One Croatian company receives the nod of approval and an enviable cash injection from some of Croatia's most prominent business angels who believe in their potential for enormous success.

As Lucija Spiljak/Poslovni Dnevnik writes on the 10th of November, 2018, since the very launch of the game, more than 1,600 copies have been sold, and their income, as they state from this Croatian company, is enough to cover salaries, programs and servers. Given that the game is still at an early stage, they say they didn't actually expect all that much from it initially.

Eleven members of the Croatian Business Angels Network - CRANE, provided the Jastrebarsko gaming studio Hyperion with the largest investment by number of members so far. They decided to invest in the launch of a young, three-member team who independently released a survival computer game called Journey of Life just a few months ago. During that period, the game has earned more than 250,000 kuna in revenue.

The founder of the startup is 22-year-old Adriano Žeželić, Thomas Lesniowski from Germany, and Siddhante Nangla from India, and the project was presented at the CRANE Startup, which held at the Zagreb School of Economics and Management on Wednesday. Investors have estimated the value of this Croatian company to be 500,000 euro, and the business angels who have invested will receive somewhat less than 20 percent of the newly established company, which has its seat in London.

CRANE President Davorin Štetner was first invested in the startup, followed by Hrvoje Prpić, then Aljoša Domijan, Zoran Miliš, Dennis Rukavina, Zvonimir Orešar, Denis Matijević, and Nikola Serdar.

Žeželic contacted President Davorin Štetner on the suggestion of a friend who claimed he left a positive impression on him, and after that, the young author of the game from Jastrebarsko, who is an electrical technician by profession, had the chance to present the project to others.

"I like to see when somebody is able to launch such a demanding thing without getting any help, so I think that now, with the help of the money and the advice from experienced business angels, Adriano will succeed in his ambitious plans," said Štetner.

Hrvoje Prpić, the lead investor, spoke with Roman Ribarić from Croteam on Journey of Life's potential and CRANE's decision to investigate the market before actually investing anything. From the previously released game, Croteam raised as much as 16 million euro, Prpić concluded that Hyperion's Journey of Life study could also bring great success. Prpić said that the long-term investment aim of the business angels is to encourage Hyperion to continue to release games in order to become even more significant.

"As a passionate gamer who has always been in love with computers, I started planning the 2016 project, and I started with its actual realisation in October 2017. That year, I decided to realise my dream and founded the Hyperion Studio and released the game at the beginning of May," Žeželić warmly recalled.

"We got some great support from players around the world that helped us keep the project going. We communicate daily with people who join our group and share new things with them. The support of experienced business people is of great importance and I'm looking forward to working with CRANE because I believe that with some business advice, money, and assistance in other segments, Hyperion Studio can become an international name in the gaming industry,'' stated the Croatian company's young founder.

The game is currently available only for personal computers, but mobile versions are being discussed and planned, and they will hopefully be on the market during the second half of next year.

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Click here for the original article by Lucija Spiljak for Poslovni Dnevnik

Ivica Todorić has returned to Croatia after more than a year in London, having landed on the territory of a country in which he is no longer the owner of the largest regional company. Exactly one year after handing himself in in the British capital, living under the watchful eye of the Metropolitan police and after an agonisingly long court battle, Agrokor's former untouchable main man returned to his homeland utterly powerless. A far cry from the not so distant reality Todorić once enjoyed, having once owned his own private island, Smokvica.

As Jutarnji/Vanja Nezirovic writes on the 9th of November, 2018, unlike back on the 10th of April 2017, when he signed Lex Agrokor, which activated the law to allow the Croatian Government to step in and rescue Agrokor, and unlike in the autumn of the same year when he temporarily "emigrated" to London, Agrokor's largest single owner is now Russia's Sberbank with a 39.2 percent stake. The settlement was a long and painfully complex process, however, in order to execute such a settlement, creditors, primarily financial lenders, had to write off a large part of their claims, around 60 percent.

Namely, the exact amount and percentage of the final write-off of the creditor's claims will be known at the time when Agrokor is sold. To recall, on April the 10th, 2017, Agrokor had 7.7 billion euro in debt, of which about 1.5 billion euro was debt within the group, which means that the debt to third parties actually amounted to about 6.2 billion euro.

If we know that the framework calculations of Agrokor's value are projected at about 2.3 billion euro, this would mean that the creditors, primarily financially (based on this nominal projection), were forced to give up an enormous total of about 4 billion euro. This was the price of the survival of Agrokor, which for now, following these write-offs, has a debt of 1.06 billion euro in so-called roll up loans.

Agrokor's medium and large suppliers have so far averaged 60 percent of their claims for goods and services, were paid 500 million euro in cach for old debts, with 46 percent of them having a return of between 80 and 100 percent. When the rest of the debt is paid out over four years, and when part of Agrokor's property is converted, their return will amount to about 80 percent. The bonds' return rate ranges between 40 percent and 80 percent, while the largest number of domestic and foreign financial institutions and other creditors will have an average return on demand of up to 20 percent.

At the time of signing Lex Agrokor, Todorić's Agrokor Group was blocked in the amount of 3 billion kuna, and it was naturally expected that this dire situation could lead to Croatia into a short-term recession. The possibility of Agrokor's bankcruptcy could have, according to CNB/HNB (Croatian National Bank) projections, lead to several smaller banks entering into a very dangerous situation indeed, yet while the banking system luckily remained stable, the losses bigger banks suffered were felt almost immediately.

Even with the implementation of a specially regulated bankruptcy proceeding through Lex Agrokor, several contract suppliers ended up in bankruptcy or having to undertake pre-bankruptcy proceedings, some stabilised the recapitalisation of third parties, some are still awaiting ownership and business restructuring, but a stronger economic and social shock was thankfully avoided.

Today, Agrokor's debt has been reduced to levels that should be viable, things are generally much more stable and the company is expected to return to normal function in 2019. The results of companies like Jamnica and Ledo, are once again very good, Konzum seems to be more than just recovering, but some other companies from within the large Agrokor umbrella, like Velpro and Konzum BiH (Bosnia and Herzegovina) are still very vulnerable.

It's also clear that agricultural companies such as Vupik will need some more time to recover properly, but the overall picture of the company today is much more healthy than it was a year ago, thanks to the current extraordinary commissioner, Fabris Peruško.

That means that the Croatian economy, a much more than significant part of which is made up by Agrokor, has gone from being under grave threat, to being more stable, more safe, and more competitive.

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Click here for the original article by Vanja Nezirovic for Jutarnji List

One Croatian company which pays its employees wages of over 1,000 euros per month has had an offer to move its business operations to Ireland. The company currently employs 100 people in Croatia and 50 people from outside Croatia.

As Poslovni Dnevnik writes on the 9th of November, 2018, the managing director of the Rijeka-based Alarm automatika company, Boris Popović, warned about the problems of entrepreneurs with employment and the retention of experts in domestic companies from the ICT sector in Osijek last week.

He said that in his Croatian company, which employs engineering teams, he always fears the departure of experts who are getting more profitable business deals. However, as Glas Slavonije reports, tempting offers are not only received by employees, but also by entrepreneurs.

Alarm automatika deals with delivery solutions in multiple segments of technical protection, ie security systems. The company buys hardware from across the world, but develops its software, creates its own brands and eventually puts it all together into a unique solution offered to customers across multiple markets. Approximately one third of the total revenue is realised by the company's export of its products, and the plan, according to Popović, is for export revenue to reach half of the company's entire revenue by 2020.

Popovic spoke in depth on the topic of how the Croatian state can assist exporters in Osijek, including examples from some countries such as Canada, which funds research and development salaries in strategic industries. He also mentioned the fact that both China and South Korea have measures in place to reward their exporters.

"The interests of the state and society are for entrepreneurs to open up new jobs and invest more in development. The state should therefore encourage those who invest and open new jobs. How can it do that? It can do so by covering part of the costs incurred in research and development, and also with tax breaks on that work. We've seen that with the example of Romania, which has deemed their ICT industry a strategic industry, and has reduced the costs to all employees in that sector to as little possible. 300,000 foreign companies are now active in Romania. This country has become the largest centre for the development of the ICT industry and now the average salary in that sector in Romania is two thousand euros,'' Popović pointed out.

''We now have one hundred employees in Croatia, and 50 more outside of Croatia. On average, their salaries are over a thousand euros, of course, depending on the segment in which they work. It would be good if the taxes on these salaries were 20 to 30 percent lower, and that our employees' salaries were higher by that same amount. We're always in fear that the most important people will leave us, as they constantly receive offers from other companies. And not just those, but our company gets offers. We were the guest of the Irish development agency who suggested we move the entire company over to Ireland. For now, we're not going to do it, but if we end up in a situation where we're without people (staff), then what else can we do other than go there with them,'' admitted Popović.

In Croatia, this Croatian company has offices in Zagreb, Rijeka, Split, Zadar, and outside of Croatia it operates in all the countries of the former Yugoslavia, as well as in Romania, Bulgaria, Hungary and Slovakia.

According to Popović, the best operating conditions are in Slovenia, followed by Romania, Bulgaria, and Hungary. In Croatia, the highest taxes are paid on employee salaries.

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The list of charges against Ivica Todorić are as incredible as they are damning, but will this just be another situation without any real end?

As tportal/Zoran Korda writes on the 8th of November, 2018, just ten days after the British decided to finally extradite Ivica Todorić to Croatia to face trial for his alleged crimes within the giant Agrokor Group, he arrived in the Croatian capital of Zagreb.

After spending the night in Remetinec prison following a regular Croatia Airlines flight to Franjo Tudjman Airport from London Heathrow, the former owner of Agrokor should now go before the investigative judge of the Zagreb County Court, faced with allegations of malversations that damaged his former company for a massive 1.6 billion kuna.

Let's take a look back at just what the charges against Ivica Todorić are.

During the first investigation which launched back in October last year, Todorić, along with his sons Ante and Ivan and another dozen former senior Agrokor managers and auditors, are suspected of multiple criminal acts in doing business, including the forgery of documents.

The main point of the investigation was focused on deception involving financial statements over the last ten years. The initial suspicion was based on the results of a PwC audit, which found that by concealing the real costs and debts, and by overestimating the company's gains, Todorić unlawfully paid the dividend.

This came to a total of 720 million kuna, which was apparently paid to Todorić, more specifically his Dutch company Adria Group Holding BV, for quite a number of years.

Todorić is also suspected of misusing Agrokor's money for the launch of an initial public shares offer (IPO), for collecting fresh capital and listing Agrokor on the London Stock Exchange. The audit found that a sum of about two billion kuna intended for this purpose was mostly used to cover his personal expenses.

The former owner of Agrokor is also charged for withdrawing money from Agrokor to finance his personal financial operations. He is therefore suspected of having embezzled around 650 million kuna in complex financial transactions for the purchase of Agrokor's shares by the European Bank for Reconstruction and Development (EBRD).

A loan of 192 million kuna, approved by Agrokor, was used for interest payments for PIK (payment in kind) bonds, issued back in 2014 for Mercator's takeover. Todorić was formally obliged to return this borrowed money from the future dividends of Agrokor. However, the money was never returned, and the loans didn't present themselves in the balance, but were instead classified as cash.

There is also a suspicion of him having organised the undercover financing of the company through a monopoly business in order to attempt to properly conceal the actual debt situation. In this way, the overall figure was falsely cut by as much as 1.5 billion kuna.

A second investigation was launched in December last year, and that relates to illegal loans which the private investment fund Nexus Private Equity gave to Agrokor back in 2016, through the Nexus company.

In the ongoing legal proceedings so far, the prosecution has examined 16 out of 17 witnesses and can't actually get to the last of them all because the individual in question lives in the Netherlands and is a citizen of that country.

Still to come is the very extensive financial and auditing expertise carried out by the KPMG audit firm, which should be completed by the end of the year.

While it has been reported that Todorić is set to remain in custody for now, owing to an apparent ''flight risk'', the belief still remains that Todoric will likely await his actual trial in freedom, as there is no longer any danger of him or others influencing any witnesses.

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Click here for the original article by Zoran Korda for tportal

As Sergej Novosel Vuckovic/Poslovni Dnevnik writes on the 8th of November, 2018, Zagreb has been chosen in a group of 40 cities across Europe as the seat of the new centre for software in 40 cities of Europe, and has also entered the final six along with Sofia, Bucharest, Belgrade, Madrid, and Lisbon.

Croatian IT experts have thus had a brand new and welcome opportunity to stay in their home country created for them.

The Adcubum company from Switzerland came to Zagreb where it has just opened its Software Solutions Development Centre. The investment is worth 12 million euro over a three year period, as was explained by the director of the Croatian branch of the company, Bojan Poljičak.

"This is a Swiss greenfield investment, related to the development of a service centre for software development. These are high value added services, focused on development and exports,'' stated Poljičak, who was also once the director of Adecco Croatia. Adcubum has otherwise been in existence for twenty years, and has been active in Austria and Germany as well as at home in its parent country of Switzerland, specialising in business information technology solutions for insurance companies. There are 350 employees in total, and in Zagreb there are now seven more.

By the end of this year, there will be ten workers, and what is particularly stimulating for domestic experts is the announcement that they plan to employ 40 people each year over the next five years in order to reach a total of 200 employees in Croatia by the end of 2023.

"Profiles that are of interest to us are engineers for software development. We're very satisfied with the level of knowledge and skills of the existing candidates and at the beginning, we encountered a good level of interest. Just like it is in other countries, the main challenge will be to find, attract, and retain a sufficient number of suitable candidates, but we're positive about it and we expect that we'll be able to bring our plans to fruition,'' explained Poljičak. The main product of Adcubum, which will be done in Zagreb, is SYRIUS, a comprehensive software solution developed specifically for the business of an insurer.

"It allows them to deal with almost all of their processes within that solution and to adapt it, on the other hand, to their business specificities through the parametrisation and flexibility of the software solution," said Adcubum's Croatian affiliate director, noting that their goal in the Croatian capital is to increase additional human resources for further SYRIUS development.

"We're planning to form teams that will work on new software products in the application area called ''front end'', but also processing and analytics in the field of big data,'' Poljičak pointed out.

Just how did the Croatian capital manage to bypass the competition and be of such attraction to the Swiss company?

"They considered the prospects for the availability of IT professionals of high professionalism, foreign language knowledge, cultural similarities, and support from state institutions such as the Investment and Competitiveness Agency," Poljičak revealed.

"We want to use a very good ratio of expertise, professionalism, flexibility, and teamwork that candidates and potential employees have here in Croatia. We also want to provide our employees with work experience with colleagues and clients in Switzerland and Germany - as well as transfer part of our knowledge and our ways of working with colleagues in these countries,'' Bojan Poljičak concluded.

Adcubum's Chief Technology Officer Walter Meister and Swiss Ambassador to Croatia Emilia Georgieva were also at the opening of the Zagreb centre, pointing out that the Croatian branch was a result of the company's accelerated development due to an increased demand for services, expressing hope that this investment would strengthen Switzerland's status in the top ten foreign investors in the Republic of Croatia.

According to CNB/HNB (Croatian National Bank) data, direct Swiss investments in Croatia in 2016 amounted to a huge 6.2 million euro. In the first two quarters of this year, about 5.6 million of Swiss capital entered Croatia, and a total of about 42.4 million euro has been invested in the country since as far back as 1993.

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Click here for the original article by Sergej Novosel Vuckovic for Poslovni Dnevnik

Velika Gorica lies just outside of the Croatian capital of Zagreb, and while you might think very little of this town when passing through, which is the only thing most people actually do, things aren't always as they seem, economically speaking, anyway.

While it's true that most people from Velika Gorica earning their money in nearby Zagreb, it would appears that net salaries are, on average, higher than they are in the heart of the capital city.

As Poslovni Dnevnik writes on the 8th of November, 2018, over recent months, Velika Gorica has been mentioned in the media mostly because of the brilliant results of their football team, but after some likely surprising data published by the Financial Agency (FINA) there are more reasons for satisfaction in that otherwise all but entirely overlooked town.

Namely, Velika Gorica comes first in the whole of the Republic of Croatia when it comes to the average salaries of workers and their respective productivity. Net salaries are on average higher than the average salaries in both Zagreb and Rijeka, two large cities, reports RTL.

As previously stated, most people living in Velika Gorica earn their wages in Zagreb, but the close proximity of the country's capital city, the close proximity of Zagreb's Franjo Tudjman International Airport, and the apparently quick administration are some huge advantages for this town, which boasts more than sixty thousand permanent inhabitants. The Lidl chain, which is recording enviable traffic in billions of kuna, also has its headquarters here, and the arrival of the well-respected and very powerful Atlantic Group has also been recently announced.

In addition, as RTL reports, Croatian Post (Hrvatska Pošta) will also have its headquarters and logistics center in Velika Gorica. Croatian Post justified this move with the fact that this location is a strategically important place for the continued development and the improving of shipment processes, as Velika Gorica is very close to the Franjo Tudjman Airport, not far from the Zagreb - Sisak motorway, and the Zagreb - Velika Gorica fast road.

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An economic boost could well be on the cards for Croatian tourism as one of the country's most successful companies within that sector raises employee wages and aims for further expansion for 2019's tourist season.

As Poslovni Dnevnik writes on the 5th of November, 2018, after a successful seaso, one of the most successful tourist companies in Croatia, the Jadranka Group from Lošinj, is investing in the salaries of its employees and is looking for reinforcements for next season.

Jadranka Group's education program includes in-house workshops, theoretical lectures and practical training. Among them, the Gastro Academy stands out, and employees are encouraged to focus on improving the skills needed for high-level service at a five-star level.

With internal education, employees have the opportunity to expand their knowledge and skills and thus attend specialised programs held in external institutions for highly specialised professions such as those in concierge and bartending, to name a couple. Therefore, it comes as no real surprise that in Jadranka hotels, the daughter company of the Jadranka Group, the number of employees has doubled since 2009.

"We believe that salary increases are a logical step in developing the group's business and employee relationships, which are key factors for successful business operations. In the hotel and camping industry, we're constantly increasing from year to year so that along with the improvement of living and working conditions, we give a kind of acknowledgment and gratitude to our employees for our collective success. In addition, this year, we've increased the basic salaries in our commercial sector, for retail, wholesale and food production,'' said Sanjin Šolić, the CEO of the Jadranka Group, who celebrated 30 years of work in Jadranka last year.

When speaking about an economic boost, raising salaries and improving employee conditions come above all else.

Mr. Solić emphasised that one of the group's priorities is to ensure the proper conditions for seasonal employees as soon as possible. With this aim, the raising of the level of the tourist facilities to a four-star level began, in a move which will provide the employees with adequate accommodation and ensure much more enjoyable living conditions during their stay and time spent working there in Lošinj.

Jadranka Group's good attitude towards their seasonal workers speaks volumes in support of the fact that the group is by far one of the most desirable employers on the Croatian coast and islands.

In a further economic boost for the workers and the company, at the end of the season, they offer those workers a type of permanent status, which is a guaranteed job for the next year, as well as all of the rights enjoyed by permanent employees. Jadranka Group employs some 700 permanent employees, while during the tourist season the total number of employees stands at about 1,600, a large number of those employees are deployed in the group's daughters-businesses.

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As Bernard Ivezic/Poslovni Dnevnik writes on the 7th of November, 2018, Visage Technologies is the eighth fastest growing high-tech company in Sweden, but it boasts many Croatian employees, in fact 60 of its 70 workers are based here in Croatia.

According to the co-founder of the aforementioned company and professor Igor S. Pandžić from the Faculty of Electrical Engineering and Computing (FER), in practice, this is how digital transformation really looks. At the Digital Transformation (DTC 2018) conference, which began in Zagreb on Tuesday, Pandžić said he had founded the company in Sweden 16 years ago, because he could not do anything here in Croatia.

While being able to get the project off the ground in Croatia proved difficult, having Croatian employees seems to have aided the company in its success.

"An employee at a public university in Sweden owns the results of his own research, he can publish it and use it. Furthermore, with one document, he can get his research valorised and use that document to immediately set up a company,'' Pandžić stated.

It was easier to set up a company in 2002 and become a shareholder in Linköping, a city 200 kilometres from Stockholm, than it is to do on this very day in Zagreb. Pandžić pointed out that Croatia shouldn't be remotely surprised by the negative place it holds on the various competitiveness charts, the DESI index, the World Economic Forum reports, and other international indicators.

Visage Technologies, a company that continuously searches for developers in Croatia, and boasts a very large number of Croatian employees, otherwise deals with industry-specific computer identification technologies.

As far as global success is concerned, it may be best to point out that when Wired wanted to explain how something worked on the then brand new IPhone X, the first company they got in touch with was Visage Technologies.

The products of the Swedish-Croatian company are used by Fujitsu, Coca-Cola, Canon, BMW, McDonald's, Deutsche Telekom, Philips, Sony PlayStation, Škoda, L'Oreal, Novartis and Ogilvy, as well as famous faculties such as Princeton, University of Tokyo and Fraunhofer, just to name a few. Pandžić emphasised that they only started to grow significantly when Autolivov Veoneer became a client.

"Two years ago, they asked us if we could make up a team of 15 to 20 people who would work just for them, which was a great step forward for us as there were so many of us at that time. But for us, it was a step further in our own transformation, and today it's a part of our business,'' Pandžić added.

Pandžić also stated that the company produces 50 percent of the seatbelt buckles for cars all over the world.

The company is now developing a system where the car recognises the driver, as well as others in the vehicle. In Zagreb, in cooperation with teams from Sweden, the company is developing intelligent vehicle systems that will stop the car should it come into close contact with a human or another vehicle, explained Pandžić.

"It wasn't easy to arrive to this position, where today we've got clients who use our systems with robots, because if you've lived all your life at the academy like us, then you first have to reconcile with having no idea what the market actually looks like, who those customers really are, and which business models really work,'' added Pandžić.

Visage Technologies ''wandered around'' for the first six to seven years until it found a proper product-market fit. The same happened when in 2016 they expanded their business into the car industry. Deloitte announced last year that they grew by a massive 1600 percent to 8.5 million Swedish krona. According to Business Croatia's data, Visage recently increased its revenue from 2.9 million kuna to 9.9 million kuna last year, and enjoyed a net profit of 546.500 kuna.

"We're cooperating with the academy all the time, because this is important for digital transformation. From the very beginning, Visage has been in cooperation with FER through a scientific-research project,'' concluded Igor Pandžić.

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Click here for the original article by Bernard Ivezic for Poslovni Dnevnik

One Croatian company is putting its money where its mouth is and making sure the current staff shortage issue facing many employers across the countery doesn't affect them. The company in question has been offering employees the deeply desired security of a permanent contract, and raising their base wages by as much as 20 percent.

The economic situation in Croatia is an unusual one. On the one hand, it's difficult to find a job, on the other hand, it's difficult for employers to find staff. While in theory the solution is simple, actually combatting and trying to find an effective remedy to such a bizarre situation can be difficult for some, but one Croatian company has quickly realised what needs to be done, and that is to offer the European standard to Croatian workers. They're even planning on expanding their business and recruiting more staff in the future.

As Poslovni Dnevnik writes on the 6th of November, 2018, Croatia's leading combine harvester production plant located in Županja, Slavonia, has managed to successfully tackle and avoid the now all too common problem of finding properly skilled workers and losing existing workers, according to a report from HRT.

The company owners gave their seasonal workers permanent jobs and increased their salaries by as much as 20 percent to make sure they're satisfied with their positions. Almost all of their production is exported, and their combine harvesters are searched for across Europe.

The production of a modern combine harvester takes 1,000 hours of work, and at the Same Deutz-Fahr Žetelice factory, they make up to three per day, as Josip Lenić, the head of manufacturing engineering at the factory, explained to HRT.

While many employers up and down Croatia are becoming increasingly burdened by their workers leaving to find positions elsewhere and abroad, this Slavonian company has avoided this issue. This year, they employed 54 workers permanently, and then raised their salaries.

The Županja-based combine harvester production plant exports its goods to almost all European countries, and, as stated, in the future they're planning on expanding the business and recruiting yet more staff.

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Investment in tourism is a machine boasting many wheels which must keep turning and following world tourism trends on a constant basis.

Stagnation in the tourism sector has been threatening Croatia following a few record tourism years, and while many expected such a drop as more of the country's older tourism rivals recover respectively, just how can Croatian hotels keep their rooms full and their offer hot in the face of strong competition from long-time tourism kings like Spain and nearby Greece?

As Poslovni Dnevnik writes on the 6th of November, 2018, over the now rapidly approaching winter period, the well-respected Adriatic Luxury Hotels hotel group will continue its massive investment cycle and focus on properly restoring and redoing some of their highest category hotels located in one of the country's most popular tourist destinations, southern Dalmatia's Dubrovnik area.

After the luxurious ''doing up'' of two top Dubrovnik hotels, Hotel Kompas (Lapad) and Hotel Excelsior (Sveti Jakov area), Adriatic Luxury Hotels have announced that the same will be done to another of their high-end hotels, Hotel Bellevue, which closed its doors to guests on October the 31st this year, in order to prepare for the huge renovation works of the hotel's accommodation facilities and part of the hotel's interior which are due to begin during the winter.

Adriatic Luxury Hotels will invest more than 400,000 kuna per room in the upcoming complete re-doing of the top hotel's rooms and apartments, representing the first significant investment in Hotel Bellevue since its inauguration over a decade ago, back in 2006.

The Portuguese design studio Tereza Prego is heavily engaged in the project, specialising in the interior design of exclusive hotels and other high-end residences.

As things currently stand, it seems that the redesigned Hotel Bellevue will be ready by the spring of 2019.

Click here to see just how the hotel will look upon opening its doors early next year.

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