Another good investment year expected.
The Supervisory Board of Valamar Riviera has approved the investment plan for 2018 in the amount of 633 million kuna, while the Supervisory Board of Imperial approved investments worth additional 72 million kuna, totalling altogether 705 million kuna, announced the Valamar Group on Friday, reports Poslovni.hr on December 1, 2017.
In 2018, the company will complete the Valamar Girandella Resort project, which will include the first Croatian 5-star Kinderhotel, while investments in camps in Istria and on the island of Krk will continue an intensive investment strategy in the premium camping segment, according to Valamar's statement.
In Dubrovnik, the company’s focus will be on the repositioning of the Valamar Argosy Hotel towards guests with more disposable income. On the island of Rab, investments totalling 72 million kunas and the reconstruction of the Imperial Hotel will launch a new development cycle.
The Valamar's statement says that the investment cycle of 705 million kuna in 2018 is a continuation of the strategy of significant investments of Valamar Riviera and the repositioning of the group’s portfolios towards higher-quality tourism. Since increasing the quality also requires a change in the employment structure, the group plans to open about 600 new jobs. Valamar this year employed 420 new permanent employees, opening new jobs in all industry segments, with the average salary in Valamar being 20 percent higher than the industry average.
The statement added that, after more than four billion kuna of realised investments over the past period, Valamar Rivera continued to invest heavily as part of the investment cycle worth two billion kuna by 2020. This year, Valamar's total investments of 906 million kuna represented the largest annual investment cycle in Croatian tourism and opened up a thousand new jobs in the whole sector.
“In 2018, we will continue to invest in Croatian tourism with the ambition to achieve further double-digit growth. I am convinced that, with the support of our investors, partners and the local communities, we can achieve our goals and simultaneously take care of the interests of our shareholders and other stakeholders,” said in a statement CEO of Valamar Riviera Željko Kukurin.
Valamar first announced investments for 2018 in late June. At the time, the company reported that its supervisory board had approved total investments for 2018 in the amount of 704 million kuna. However, in early September, the company announced that it would delay the investment in the Valamar Pinia Family Suites planned for 2018, “due to uncertain fiscal policies for investing in tourism and challenges in preparing the necessary technical documentation.”
Translated from Poslovni.hr
