Croatia's Valamar signs 100 mln euro loan deal with three banks

The deal was concluded with Zagrebacka Banka [ZSE:ZABA], Privredna Banka Zagreb [ZSE:PBZ] and Croatia's development bank HBOR, Valamar Riviera said in a filing to the Zagreb Stock Exchange (ZSE).

The proceeds of the loan will be used for investment in the future Pinea Hotel in the Adriatic resort of Porec on the Istrian peninsula,

The five-star hotel will feature 514 accommodation units and will contain the largest hotel event centre on the Istrian peninsula with a capacity to host 1,200 guests.

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

Valamar's shares traded up 0.79% at 38.20 kuna on the ZSE by 1412 CET on Friday.

($ = 0.906370 euro)