March 29 (SeeNews) - Dubai-based fund Arqaam Capital said on Tuesday it has entered into a partnership with hospitality company Four Seasons Hotels and Resorts to manage and operate Arqaam's luxury mixed use resort currently being developed on the island of Hvar in Croatia.
Four Seasons Resort Hvar, Croatia is expected to open in 2019, Arqaam Capital said in a statement.
Located on a prime waterfront site at Brizenica Bay along the Dalmatian coast, Arqaam's luxury development will feature a 120-room Four Seasons hotel and a luxury residential community including 60 Four Seasons Private Residences ranging in size from one and two bedroom residences to three to five bedroom villas, the company noted.
"We are creating a natural retreat within a stunning, secluded enclave in one of the Dalmatian Coast's most beautiful and private bays. Four Seasons was the natural choice for us as they share our commitment to elegance, unrivaled service, and luxury," Riad Meliti, chief executive officer of Arqaam Capital, was quoted as saying in the press release.
Four Seasons Hotels and Resorts decided to make its entry into Croatia due to Arqaam's extensive experience and the Adriatic countries appeal, J. Allen Smith, the hospitality company's president and CEO said. "Croatia is one of Europe's fastest growing tourism markets and a highly sought-after leisure destination for discerning global travelers".
The resort will have its own private bay; multiple swimming pools and private infinity pools; a state-of-the-art spa and fitness centre; a selection of restaurants, cafes, bars and retail boutiques; and conference and banqueting facilities.
In March last year, the European Investment Bank (EIB) said it is considering lending 40 million euro ($44.8 million) to Arqaam Capital to support its resort project in Croatia. The total cost of the project is seen at 84 million euro, the EIB said at the time.
Arqaam Capital specializes in emerging markets.
Croatia's tourism and travel industry contributed directly 12.5% of the country's gross domestic product in 2014, according to data of the World Travel&Tourism Council.
($=0.8922 euro)