ZAGREB, 29 April (2022) - The Valamar Riviera hotel company generated HRK 59.5 million in operating revenues in Q1 2022, up 97% year-on-year, with an increase of 147,000 in overnight stays, or 192%, the company said in a financial statement on Friday, announcing a return to the occupancy rate from 2019 this year.

Total revenues reached HRK 74.8 million, up 119% on the year.

"In Q1 2022, Valamar Riviera achieved results comparable to 2019, continuing the positive trend of tourism recovering to the pre-pandemic level," Croatia's largest tourist company said.

In that period, total expenditures reached nearly HRK 314 million, so the group ended Q1 with a loss of HRK 199.85 million.

Investments for the 2022 season in hotels, summer resorts and camps amount to about HRK 530 million and are an important driver of growth and positive expectations, the company said.

Among the largest investment projects is the investment by Imperial Riviera of HRK 67 million in the repositioning of the Dalmacija hotel in Makarska, whose opening is planned for mid-May.

The investments of Helios Faros are worth HRK 220 million and are related to the construction of the Valamar Amicor Green Resort and Aquamar pool complex on the island of Hvar.

Other investments for this season include the renovation of the hotel Corinthia in Baška on the island of Krk in the Valamar brand Sunny Plus, improving service quality at the Valamar Bellevue Hotel in Rabac, the construction of Padova beach on the island of Rab, and the continuation of investments in the camps Istra Premium Camping Resort and Lanterna Premium Camping Resort.

In Dubrovnik, a new Valamar House has opened for the accommodation of seasonal workers, the fifth in Valamar destinations.

"The results achieved in the first quarter and booking trends are encouraging and announce a high demand for Croatia in this tourist season and a return to the levels of occupancy from 2019. Due to a significant rise in energy, labour and procurement prices, there is a risk of inflation, which contributes to uncertainty and difficult business conditions, especially jeopardising the future development and investments that Croatian tourism really needs," said Željko Kukurin, President of the Management Board of Valamar Riviera.

(€1 = HRK 7.5)

For more, check out our business section.

A 178 million kuna investment is on the cards for one leading company.

Croatia's popular Valamar has expanded beyond the country's borders in buying a hotel in Austria.

The internationalisation of Valamar's business takes its first step in Austria.

This year, Valamar has opened up to 600 new jobs and will employ about 6,600 employees from Istria and Kvarner all the way down to Dubrovnik.

Valamar's big heart will beat for the kids once again this year.

A record number of arrivals and overnight stays confirm that this year, tourism is the most profitable part of the fragile Croatian economy. Although private accommodations still dominate the tourist offer, hotels best foster the tourist potential of the Adriatic coast.

18 Valamar facilities are the proud holders of Certificates of Excellence owing to the impartial and honest choice of users of TripAdvisor, otherwise the world's largest travel portal.

The internationally recognised flag will fly on Valamar Dubrovnik President's beach once again this year.

Valamar Riviera announced the opening of two new luxury resorts in Rabac in time for the summer season