December the 14th, 2021 - The Valamar scholarship programme for students has been continuing throughout 2021. As the largest individual scholarship holder in Croatia, Valamar Riviera has been offering numerous opportunities for scholarships, internships and first jobs this year as well.

As Poslovni Dnevnik/Marta Duic writes, the giant Croatian hotel company Valamar Riviera is offers students of tourism and hospitality the chance to get into the profession as chefs, waiters, pastry chefs and tourism and hotel commercialism in a scholarship programme worth 2,000 kuna per month during the school year for a period of ten months.

The Valamar scholarship programme is provided to students through a partnership with the Ministry of Tourism and Sport. In Valamar's many hotels, camps and resorts, students have the opportunity to gain work experience, and after completing their education, they are provided with their first work positions.

It's worth noting that Valamar Riviera is one of the leading Croatian tourist companies that manages hotels, resorts and camping resorts in well-known tourist destinations from Istria, the islands of Krk, Rab and Hvar to Makarska and Dubrovnik and Obertauern in Austria.

"Today, Valamar Riviera is the largest individual partner of the Ministry of Tourism and Sport, which we're extremely proud of. By nurturing this form of partnership, we're contributing to the encouragement of young people to enroll in deficient occupations in the hotel industry.

In addition, our scholarship holders have the opportunity to gain their first work experience, practical knowledge and get better acquainted with all of the latest trends in the tourism and hospitality industry in Croatia. This approach connects Valamar as an employer with secondary vocational and hospitality schools throughout Croatia and raises the overall quality of Croatian tourism, as well as the level of competencies and skills of employees in the hospitality and tourism industry,'' they explained from Valamar.

It is the obligation of all scholarship holders to attend classes regularly during their time there, enroll in the school year and graduate as normal. Scholars who come from other destinations are provided with accommodation and meals by Valamar at the expense of the employer when undertaking the Valamar scholarship programme.

For more, make sure to check out our dedicated business section.

December the 5th, 2021 - Valamar's purchase of an Austrian hotel could be fantastic not only for those who are investing in Croatian tourism but also for Croatian staff who want something much more permanent than seasonal work over summer.

As Poslovni Dnevnik/Marija Crnjak writes, a Valamar Austrian hotel, a new one that is, could finally iron out the issues faced by temporary employment and the extremely seasonal nature of the Croatian economy, making things far more stable for Croatian staff who crave a regular income without worries.

Such an exchange, however, can hardly be expected at an institutional, interstate level, either because of legal barriers or the fear of hoteliers that they will lose workers who will simply drop everything without a second thought for a better salary in a ski-oriented, higher paying country.

In such circumstances, it is difficult to expect employers to seek formal education when hiring, which is advocated by professors from the Croatian education system, especially because students are educated according to outdated and inappropriate curricula. That could change once the Regional Centres for Competences in Vocational Education come to life, and the first effects on the labour market should be seen in around 2028. All of this could be heard at a panel discussion held at Zagreb's Faculty of Economics on Thursday.

The discussion on the connection between education and the labour market with as many as 10 panelists was organised by Zabok High School and the Faculty of Economics within the ESF project Zabok Regional Centre.

As many as three large tourist companies operating here in Croatia have facilities in their portfolio at Austrian ski resorts, and they're all fresh acquisitions. The Falkensteiner Group opened the Hotel Kronplatz in South Tyrol last year, this September it was announced that the Arena Hospitality Group is buying the Franz Ferdinand Mountain Resort hotel in Nassfeld. Valamar Riviera is currently buying its second hotel in Obertauern, and the plan is to employ more than 130 Valamar employees from Croatia during the winter at the ski resort.

"At Valamar, the focus is on permanent employment, we also have over 1,000 permanent seasonal workers, and the strategy of the internationalisation of our business in winter destinations has fitted in perfectly with these efforts. This gives Croatian staff the opportunity to continue working in this market, which has higher salaries, after the summer season, as their income in hotels in Obertauern is in line with Austrian law. In addition to the financial opportunity, they get a chance to expand their knowledge and experience, as well as improve their knowledge of the German language, which is important.

At the same time, they're sure that they will be accompanied there by the heads of departments they already know from Croatia, and they're also sure that they will have a job on the Adriatic by the time spring rolls around. This is also our attempt to address the problem of the emigration of Croatian staff abroad in this way,'' said Ines Damjanic Sturman, the director of the Human Resources Department at Valamar.

Although this is being considered, the institution of exchanging employees between countries with higher needs in the summer or winter season will be difficult to implement, said Sonja Holocher-Ertl, the director of Advantage Austria, a branch of the Austrian Chamber of Commerce's foreign trade department. On the Advantage Austria website, about 40 travel companies are currently looking for workers from Croatia.

“Hotel owners in Austria have similar problems when it comes to finding workers as Croats do. The most basic occupations are in demand, waiters, chefs, receptionists, housekeepers, janitors... and most employers are small or medium-sized family businesses, owners of 4 or 5 star facilities. This winter season, a desirable criterion is that workers be fully vaccinated against the novel coronavirus. Exchanging workers is an attractive idea, but it can best be done if someone happens to be the owner of said facility, who then relocates his workers as he wishes.

Without that, the matter can easily become very complicated, either because of legal procedures or because of the fear of employers that workers will simply stay where the conditions are better, in Switzerland, for example, Croatian staff are paid significantly more than they'd ever be in Croatia,'' explained Holocher-Ertl.

When it comes to labor migration, Natasa Kacar, director of the employment agency Gate2Solutions, claims that there are a lot of Croatian citizens who do, despite all, want to return to Croatia eventually.

"A lot of workers who work abroad call us because they're looking for jobs in tourism back home in Croatia, but they want decent wages and off-season work as well, and they want to know what conditions their would-be employers offer, and it's very difficult for us to find employers who can offer them what they need,'' concluded Kacar.

For more, check out our dedicated business section.

December the 5th, 2021 - Sustainable Croatian tourism is a goal that the vast majority of actors in this most important economic branch are busy aiming for as mass tourism continues to bring as many issues as it does kuna into the country. Valamar is making concrete moves in this direction.

As Poslovni Dnevnik writes, following on from the finalisation of the second phase of the capital increase in Imperial Riviera worth a massive 690 million kuna, the Supervisory Boards of the Valamar Group companies approved the transfer of three hotels down in Dubrovnik from Valamar Riviera to Imperial Riviera, a joint venture for Valamar and Allianz ZB for the management of mandatory and voluntary pension funds.

This capital increase and the transfer of the hotel to Imperial aims to accelerate significant investments in the reconstruction and further construction of resorts in the destinations of Dubrovnik, Makarska and Rab, for which Imperial has planned 2.1 billion kuna over a five-year period. Soon enough, the Valamar Group will launch investments totaling 500 million kuna in hotel and tourist facilities and facilities managed by Valamar.

Sustainable Croatian tourism, more precisely ''green'' tourism, and digital transformation, as well as investments in the premium segment, will form the backbone of the development of Valamar's portfolio in the coming period. In order to implement investments and transform their business, the management of the Valamar Group will be reorganised, for which the top management was given a mandate until 2026.

President of the Management Board Zeljko Kukurin and member of the Management Board Marko Cizmek have been reappointed for a new five-year term, while former Vice President Ivana Budin Arhanic has been appointed to the Valamar Riviera Management Board with a focus on further internationalisation, sustainable Croatian tourism and business digitalisation.

Alen Benkovic has been appointed President of the Management Board of Imperial, and is set to become Senior Vice President of the Valamar Investment Group. Davor Brenko has been appointed Senior Vice President of the Valamar Sales and Marketing Group with a focus on product development and increasing direct sales. David Poropat will take over the position of Senior Vice President of Operations with a focus on strategic partnerships and service management.

Sebastian Palma has been appointed to a new term as a member of the Board of Finance for Imperial Riviera and becomes Vice President of the Strategic Controlling Group. Ines Damjanic Sturman has been appointed Vice President for Human Resources Development as a strategic function in Valamar's business, and Tomislav Dumancic is becoming Vice President for Dubrovnik and Dalmatia, where significant investments are planned in the coming period. Vlado Mis, the current President of the Management Board of Imperial Riviera, will become an Advisor to the Management Board and Director of the destination of Rab.

Croatian sustainable tourism is something that will allow the country to escape from the binds of the classic ''three months of sea and sunshine'' that it has been embedded in ever since tourism took off here following independence. Given that this little country has so much to offer and diversity like few others, making this move could place it firmly on the year-round tourism map and allow for a far more stable economy.

For more, check out our dedicated business section.

November the 25th, 2021 - The largest Croatian tourist company, Valamar, has its eye on the purchase of another hotel in a very popular Austrian ski resort.

As Poslovni Dnevnik/Marija Crnjak writes, the Supervisory Board of Valamar Riviera, the largest Croatian tourist company, has approved the recapitalisation of the Austrian subsidiary Valamar A GmbH with the aim of acquiring the Marietta 4 * hotel in Obertauern, which will thus become the second hotel in Austria managed by Valamar.

Over the next two years, further investments are planned in Austria, which include investments in raising the quality of the Marietta Hotel and the Valamar Obertauern Hotel, the company reports.

“Hotel Marietta 4 * with 120 keys is today one of the largest and best hotels in the famous Obertauern ski resort. It provides its guests with a fantastic location on the ski slope near all of the facilities in the destination. With the completion of this transaction, Valamar will operate two hotels in Austria, which will employ more than 130 Valamar employees from the Republic of Croatia during the winter.

For Valamar, this acquisition represents an important step forward in the further internationalisation of our business portfolio with the aim of expanding it and managing hotel and tourist facilities in the best winter holiday destinations across Austria and Italy. The recapitalisation of the Austrian subsidiary of Valamar A GmbH by Gustav Wurmboeck, one of Austria's largest shareholders in Valamar Riviera, aims to accelerate the further expansion of the Valamar Group's portfolio, with the acquisition of the Marietta Hotel being another significant step in that same direction,'' they stated from the very well known company.

Zeljko Kukurin, President of the Management Board of Valamar Riviera, pointed out that the further expansion of the largest Croatian tourist company's portfolio in the direction of winter holiday tourism is an important step forward in the internationalisation of business and the use of Valamar's management synergies.

"Experience so far has shown us that guests who come to us in the summer want to spend their holidays in Valamar's facilities during the winter. In addition, by expanding to winter tourism, we're providing our employees with year-round permanent employment, increased income and the opportunity to gain international experience and develop their careers in the long term here with Valamar,'' concluded Kukurin.

For more, check out our dedicated business section.

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.

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

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.

October 6, 2021 - Makarska's Hotel Dalmacija will be the second hotel to join the new Valamar Places brand. 

The Imperial Riviera d.d. Supervisory Board approved an HRK 67 million investment in repositioning Makarska's Hotel Dalmacija as a Places hotel by Valamar. The investment continues the announced five-year cycle of investments in Croatian tourism worth HRK 1.5 billion, jointly launched by AZ pension funds and "Valamar Riviera."

After the successful privatization of the companies "Imperial" and "Hotel Makarska," and the subsequent merger and increase of capital in "Imperial Riviera," investments in the total amount of HRK 580 million were made, and the hotels "Parentino," "Meteor," "Padova," "Imperial" and Camp Padova were repositioned.

The COVID crisis has temporarily halted and slowed down the investment plan, which is why investments started in 2019 were finalized only in 2021. The approval of the Hotel Dalmacija investment represents a partial restart of the investment cycle. The tourist season has shown the potential for a rapid launch of Croatian tourism and an opportunity for further growth and development of high value-added tourism.

As Slobodna Dalmacija reveals, with the HRK 67 million investment, Hotel Dalmacija will undergo complete reconstruction and refurbishment following the standards of the Valamar Places brand. Recall, the Valamar Places brand is "a new hotel concept for modern travelers seeking freedom of choice and a vibrant Mediterranean holiday by the sea in properties that introduce guests to the destination in a unique way with full respect for nature and the environment."

Hotel Dalmacija will become the second hotel operating under this Valamar brand from next season. 

"After the successful investment in the renovation, modernization, and repositioning of the Valamar hotel "Meteor" in the last two years, totaling HRK 90 million, Imperial Riviera continues to invest in its facilities in Makarska. An additional impetus for the continuation of investment was provided by this year's successful tourist season, which showed the potential for a rapid recovery of Croatian tourism in the still present COVID circumstances.

The investment includes reconstructing the existing facilities and constructing a new swimming pool, with a sun deck and a new pool bar, and reconstructing the 190 accommodation units and all other spaces in a modern lifestyle design. In addition, the existing restaurant, ground floor, and lobby are designed as one unit, thematically separated by zones, and the current wellness facility will be branded in the Places Spa.

The focus will be on the unique atmosphere, ambiance, offer of local food and dishes, with people at its center. The target markets will be the UK, Scandinavia, Germany, Austria, and, of course, the domestic market," said Imperial Riviera, adding that lifestyle hotels today are a particular genre in the hotel industry, based not on the classic features of luxury and high gastronomy but on a specific type of service intended for target consumer groups who value unique experiences with people of similar affinities and affiliations.

"Makarska is a destination that has already successfully positioned itself in the market, so it was chosen as an ideal place to implement this type of hotel. This means contributing to the continuation of diversifying the hotel segment, not only in Makarska but also beyond," concluded Imperial Riviera.

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

September 29, 2021 - Hotel Dalmacija in Makarska will undergo complete reconstruction and refurbishment following the Valamar [PLACES] brand standards.

HRTurizam reports that the Supervisory Board of Imperial Riviera d.d. approved an HRK 67 million investment in repositioning Hotel Dalmacija in Makarska as [PLACESHOTEL] by Valamar.

The investment continues the announced five-year cycle of investments in Croatian tourism worth HRK 1.5 billion, which AZ pension funds and Valamar Riviera jointly launched.

The Covid crisis has temporarily halted and slowed down the investment plan, which is why investments started in 2019 were finalized only in 2021. Still, the approval of investments in the Hotel Dalmacija represents a partial restart of the investment cycle. Namely, the tourist season showed the potential for a rapid launch of Croatian tourism and the opportunity for further growth and development of high value-added tourism, so Imperial Riviera decided to accelerate the investment cycle.

After the successful privatization of Imperial and the Makarska hotel, and the subsequent merger and increase of capital in Imperial Riviera, investments in the total amount of HRK 580 million were made in the past period, and the following hotels were repositioned: Parentino, Meteor, Padova, Imperial, and Padova.

With an investment of HRK 67 million, Hotel Dalmacija will undergo complete reconstruction and refurbishment following the standards of the Valamar [PLACES] brand.

From next season, Hotel Dalmacija in Makarska will become the second hotel to operate under the Valamar [PLACES] brand. The new concept is designed for modern travelers seeking freedom of choice, modern design, and an authentic destination experience with full respect for nature and the environment.

Imperial Riviera has in its portfolio seven hotels, three tourist resorts, and two camps in the leading Croatian destinations island of Rab, Poreč, and Makarska, which makes a total of 3,498 accommodation units and a capacity to accommodate almost 10,000 guests. Valamar Riviera d.d. has been in charge of managing the tourism business of the entire portfolio since 2016.

The new hotel concept is based on getting to know the true local Mediterranean lifestyle of the destination or a focus on authenticity. The brand is intended for guests seeking freedom of choice, modern design, and an authentic destination experience with full respect for nature and the environment. 

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

September the 17th, 2021 - The height of the summer tourist season, which was put in doubt and which returned truly remarkable results despite various predictions, is now behind us. As the post-season approaches and as hopes remain high despite Croatia now being ''red'' on the ECDC corona map and with infection numbers higher, Valamar is already on the lookout for employees for the 2022 Croatian tourist season.

The global coronavirus pandemic made most people worry that we'd see a repeat of the dire summer of 2020 once again this season, especially as the beginning of the year started out so badly, with lockdowns across Europe, high infection rates, travel bans and a poor initial vaccine rollout. We were very pleasantly surprised by what ended up transpiring, with the record, pre-pandemic year of 2019's numbers even being surpassed in several segments. Could Valamar's early search for next year's workers be a sign that 2022 will be the year of total recovery? Maybe. There's a lure for would-be 2022 Croatian tourist season workers from Valamar, too.

As Poslovni Dnevnik writes, the very well known Croatian company Valamar has reported that it will reward all its employees for an extremely demanding season with incentives in the amount of up to 1,600. kuna As such, through special reward programmes for the 2021 tourist season, Valamar paid a total of around 24 million kuna out to its employees, which amounts to 4,100 kuna per employee, according to the company, which has already started recruiting workers for next year.

"In order to keep hold of employees in tourism, the social partners and Valamar have launched a programme for year-round employment until the 2022 Croatian tourist season. In agreement with the unions, an employment programme was launched which would make the 400 most loyal seasonal workers permanent workers for an indefinite period of time during the autumn and ensure a year-round job in tourism,'' they explained from the popular company.

In the coming period, in order to develop high quality tourism, it will be necessary to increase and ensure the year-round income of employees and improve their overall working conditions. Thus, after the official end of this tourist season, Valamar is set to re-launch a series of initiatives from the "Good Job at Valamar/Dobar posao u Valamaru" programme.

For more, make sure to check out our dedicated business section.

August the 2nd, 2021 - The coronavirus pandemic has taken an unimaginable toll on global travel and tourism, and countries which rely very heavily on this economic segment such as Croatia, have taken a heavy blow indeed. That said, things have dramatically improved when compared to 2020, and Valamar Riviera's traffic at the height of the season is more than encouraging.

As Poslovni Dnevnik/Marija Crnjak writes, in the first six months of this year, Valamar Riviera generated an impressive 291 million kuna in total revenues, which more than doubled the revenues they had during the same period in 2020. At the same time, a positive operating profit of 19.6 million kuna was achieved, which is an increase compared to 2020, but it is also 67 million kuna less than in pre-crisis 2019, the company announced recently.

The achieved revenue growth is the result of the easing of travel restrictions, high demand from key markets, good season preparation, the opening of most facilities in June and significant investments in Valamar Riviera's wider portfolio in previous years.

Despite the continued impact of the ongoing coronavirus pandemic, a significant improvement in operating profit compared to 2020 was achieved through the general rationalisation of operations and internal austerity measures, as well as the continued implementation of the "Pause, Restart" programme which was adopted in April 2020. On top of that, the further use of measures the government introduced last year for support for job preservation also plays a role, Valamar explained.

In July 2021, Valamar generated about 90 percent of the board's revenues realised in the same month in 2019, which, together with the semi-annual results, indicates the beginning of recovery for tourism, which hasn't come a moment too late.

"In July, Istria and the northern Adriatic destinations achieved a result similar to that of 2019, while Dubrovnik and the southern destinations are still lagging behind. The trend of bookings for August is improving in southern destinations, and in the north it's almost reached the levels we saw back in 2019. The level of uncertainty for business results in 2021 remains high due to uncertainty about the further development of the pandemic across Europe and the generally low vaccination coverage here in Croatia. We expect that the tourism sector will continue to be affected by the crisis throughout 2021, while a return to regular operations is expected in 2022 and 2023,'' they concluded in their recent announcement.

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