November 2, 2021 - The new Valamar Stari Grad nature resort will be a fully sustainable resort positioned for family vacations that respects the highest standards of green building.

Hotel company "Helios Faros" d.d. from Stari Grad on the island of Hvar launched a significant investment cycle in its facilities after a 2019 recapitalization by the new owners of "PBZ Croatia osiguranje" to manage mandatory pension funds and "Valamar Riviera" from Poreč, reports Slobodna Dalmacija.

So far, more than HRK 91 million has been invested, which includes the renovation and launch of the first hotel under the new brand "Hvar (Places Hotel) by Valamar" in Stari Grad - Faros (formerly the hotel "Lavender") and landscaping "Arcade Sunny Hotel by Valamar".

A few days ago, the Supervisory Board gave the green light for additional investments of HRK 223.2 million, which is, of course, an excellent reason to talk to Vladimir Bunić, the director of the Stari Grad hotel.

Slobodna Dalmacija asked how tourists reacted to the novelties in their offer, as progress is more than evident.

"'Places Hotel by Valamar' has genuinely become a hotel chosen by guests looking for an easy beach holiday in attractive locations. They especially liked the design of the hotel and the excellent offer of the new restaurant and bar concept, with extended breakfast time and an all-day à la carte offer. In the 2021 season, we welcomed them with renovated accommodation facilities, renovated existing ones, and built a new restaurant with sunbathing areas.

Hotel 'Arkada' became part of the brand 'Sunny by Valamar' and welcomed guests with renovated rooms, restaurants, and exciting children's facilities. This investment will contribute to repositioning the destination according to higher value-added services and further developing tourism in Stari Grad and Hvar."

And what are the effects of those investments?

"Helios Faros" is a listed company, so we will be able to talk about the season's results only after the quarterly financial report is published. Nevertheless, we are satisfied with the high level of guest satisfaction with the new hotel "Hvar Places by Valamar", intended for guests seeking freedom of choice, modern design, and an authentic destination experience with full respect for nature and the environment. One of the most significant features is the offer that gives guests complete freedom to enjoy the restaurant offer in the rhythm that suits them best."

Fantastic pool complex

"It is true; this complex is increasingly becoming the center of daily entertainment with live music and DJs, which continues after sunset. The hotel has 179 rooms that are a blend of Mediterranean tradition and modern design. All are equipped with extremely comfortable beds with top-quality mattresses. They also have a smart TV, super-fast Wi-Fi, air conditioning, and everything that a modern traveler needs to experience a dream vacation. The freedom of cashless payment with a bracelet and contactless check-in also contributes to maximum comfort."

And now an investment of HRK 223.2 million?

"Let's say that the investments are mostly related to constructing the first sustainable eco-resort in the "Valamar" portfolio on our coast, completing investments in "Hvar (Places Hotel) by Valamar", constructing the "Aquamar" pool complex, and arranging the overall tourist zone. "Nature resort" is the new "Valamar" concept of a fully sustainable eco-resort positioned for family vacations. The resort's construction will be achieved by respecting the highest standards of green building, which includes environmentally friendly materials with minimal impact on the environment, the use of renewable energy sources, and a high level of energy efficiency. Furthermore, the "Valamar nature resort" in Stari Grad is the first tourist project to use prefabricated buildings and modular construction designed according to "Valamar" accommodation quality standards."

A concept inspired by nature and sustainable design

"Yes, the architecture of the resort fits into the natural environment of the island in the design of buildings, while the interior design is signed by local designers and artists using local traditions and materials. Furthermore, the felled trees will be used in landscaping, and each felled tree will be replaced with newly planted ones, while digitization will eliminate the use of paper throughout the hotel. In addition, great emphasis will be placed on the offer of local food and produce, so all interested producers and family farms who grow and produce organic indigenous island varieties and ensure they come directly from the field."

When will the construction begin?

"The project will be implemented in two phases during 2022 and 2023, to realize the green initiatives in full potential and realize all aspects of sustainable development of the resort. We also plan to apply for green EU funds, and upon completion, the conditions for issuing green building certificates will be met. Bungalow-settlement "Trim", although it retains its original architectural form, will experience major changes and improvements in the interior design in a new and modern "Valamar" brand focused on guests' comfort."

Helios Faros render

What about the staff?

"Caring for employees, their development and education, as well as the overall working conditions, is key to the long-term success of the company and ensuring a high level of quality and service we provide to our guests. As we have mentioned before, we intend to include as many staff from the local population as possible, in the spirit of the idea of doing business on and with the island."

Very ambitious medium-term development plans

"We intend to put Stari Grad on the map of the most luxurious resorts in Croatia, as evidenced by the "Helios Faros" Business Development Plan, which assumes investments totaling about HRK 800 million in sustainable tourism of high added value. This will positively impact the economic growth of the city and the island and the opportunities for the further career development of our employees. Furthermore, by 2025, the reconstruction and construction of new hotel and resort capacities of 4* and 5* categories with a total of 700 accommodation units are planned, which speaks for itself about employment potentials for the inhabitants of the island of Hvar," concluded Bunić.

You can watch the full video on HRT.

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October the 17th, 2021 - One large and well known company is set to invest a massive 800 million kuna into creating new hotels and summer resorts on one beautiful Dalmatian island.

As Poslovni Dnevnik/Marija Crnjak writes, the Supervisory Board of the hotel company Helios Faros from Stari Grad on the island of Hvar has adopted the proposal of Capital Investments (Capex) for 2022 in the total amount of 223.2 million kuna, the company has reported.

This represents a continuation of investments in the repositioning of the tourist portfolio of this successful Hvar-based hotel company, which was taken over by the pension fund PBZ Croatia osiguranje (insurance) with a 78 percent share, and Valamar Riviera with a 20 percent share at the end of the bankruptcy proceedings which took place back in 2019.

According to Valamar, these investments are mostly related to the construction of Valamar's first sustainable eco-resort, the completion of investments in the Hvar Places hotel by Valamar, the construction of the Aquamar pool complex and the overall arrangement of the tourist zone.

“The nature resort is the new Valamar concept of a fully sustainable eco-resort positioned for family holidays. The construction of the resort will be achieved by respecting the highest standards of green building, which includes environmentally friendly materials with minimal impact on the environment, the use of renewable energy sources and a high level of energy efficiency. The Valamar nature resort on the island of Hvar is the first tourist project that will use prefabricated buildings and modular construction designed according to Valamar's accommodation quality standards,'' the company pointed out when discussing their next moves on this beautiful Dalmatian island which is popular with guests from across the globe.

The concept is inspired by nature and sustainable design, meaning that the future resort’s architecture will blend into this beautiful Dalmatian island’s stunning natural environment in the design of the buildings themselves, while the interior design will be ''signed'' by local designers and artists using local tradition and materials. Felled trees will be used in the landscaping, and each felled tree will be replaced with newly planted ones.

Great emphasis will also be placed on offering local food and groceries produced right there on the island by locals, while digitalisation will eliminate the use of paper throughout the hotel. The project is planned to be carried out in two phases during 2022 and 2023, and in order to realise all green initiatives in their full potential and acheive all aspects of sustainable development of the resort, the plan is to apply for so-called ''green'' EU funds for the project.

During the global coronavirus pandemic which well and truly marked the unprecedented circumstances of 2020, business operations Helios was restarted, and in 2021 the first renovated hotel, the Hvar Places hotel by Valamar, was finally opened.

Helios Faros' business development plan otherwise assumes investments totalling about 800 million kuna in sustainable high value-added tourism that will positively impact the island of Hvar's economic growth, the company said. By the year 2025, the reconstruction and construction of three more hotels and resorts of categories 4 * and 5 * with a total capacity of 700 accommodation units is planned.

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October 15, 2021 - Valamar and PBZ Croatia Osiguranje will continue with significant investments in repositioning the tourist portfolio of Stari Grad on the island of Hvar with the first sustainable eco-resort in Croatia valued at 220 million kuna.

The construction of Valamar's first sustainable eco-resort is only part of the investment that Valamar and PBZ Croatia Osiguranje are planning to manage mandatory pension funds for 2022, reports HRTurizam. 

Namely, the Helios Faros Supervisory Board decided that Valamar and PBZ Croatia Osiguranje will continue with significant investments in repositioning the tourist portfolio in Stari Grad on the island of Hvar to 4* and 5* in the amount of HRK 220 million.

In addition to the already mentioned sustainable eco-resort, it is planned to complete the investment at the Hvar [PLACESHOTEL] by Valamar, the construction of the Aquamar pool complex, and the overall arrangement of the tourist zone.

The eco-resort is Valamar's new concept of a fully sustainable eco-resort positioned for family vacations. The construction of the resort will be achieved by respecting the highest standards of green building, which includes environmentally friendly materials with minimal impact on the environment, the use of renewable energy sources, and a high level of energy efficiency.

Valamar's eco-resort on Hvar is the first tourist project that will use prefabricated buildings and modular construction designed according to Valamar accommodation quality standards.

The concept is inspired by nature and sustainable design, so the resort’s architecture blends into the island’s natural environment in the design of the buildings while the interior design is signed by local designers and artists using local tradition and materials. Felled trees will be used in landscaping, and each felled tree will be replaced with newly planted ones. Great emphasis will also be placed on offering local food and groceries produced on the island, while digitalization will eliminate the use of paper throughout the hotel.

The project is planned to be built in two phases during 2022 and 2023, and to realize all green initiatives in full potential and all aspects of sustainable development of the resort, the project will apply for green EU funds.

Valamar and PBZ Croatia Osiguranje d.d. jointly acquired Helios Faros, a tourist company in Stari Grad on the island of Hvar, through bankruptcy proceedings. During the Covid-marked 2020, business at Helios was restarted, and in 2021 the first renovated hotel Hvar [PLACESHOTEL] by Valamar was opened.

Helios Faros' business development plan assumes investments in the total amount of around HRK 800 million in sustainable high value-added tourism that will have a positive impact on the economic growth of the island. By 2025, the reconstruction and construction of three hotels and resorts of categories 4* and 5* with a total capacity of 700 accommodation units is planned.

For more on travel in Croatia, follow TCN's dedicated page.

Valamar Riviera has announced that it has paid 22.8 million kuna for the recapitalisation of the Helios Faros hotel company in Stari Grad on the island of Hvar. The recapitalisation process will also include PBZ Croatia Osiguranje pension fund, creating conditions for Helios Faros to leave the bankruptcy proceedings, reports Večernji List on May 8, 2019.

“In accordance with the decision to increase the share capital, as part of the approved bankruptcy investment and recapitalisation plan, Valamar Riviera has paid 22.8 million kuna to Helios Faros in order to register 2,280,000 shares. At the same time, PBZ Croatia Osiguranje will register 6,840,000 shares for 68.4 million kuna,” the statement reads.

This will increase Helios Faros’ share capital from 5.36 million kuna to 96.56 million kuna. Following the increase in the share capital, Valamar will own 23.61 per cent of Helios Faros’ shares and PBZ Croatia Osiguranje 70.83 per cent.

“The increase in the share capital will create the prerequisites for Helios Faros to leave the bankruptcy proceedings. Through the partnership between Valamar and PBZ CO, a new phase of tourism development in Stari Grad on Hvar will commence,” Valamar said.

Helios Faros is the most important hotel company in Stari Grad. It has been in the bankruptcy proceedings since 2016. In mid-May 2017, Valamar Riviera and PBZ Croatia Osiguranje submitted a joint bid for the investment and recapitalisation of the company.

In July 2017, the Helios Faros creditors’ assembly accepted the joint offer by Valamar Riviera and PBZ Croatia Osiguranje, and it also adopted a decision on the development of a detailed bankruptcy plan that would allow the company to leave the bankruptcy proceedings and continue its operations.

In early November 2018, the creditors’ assembly accepted the bankruptcy plan based on the joint offer by Valamar and PBZ Croatia Osiguranje. The Commercial Court in Split also issued a first-instance ruling confirming the bankruptcy plan for investing and recapitalising of Helios Faros.

Translated from Večernji List.

More Hvar news can be found in the Lifestyle section.