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Sep 28, 2007 18:26 EEST
September 28 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Friday it planned to lend up to 24.4 million euro ($34.6 million) to Croatian hotel operator Jadranka Hotels.
"The proposed project consists of an equity investment in Jadranka Hotels […] primarily to finance the refurbishment of the group’s existing hotel portfolio through the implementation of a significant capital expenditure programme aimed at improving the standards of existing hotels to international three - four star ranking," the EBRD said in a statement.
The value of the whole project is 75.3 million euro, it added.
The loan is pending final approval by the bank's board on November 20.
Jadranka Hotels, part of holding company Jadranka (www.jadranka.hr), runs 10 hotels and villas on the Adriatic island of Mali Losinj. Apart from Jadranka Hotels, the holding company includes a camp operator, a company providing yachting services and a retail company.
($= 0.7043 euro)
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