September 23 (SeeNews) - Croatia's hotel operator Valamar Riviera [ZSE:RIVP-R-A] said on Friday it has signed a three-year allotment contract with Cologne-based German tourism group DER Touristik.
The contract covers the tourism season in 2017, 2018 and 2019 with a guaranteed 100% occupancy rate of Valamar's Girandella Resort in the coastal town of Rabac, the company said in a filing with the Zagreb bourse.
Over the next few months, Valamar Riviera plans to complete several alterations to its current facilities in Rabac to increase its capacity to 399 accommodation units and raise category to four stars. The project is envisioned to cost 400 million kuna ($59.7 million/53.3 million euro).
(1 euro=7.51086 Croatian kuna)