June 13 (SeeNews) - Croatian hotel operator Valamar Riviera [ZSE:RIVP] has invested over 4 billion kuna ($636.5 million/541.8 million euro) in its portfolio thus far, including 1.6 billion kuna over the last two years, the company said.
Valamar’s development projects have created new holidaying standards and repositioned the portfolio to target high-end guests, the company said in a statement issued late on Tuesday.
This year saw the completion of the largest investment in Croatian tourism in Rabac with the construction of two resorts worth 635 million kuna in total: Valamar Collection Girandella Resort 4*/5* and TUI Family Life Bellevue Resort 4*.
Valamar noted that it intends to continue with large investments in 2019, with the supervisory board having granted preliminary approval for total investment of 616.5 million kuna.
"In the previous period, Valamar Riviera achieved significant value growth for investors, averaging more than 30% annually, while dividend yield was approximately 2%," said Zeljko Kukurin, CEO of Valamar Riviera.
"Later this year, we will present our development strategy for the period up to 2022 that will enable us to continue developing Valamar and Croatia’s tourism innovatively and responsibly."
Also on Tuesday, Valamar revealed it has launched a new brand strategy that will serve as a framework for future growth and development.
Valamar’s new brand identity features the All you can holiday brand promising to create the perfect holiday for each individual guest, as well as five new product brands that will be used to differentiate Valamar’s portfolio of hotels, resorts and campsites.
Currently, Valamar’s portfolio includes 33 hotels and resorts and 15 camping resorts at six destinations. Over the last three years, Valamar's operating profit and enterprise value grew on average at around 30% annually.
This year the company will employ 6,600 people.
(1 euro=7.38297 kuna)