investment strategy of repositioning and upscaling the portfolio towards high value tourism products and services," the company said in a press release on Friday.

Next year, Valamar will complete a 56 million euro three-year investment project for repositioning Istra Premium Camping Resort in Funtana into the first five-star camping resort on the Istria peninsula.

The tourism company is continuing to invest in its camping resorts and hotels on the Rab island and Makarska, in the Valamar staff residence in Dubrovnik, as well as in energy efficiency and digital projects.

Valamar Riviera is investing 202 million euro by 2021 in the Pical zone in Porec, where the construction of hotel Pinea worth 106 million euro is underway. 

"The announced investment cycle marks the beginning of a new strategic period until 2022. The focus shall remain on investing in socially responsible and sustainable development of our portfolio, destinations and employees," Valamar Rviera CEO, Zeljko Kukurin, said. 

So far, Valamar Rviera has invested some 808 million euro in tourism.

The company's shares traded at 0.26% higher at 38.40 kuna by 1513 CET on Monday on the Zagreb Stock Exchange.

(1 euro = 7.43876 kuna)