Saturday, 2 July 2022

Valamar Padova: Two Million Euros Invested in Beautiful Rab Beach

July the 2nd, 2022 - A massive two million euros has been invested into a beautiful Rab beach which falls within the scope of one of many large hotel complexes - Valamar Padova.

As Poslovni Dnevnik writes, the brand new sandy Rab beach at the Valamar Padova hotel and the The Beat Beach Club have now been officially opened! The value of Imperial Riviera's investment in this project in which the new Rab beach was revamped stands at more than two million euros.

With this investment, Imperial continues to invest in the development of the destination of the island of Rab as a whole and improve the quality of the tourist offer. The number of guests during the height of the summer tourist season had exceeded the beach capacities of the island of Rab, and especially the properly equipped beaches. Way back in 2012, Imperial Riviera initiated a project for the construction, expansion and improvement of the beaches in the Banjol area, which stretches from the Valamar Padova Hotel to the Padova Premium Camping Resort, according to a statement from the City of Rab's administration.

"Today, Imperial Riviera is the fifth largest tourist company in all of Croatia, and we're aware that in the great competition across the tourist market, we must ensure the continuity of investment in the quality of our facilities and content, including the beaches, which are an integral part of our overall offer. Imperial Riviera's strategic commitment within the Valamar Group is to respect the concept of sustainable development in all business segments, from protecting the natural environment to supporting local culture, lifestyle and relations with the local community. This includes taking care of the arrangement and maintenance of the beaches, which are equally enjoyed by the local population as they are by tourists, and which significantly improve the touristic competitiveness of the destination," said Vlado Mis of Imperial Riviera.

The construction and arrangement of the Rab beach in front of the Valamar Padova hotel enabled the employment of twelve new employees. The project included the filling of about 5,000 square metres of the coastal area, the construction of a breakwater, infrastructural and horticultural landscaping, a new promenade, beach facilities, a sanitary facility and equipping it with the most modern beach equipment, including canopies and sunbeds, as well as several attractions for children. With a capacity for about 700 swimmers, the new sandy Rab beach within the Valamar Padova hotel is currently the most modern and most beautifully decorated beach on the entire island.

The newly renovated beach is otherwise managed by Imperial Riviera as a concessionaire, and in addition to guests of the Valamar Padova hotel, the beach is also open to local residents and other tourists staying on the island of Rab.

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

Friday, 20 September 2019

Imperial Riviera, Valamar and AZ Pension Fund Enter New Investment Cycle

Imperial Riviera will operate in multiple destinations across the Republic of Croatia with the highest level of corporate governance quality as the owner of a significant tourism portfolio.

As Poslovni Dnevnik writes on the 19th of September, 2019, in an invitation to the General Assembly, the management of Imperial Riviera d.d. proposed an increase of the share capital of the Imperial Riviera, worth 426 million kuna, equivalent to about 57 million euros.

Over the last three years, Valamar Riviera and AZ pension fund (Mirovinski fond) have jointly invested over 1 billion kuna in Croatian tourism through the acquisitions of Rab's Imperial and Hotels Makarska and through continued investments in the development of their tourism portfolios. The merger of Hotels Makarska with Imperial at the end of June this year created Imperial Riviera d.d., with the aim of creating a stronger platform for continued investment in the expansion of their tourism business in Croatia and the wider region.

The announced increase of Imperial Riviera's share capital is the beginning of the realisation of a five-year business plan that anticipates 200 million euros worth of new investments in raising the quality of their portfolio and growth through acquisitions and expansion to attractive tourist destinations in Croatia and across the region, making Imperial Riviera one of the five leading tourism companies in all of Croatia.

As stated, Imperial Riviera will operate in multiple destinations with the highest level of corporate governance quality as the owner of a significant tourism portfolio.

"Raising capital and organising a joint venture for the management and investment into property in the region is a logical continuation of the successful cooperation between the leading pension fund and the leading hotel company in Croatia. We believe in the growth potential of Croatian tourism and the long-term sustainability of the hospitality industry which invests in employees, destinations and quality tourism, and I'm convinced that partnering with the AZ pension fund is an ideal model for investing and developing Croatian tourism,'' said Željko Kukurin, CEO of Valamar Riviera.

"Continued investment in this joint project is a follow-up to the investment strategy of the AZ pension fund under which we invest in Croatian tourism, as we believe that such investments are in line with the long-term investment potential of our fund members, for whom such investments represent the possibility of obtaining optimal returns. We consider the model in which we combine the investment potential of AZ pension funds and the experience and success of running Valamar, as a leading Croatian hotel company, as a model that ensures the long-term success of this project,'' said Kristijan Buk, CEO of Allianz ZB, a company which deals with the management of mandatory and voluntary pension funds.

Valamar Riviera is a highly respected, leading Croatian tourist company that manages hotels, resorts and campsites in well-known tourist destinations. Valamar can accommodate approximately 58,000 guests a day in 34 hotels and resorts and in 15 campsites, with the aim of providing the perfect holiday and an authentic experience for each individual guest. Valamar is a leader in innovative resort tourism management and is a destination partner, which through responsible and sustainable tourism business, creates new value for guests, employees, shareholders and the local community alike.

The AZ pension fund is the largest institutional investor in the Republic of Croatia. With total assets under management exceeding a massive 44 billion kuna, the AZ pension fund represent relevant investors in the European context as well. AZ's mandatory pension funds are currently taking care of the retirement savings of over 677,000 Croatian employees, while AZ's voluntary pension funds deal with over 142,000 citizens.

Imperial Riviera has six hotels, three tourist resorts and two campsites in some of the leading Croatian destinations, the island of Rab and Makarska. Valamar has been in charge of managing the tourism business of the entire portfolio since 2016.

Make sure to follow our dedicated business page for much more.