March 6 (SeeNews) - Croatian hotel operator Valamar Riviera [ZSE:RIVP] said on Tuesday it has signed a 16 million euro ($19.7 million) loan deal with the European Investment Bank (EIB) to finance the company’s long-term investments.
This is the first EIB transaction in Croatia that involves the direct financing of a private sector company that benefits from the support of the EU budget guarantee under the European Fund for Strategic Investments (EFSI), the financing component of the Investment Plan for Europe, Valamar said in a Zagreb bourse filing.
"The said legal transaction confirms the trust of the investment and financing community in the further development of the company," Valamar noted.
The company said in February it has allocated a total 705 million kuna ($117.1 million/94.9 million euro) towards investments in 2018, aimed to strategically reposition the hotel and camping portfolio towards products and services with high added value.
Valamar Riviera owns two brands - Valamar Hotels and Resorts and Camping Adriatic. With the acquisition of Imperial in 2016, a hotel group on Rab Island, Valamar Riviera Group now operates 30 hotels and resorts and 15 camping resorts in five attractive destinations along the Adriatic coast – from Istria and the islands of Krk and Rab to Dubrovnik.
($=0.8103 euro)