Hoteli Makarska Now in Hands of Valamar and AZ Fund

In addition to the entry of the majority owner, the remaining 15% of state shares will be offset by the former owners of the company.

As Poslovni Dnevnik/Marija Brnić writes on the 4th of April, 2018, the Director of the Centre for Restructuring and Sales (CERP), Milan Plećaš, along with the representatives of Valamar Riviera and their partner, should officially sign a purchase agreement for Hoteli Makarska.

With this privatisation, the first major one of its kind this year, approved by the CERP Board of Directors two months ago, the state will bring in 172.66 million kuna in revenue.

Upon the acquisition of CERP shares, Valamar Riviera has announced that the shares of Hoteli Makarska will be transferred into AZ mandatory pension funds, and this is already part of the purchased package because AZ should hold 30.48 percent of the capital of Hoteli Makarska, while Valamar Riviera will have ownership of a control package.

Hoteli Makarska's portfolio consists of Hotel Meteor with four stars and 277 accommodation units, Dalmacija with three stars and 190 accommodation units, and the Riviera resort, which is of a two star category and boasts 258 accommodation units. This hotel chain is by far the most important in the wider Makarska area, holding a 43 percent share in Makarska's total hotel capacities.

"Hoteli Makarska is a successful company that we'll continue to develop in cooperation with AZ mandatory pension funds in the interests of employees, shareholders, local communities, and all of the other stakeholders in Makarska," stated Ivana Budin Arhanić of Valamar Riviera.

The Poreč hotel company, the strongest in the tourism sector in the Republic of Croatia, which already has thirty hotels and fifteen camps and resorts in its very rich portfolio, has continuously increased its capacities, investments, employment, and subsequently its number of guests, owing to having entered into this acquisition, it has announced significant investments in its capacity development and the strengthening of the destination as one of the leading ones in Dalmatia, also equalling to long-term turnaround, and to guests with more paying power.

According to the company's data, revenues amounted to a massive 1.84 billion kuna last year, receiving more than one million visitors who realised more than 6.2 million overnight stays. Valamar also employs 6600 workers.