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.

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