Wednesday, 1 February 2023

Fifteen Million Euros Being Poured into Sunce Hotels Investment

February the 1st, 2023 - A very welcome fifteen million euros is set to be poured into a Sunce Hotels investment as part of yet another such cycle. As things begin gearing up for the 2023 summer tourist season, it's a move that can't come too soon.

As Jadranka Dozan/Poslovni Dnevnik writes, Sunce Hotels (Hoteli) has taken yet another step towards the continuation of its investment cycle. At an assembly held recently, the proposal on recapitalisation was confirmed.

Along with the recalculation and adjustment of the share capital as part of the conversion to the euro (by reducing the nominal value of the share from 13.27 euros to 13 euros), the proposal to increase the share capital by slightly less than nine (8.86) million euros, from 92.88 million euros to 101.75 million euros was accepted.

This new increase will be implemented through the issue of new shares, which will be subscribed by the majority owner, the Arab Eagle Hills Real Estate, through its company in the City of Zagreb. Since the registration of new shares is planned at 22 euros per share, which is significantly above the "nominal value", 15 million euros of fresh capital will flow into the company through recapitalisation.

After about 45 million euros were invested last year, this will ensure financing for this year's planned investments. Sunce Hotels investments are already taking on a very firm shape, as the company has already announced the renovation of Hotel Afrodita in Tucepi on the mainland and of Hotel Bonaca in Bol on the island of Brac.

In addition to the above, there are also plans for several smaller operations within the new Sunce Hotels investment cycle to improve the overall offer and raise the quality of services provided in their other facilities. So far, it is not known whether Eagle Hills will also take over the state's stake in Brac Airport.

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

Friday, 25 November 2022

Esplanade Hotel General Manager Ivica Max Krizmanic Wins Award

November the 25th, 2022 - The general manager of Zagreb's well known and very popular Esplanade Hotel, Ivica Max Krizmanic, has won the prestigious World Luxury Hotel Award for 2022.

As Suzana Varosanec/Poslovni Dnevnik writes, the general ,anager of Zagreb's Esplanade Hotel, Ivica, Max Krizmanic, is the winner of the World Luxury Hotel Awards 2022 for the best general manager in all of Southern Europe. This is otherwise a very prestigious award that is traditionally awarded to the absolute best in the demanding hotel industry.

The press release stating that Ivica Max Krizmanic had received this year's prestigious award was signed by Sanda Sokol, the PR & Marketing Manager of the Esplanade Hotel, stating that "this significant international success is the crowning achievement of the impressive career of the general manager of the Esplanade Hotel, Ivica Max Krizmanic and is a great honour for the hotel itself, as well as for the City of Zagreb".

"I can say that I'm surprised, I didn't expect that this great international recognition would go to me. This is a special honour and certainly a motivation to achieve even better results in my future work. I'm glad that I built my career here at the Esplanade Hotel, which is the pride of Croatian tourism. And I'd first of all dedicate this award to my colleagues, who are the main link in the overall work and successful business of the hotel,'' said Krizmanic when receiving the award. It's worth noting that this year, he'll mark around 30 years of work at the Esplanade Hotel and exactly one decade in the position of its general director. The above makes him one of the longest serving directors of the Esplanade Hotel in history.

"The merits for his work have been recognised at the international level, where he has already been awarded for his success in the past. Back in 2018, he received the prestigious international Five Star Diamond Award for excellence in the hotel industry, and in 2021, the Fest - Antonio Conte Charter award, which was awarded to him for his professional excellence, creativity, achieved results, exceptional contribution to the promotion of Croatian tourism and the improvement of tourist cooperation,'' it was stated in the press release.

It's worth noting that Ivica Max Krizmanic also holds many other important positions: he's a member of the Council of the Tourist Board of the City of Zagreb and the Assembly of the Croatian National Tourist Board (HTZ), he's an honorary member of FIJET (Croatian Association of Travel Journalists and Writers in Tourism), a member of SKAL, as well as a member of the international gastronomic society Chaîne des Rôtisseurs and the organising committee of AmCham Talents. On top of that, he also acts as a mentor to future professionals. He is also an Ambassador of Knowledge at the Life Learning Academy and a long-time prominent member of the prestigious European Association of Hotel Managers (EHMA).

Ivica Max Krizmanic grew up in the City of Zagreb, and is a mechanical technician by profession. He was educated at the management schools of the Rezidor hotel group, as well as at Cornell University, Ithaca NY, in the USA. In 2012, he took over the management of the Esplanade Hotel and year after year since, the hotel has recorded constant growth and quite significantly increased revenue.

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

Tuesday, 8 November 2022

Croatian Hotels to Become Practical Classrooms for Students?

November the 8th, 2022 - Croatian hotels could soon become the practical classrooms for students from Austria's private IMC Krems as the need for high quality staff in tourism becomes more pressing.

As Poslovni Dnevnik/Marija Crnjak writes, Croatian hotels could soon become classrooms for the practical parts of classes for students studying tourism and the wine business at the Austrian University of Applied Sciences (IMC), a leading private university with international significance that generates top-class personnel in tourism around the world.

With the growing need for top quality staff in tourism operations and management, it is also expected that the IMC university campus in the Austrian university town of Krems could attract more and more Croatian students. Even though it is a private university, thanks to significant state subsidies, tuition fees for IMC Krems are extremely affordable.

"Our University is the most international in Europe, and since its foundation back in 1994, it has been the first private university for tourism in all of Europe. We're committed to innovation and an international approach, with a special emphasis placed on the practical part of the teaching that our students must do abroad," revealed Karl Ennsfellner, president of the University's board, at a press conference.

IMC Krems was founded back in 1994 as the International Management Centre (IMC) by Dr. Heinz Boyer, who is now chairman of the university's supervisory board and majority owner, while the Austrian city of Krems itself holds a 30 percent stake.

Eight years after its establishment, they received the status of a higher education institution, and since then the university has grown rapidly. IMC Krems currently offers seventeen bachelor's and ten master's programmes, as well as three continued education courses, and about 40 percent of the programmes are taught in English. Programmes in three core areas - business, science and technology, and health - are all offered to full-time students, as well as those who choose to study while working.

Their programmes are closely related to the university's core focuses on business, digitalisation and engineering, health and life sciences, and they generate the most income from biotechnology studies, in which they closely cooperate with leading pharmaceutical companies. IMC Krems has more than 160 partner universities and they have attracted students from 50 different countries.

The practical part of the 22-week course takes place in hotels abroad all over the world, and currently students are very interested in South America," says Bauer-Krösbacher. In addition, classes take place at partner universities in Egypt, Azerbaijan, Uzbekistan, China, Latvia and Vietnam, and Croatian hotels may well be the next practical classroom for students.

For more, make sure to keep up with our dedicated news section.

Tuesday, 1 November 2022

Valamar's Revenue Growth and Good Results Threatened by Inflation

November the 1st, 2022 - The Croatian company Valamar has enjoyed some excellent results and impressive revenue growth, but could all that end up being threatened by inflationary pressures? It seems rising costs are already making a dint.

As Poslovni Dnevnik writes, according to Valamar's business report for the first nine months of 2022, this huge Croatian tourism company achieved results that confirm the recovery of business operations after two years dominated by the public health crisis, and they also indicate the significant impact of the new crisis on business costs.

2.32 billion kuna in operating income was successfully achieved by Valamar, which was an increase of 14% when compared to the pre-pandemic 2019, primarily as a result of an increase in average prices of 19.5%. Operating profit (EBITDA) during the first 9 months of this year reached 943 million kuna, representing growth of 7.7%. The highest growth was achieved by premium hotels and campsites, which confirmed the justification of Valamar's previous investments in tourism with high added value. Northern destinations have also been recording higher demand and faster recovery than southern Croatia has, although hotels down south in Dubrovnik also reached the level of traffic they enjoyed back in 2019 during the main summer season.

Operating costs for the first nine months of 2022 grew by 19% compared to 2019 due to the significant increase in energy costs and the growth of other operating costs under the influence of spiralling and ongoing inflation. Electricity costs increased by a massive 89 million kuna, while other costs increased by a total of 126 million kuna when compared to back in 2019. The biggest impact on the increase in costs has been a staggering three-fold increase in the price of electricity to 230 euros per MWh, due to which, the work of many larger accommodation facilities during the off-season has been shortened.

"With revenue growth of 14% compared to 2019, Valamar Riviera has achieved full recovery from the crisis caused by the coronavirus pandemic. Through the increase in service prices, primarily the price of accommodation in the premium segment, we managed to amortise the enormous increase in energy costs and the increase we've seen with other operating costs.

Ahead of us is a year full of a lot of uncertainty and challenges owing to the energy crisis, inflation, the cost of financing and geopolitical disturbances, but there's also good news such as Croatia's impending entry into both the Eurozone and into Schengen. The country's tourism sector should turn to the preparation of the next tourist season as soon as possible in order to ensure competitive business conditions and sustainable growth of tourism in time,'' said Zeljko Kukurin, President of the Management Board of Valamar Riviera.

Despite the crisis, investments in the amount of 530 million kuna were realised this year within several facilities managed by Valamar. The investment in Valamar Amicor Green Resort in the amount of 220 million kuna has significantly raised the quality of the offer on the Central Dalmatian island of Hvar, and refers to the construction of the first summer resort that follows the highest standards of green construction and sustainability. On the mainland in Makarska, the Dalmacija hotel was completely renovated and became Valamar's second lifestyle hotel under the PLACES brand. The Corinthia Hotel in Baska was renovated according to the standards of the Sunny Plus brand, and back in July, the acquisition of the third hotel in Obertauern was finalised, which will open for the 2022/2023 winter season, welcoming guests as Valamar Collection Kesselspitze Hotel 5*.

Valamar is otherwise the largest employer in Croatian tourism by far, employing 7,700 employees this year alone. In order to improve working conditions and retain local employees, 15 million euros were invested this year in salary increases and numerous reward programmes. By entering the TOP 10 most desirable Croatian employers, Valamar has confirmed its long-standing position as the best employer in the country's tourism sector. Back in June this year, Valamar presented its brand new sustainability strategy and ESG goals which it intends to implement until the year 2025, within which, over the next three years to be precise, it plans to become a carbon-neutral company in the first and second scope and to invest 50 million euros in the further development of its destinations and sustainability projects.

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

Sunday, 9 October 2022

Croatian Hotels Have Best Ratings and Reviews in Entire Mediterranean

October the 9th, 2022 - Croatian hotels have the best reviews and ratings in the entire Mediterranean region, but there is one thing which could use some improvement...

As Poslovni Dnevnik/Marija Crnjak writes, Croatian hotels have the best guest ratings in the Mediterranean, but they haven't valorised them through their prices which remain lower than both in Italy and France, especially in the pre- and post-season.

In other words, claims that Croatia has become too expensive have little to no basis, especially in the five-star hotel segment. Admittedly, the country is still weak when it comes to the world of card payments, as was revealed by the leading analysts who gathered recently at a panel as part of this year's Days of Croatian Tourism event in Sibenik.

According to an analysis by Trust You based on guest ratings on all online platforms, Croatian hotels have higher guest ratings than hotels in France, Italy, Greece and Spain, and this country remains the most competitive in terms of friendly service, as stated by Larisa Dedus, the director of Trust You.

"Croatian hotels lead the way in high ratings when it comes to guest satisfaction. The top four categories that contribute to excellence and are mentioned the most in guest's texts are room categories, hotels in general, location and services. The guests give the highest marks to the friendliness of the staff, which contributes to the guest feeling good in Croatia," sais Dedus.

Sandra Jankovic from the Faculty of Tourism Management pointed out, however, that Croatian hotels didn't fully valorise these good ratings.

"Croatian hotels had the lowest room prices in the entire Mediterranean, and five-star hotels had lower prices than their competitors in both France and Italy, especially in the period before and after the height of the summer season, with room prices of less than 100 euros. However, in 2022, the average price per room increased by 25 percent. Despite higher costs and slightly lower utilisation, this season, five -star hotels managed to pick the cream of the crop, seeing them achieve an increase in gross operating profit,'' pointed out Jankovic.

When it comes to card payments, which is a proven generator of tourist spending, the Republic of Croatia is significantly below its competitors.

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

Thursday, 15 September 2022

Much Anticipated Luxury Split Hotel Ambasador Now Open!

September 15th, 2022 - The much anticipated Split Hotel Ambasador is now officially open! Split's high-class tourism offer has received an extraordinary boost in the form of Hotel Ambasador.

This brand new hotel received its first guests last week and is a true jewel in the crown of the city's hotel offer; the Split Hotel Ambasador was designed from the beginning as a link that connects the urbanity of the large city centre and the untouched beauty of the nearby Dalmatian islands.

Its position in the very heart of the city, on the promenade (Riva) from which you can cast your eyes over the most beautiful panorama of Split, and get a fantastic view of the harbour and the entire Split archipelago, are the reasons why the renovation of the Ambasador - in the first incarnation of the classic modern work from 1937 by the architect Josip Kodl - was from the beginning under the enormous magnifying glass held by the wider public. The ''old'' Split Hotel Ambasador was very much a part of the city's collective memory, and every change to it inevitably aroused considerable interest.

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The new Split Hotel Ambasador will indeed offer more than any hotel in the immediate vicinity: this project by Nora Roja, Nene Kezić and Emil Šverk has been categorised as 5*, with 101 rooms (including three suites) - each of which has an open view of the city or the harbour. It is located in the Zapadna obala part of Split, which connects the famous Riva and Diocletian's Palace on one side, and the ACI marina, the city's most beautiful beaches and heavily forested Marjan hill on the other.

With its luxurious yet comfortable decoration, it invites you to indulge in some relaxation and permeation with the spirit of Split being the heart of the Mediterranean lifestyle.

The interior (designed by Pero Vuković from ARHIV studio) was created with special attention to natural materials. In its key accents, it brings the story of the tradition and exclusivity of the Split Hotel Ambasador. So, for example, all areas in the hotel, from the lobby to the rooms, are decorated with ''typically Split'' historical or recent scenes that were recorded or collected by Split photo chronicler Feđa Klarić.

 

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The reception desk is the handiwork of no less than Slavonian master carpenters, made of black oak, so-called Abonos (bogwood), which comes from the bottom of the Sava river and is 1850 years old. There is also a dedication to the architectural history of the Republic of Croatia in the form of chairs designed by Bernardo Bernardi, along with a number of other details that the trained eye will easily notice. The design of the rooms sees the use of top-quality materials and calming neutral tones combined with the lively scenes outside.

The common areas are oriented conceptually ''outside'', according to what is the greatest asset of the Split Hotel Ambasador - the sea and the city, from which the guests are separated only by a narrow strip of the promenade, and in this way, they communicate with the hustle and bustle of life in the second largest Croatian city, becoming an integral part of the city life.

 

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Within the hotel lies the Méditerranée Restaurant with a total of 210 seats, which, under the leadership of chef Ivica Katić, will offer the best of Mediterranean cuisine - from Lebanon to Gibraltar, with the use of local organic ingredients from local OPGs (family farms) and small producers as a guarantee of top product quality. Right next to it is Bar Split, dominated by an imposing-looking bar which boasts a truly excellent selection of drinks and a comfortable interior that invites you to come on in and socialise. The terrace with the most beautiful view of the city contributes to this already extremely attractive offer, so this bar will surely become a favourite gathering place for many Split locals as well.

 

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The open swimming pool with a view of the City of Split and the harbour and the associated pool bar is another in a series of effective advantages of this particular hotel, and the Split Hotel Ambassador's speciality is the multifunctional conference centre with a capacity of 80 people, which was conceived above all for high-profile business events, while the rooftop bar is designed as an exclusive space for private events intended for a smaller number of people.

The hotel, of course, also offers a whole range of beauty and spa services within the 500-square-metre Hacelia Wellness & Spa, the concept of which was designed by the consulting company Vita Vitalis. It offers guests various face, body and hair treatments and massages, all with the help of exclusive natural cosmetics, and a separate fitness centre with cardio machines ready for use.

Another feature that will make the Ambasador stand out from the current Split hotel offer is the ample garage space, which is a rarity for a hotel in the city centre.

 

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''Given that the construction of the hotel took longer than initially expected, largely slowed down by disruptions on the global market caused by the coronavirus crisis, this large project, worth more than 35 million euros in total, was extremely demanding to finalise,'' they state from the hotel's management, who also thank all participants in this process which led to the opening of the Ambasador hotel this tourist season.

The market position of this truly exceptional hotel doesn't suggest excessive dependence on seasonal trends. The Ambasador was designed and constructed to offer the best of what Split, Dalmatia and Croatia have to offer all year round - relaxed luxury, stunning beauty inside that underlines the opulence boasted outside, gastronomic highlights with the best local ingredients, being classed as a unique destination on the world map, shining the spotlight on Split, and in short, a superior experience of the Mediterranean.

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

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Friday, 2 September 2022

Croatian Pension Funds Give Green Light to Jadran for Brac Hotel Purchase

September the 2nd, 2022 - The extraordinary assembly of the Crikvenica hotel group Jadran, which is backed by the Croatian pension funds PBZ/CO and Erste Plavi, gave the green light to the Management Board for the purchase of the Grand Hotel View in Postira on the island of Brac worth 47.1 million euros, equal to about 355 million kuna.

As Poslovni Dnevnik/Ana Blaskovic writes, back on June the 1st of this year, Jadran took over the management of the controversial Postira hotel, which filled the newspaper columns while it was still under construction due to its size and the fact that it wasn't remotely in keeping with anything near it. It was then announced that by the end of the year, the contracting parties would agree on the terms of further business cooperation.

With the acquisition of a 100 percent share, Jadran now has 19 business entities in its portfolio, all of which are partly owned and partly managed. There are more than 2,000 accommodation units in hotels and resorts and over 1,300 pitches in camps. Although the stock market announcement of the purchase of the controversial Postira hotel aroused public interest, and not in a good way, the aforementioned Croatian pension funds didn't want to reveal the motives for the takeover.

They announced on Wednesday that with the new purchase of the business, they have successfully expanded to the islands of Central Dalmatia in addition to the Crikvenica-Vinodol and Makarska riviera, since five years ago the company was taken over by the Croatian pension funds PBZ Croatia osiguranje/insurance and Erste Plavi, who provided financial support.

"By purchasing Grand Hotel View, we've strengthened our ownership portfolio with another super modern, high-class facility in a beautiful location on the island of Brac, which contributes to a significant increase in our tourist offer and income, as well as our overall business results," said Jadran board member Ivan Safundzic, adding that the acquisition "directly contributes to the realisation of the national tourism development strategy across Croatia by increasing capacities in high-class hotel accommodation units".

Jadran assures that since the opening of the controversial Postira hotel, it has been extremely well occupied, with reservations looking good up until the end of the main season, as well as announcements for the post-season, and "extremely successful business results" are expected. It seems that, however, the Croatian pension funds would have to step in with an additional financial injection to Jadran given that, according to the media, the losses carried forward amount to 233 million kuna, and the group's total liabilities amount to a massive 455 million kuna in total.

The hotel on the site of the former sardine fish processing factory in Postira otherwise boasts 230 rooms and suites, swimming pools, wellness and spa and a congress hall on five above-ground floors with a garage. The main designer was Ivana Uroda with the architectural team of Ana Tomsic, Hrvoje Marinovic and Daniela Vugrinovic. At the end of the tourist season, work should begin on the doing up of the hotel's very own beach, which should, as has announced, increase the value and quality of the hotel's overall offer and be reflected in the development of Postira and the island of Brac as a whole with the creation of new jobs for the local population.

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

Saturday, 27 August 2022

Komiza to Get Brand New 5 Hotel in 52 Million Euro Investment

August the 27th, 2022 - Komiza on the beautiful Dalmatian island of Vis is set to get a brand new five star hotel complex as part of a large 52 million euro investment.

As Poslovni Dnevnik/Marija Crnjak writes, the entry of Marriott's lifestyle brand Autograph into Hotel Bisevo has now been officially signed off. As was announced by the company Modra spilja on the Zagreb Stock Exchange on Thursday, the members of the company's management, following the approval of the general assembly and the supervisory board, have now signed the License Agreement for the Autograph Collection hotel brand, under which the Hotel Bisevo in Komiza on the island of Vis will operate.

As was previously written about, this is part of a huge investment totalling 52 million euros in the construction of a new exclusive hotel in Komiza, in which the company Modra spilja is entering with the majority shareholder, PBZ Croatia osiguranje (insurance) pension funds.

In place of the bulky concrete building of the current two-star Hotel Bisevo, Komiza will be richer for a five-star hotel in the year 2025, which will fully fit into the natural environment provided by Vis, and view of the town, as well as a new promenade by the sea.

The 3LHD architectural studio, the Bruketa&Zinic&Grey agency and the Hotel&Destination Consulting consulting company were all engaged in the realisation of this project alongside the investor.

The Autograph Collection brand otherwise belongs to what is known as the "premium distinctive" group of Marriott hotels, which lies somewhere in the middle between luxury and select hotels, and in terms of content and style, these are unique hotels that emphasise the local culture and history of the locations in which they're constructed, as opposed to dominating the destination and overriding the history of the place.

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

Saturday, 30 July 2022

Croatian Tourism Company Valamar Riviera Publishes 2022 Results So Far

July the 30th, 2022 - The massive Croatian tourism company Valamar Riviera has published the results it has acheived during the first six months of this year, and they're in stark contrast to the situation just one year ago, never mind two.

As Poslovni Dnevnik writes, in the first half of 2022, the Croatian tourism company Valamar Riviera achieved an impressive 2.1 million overnight stays with business revenues of 677.5 million kuna, which is comparable to the volume of business in the first six months of the pre-crisis, record year of 2019.

The growth of business income in the first half of 2022 is mostly the result of the growth of average prices, which are roughly 8 percent higher when compared to how much they were back in 2019. The best results were recorded in the premium segment, especially in the part of campsites and car destinations.

However, increased costs, primarily of electricity, labour and food products had a significant impact on profitability overall. The operating profit for the first six months stands at 58 million kuna less than in 2019, which is entirely the result of increased electricity costs of 37 million kuna and labour costs of 22 million kuna.

With the aim of increasing the attractiveness of key professions in tourism and providing the best working conditions in the sector, the Croatian tourist company Valamar launched the ''First for a reason/Prvi s razlogom'' campaign this year. For this year, a total of 15 million euros have been set aside for salary increases and various reward programmes. This year, Valamar is once again among the TOP 10 most desirable Croatian employers of all, and is still the best employer in the tourism sector.

The investment cycle in hotels, summer resorts and campsites managed by the Croatian tourism company Valamar for 2022 amounted to a massive 530 million kuna. Dalmacija [PLACESHOTEL] by Valamar in Makarska, the newly built Valamar Amicor Green Resort in Stari Grad on the island of Hvar and Corinthia Baska Sunny hotel by Valamar on the island of Krk were all successfully opened. This season's investments include new facilities at Istra Premium Camping Resort and the Lanterna Premium Camping Resort in Porec, as well as the construction of a beach near the Valamar Padova Hotel on the island of Rab. The new Valamar House for housing seasonal employees down in Dubrovnik was also opened.

The Croatian tourism company Valamar has also expanded its portfolio in nearby Austria with the acquisition of the Kesselspitze 5* Hotel, which has become the third hotel under Valamar's management in Obertauern, Austria. As the first Valamar Collection hotel in Austria, it will open in the winter season of 2022/2023.

Valamar Riviera is otherwise the very first tourism company in Croatia to have integrated sustainable development into its business and development management and published a new sustainability strategy and set of ESG goals until the year 2025. The strategy includes 12 key goals in the field of environment (E), society (S) and management (G) that Valamar plans to achieve through 6 strategic initiatives until the aforementioned year.

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

Friday, 1 July 2022

Bluesun Hotel Chain Renovates Around 800 Rooms in 45 Million Euro Investment

July the 1st, 2022 - The well known Croatian Bluesun hotel chain which is based in Dalmatia has invested an enormous 45 million euros back into its impressive capacities, renovating approximately 800 rooms.

As Poslovni Dnevnik writes, summer is here and the height of the tourist season is rapidly approaching. As such, Bluesun Hotels & Resorts, one of the leading hotel chains in all of the Republic of Croatia, has invested more than 45 million euros in the renovation of six properties in its portfolio. The investment resulted in the renovation of almost 800 rooms in the Bluesun Hotel Elaphusa, Bluesun Hotel Borak, Bluesun Holiday Village Bonaca in Bol on the island of Brac, Bluesun Hotel Maestral, Bluesun Hotel Soline in Brela and Residence Kastelet in Tucepi.

The Bluesun hotel chain, with more than sixty hotels under its belt, points out that they managed to make the investment in less than half a year, in very challenging times and a during years marked not only by the coronavirus crisis, but also by rising prices owing to inflation and the ongoing horrendous war in Ukraine which broke out earlier this year following Russian invasion.

They also stated that when revamping the Maestral Hotel in Brela, they paid a lot of attention to the preservation of architecture, to the extent that they worked closely with conservators in order to avoid mismatching with the historical and emblematic typical Dalmatian architecture of the area.

All of the investment work, worth more than 45 million euros, was carried out by local construction companies, the Bluesun hotel chain made sure to note, saying they believed it was important to focus on local talent who best understood the environment in which the works are being carried out. Radnik from Krizevci, Kamgrad and Krekic-Avangard worked on the renovation of six of this company's hotels, while the main designer was the company Stabilnost, who also provided their expert supervision of the projects as they were carried out.

"With this investment, we're paying tribute to the people, the local economy, the community, history and the flawless Adriatic coast. We'd like to say a sincere thank you to the partners and our exceptional team who brought us to where we are today. It's amazing what we've achieved,'' said Mubarak Al-Khalifa, CEO.

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

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