Wednesday, 8 May 2019

New Investments Bringing Better Future to Helios Faros in Stari Grad on Hvar

Valamar Riviera has announced that it has paid 22.8 million kuna for the recapitalisation of the Helios Faros hotel company in Stari Grad on the island of Hvar. The recapitalisation process will also include PBZ Croatia Osiguranje pension fund, creating conditions for Helios Faros to leave the bankruptcy proceedings, reports Večernji List on May 8, 2019.

“In accordance with the decision to increase the share capital, as part of the approved bankruptcy investment and recapitalisation plan, Valamar Riviera has paid 22.8 million kuna to Helios Faros in order to register 2,280,000 shares. At the same time, PBZ Croatia Osiguranje will register 6,840,000 shares for 68.4 million kuna,” the statement reads.

This will increase Helios Faros’ share capital from 5.36 million kuna to 96.56 million kuna. Following the increase in the share capital, Valamar will own 23.61 per cent of Helios Faros’ shares and PBZ Croatia Osiguranje 70.83 per cent.

“The increase in the share capital will create the prerequisites for Helios Faros to leave the bankruptcy proceedings. Through the partnership between Valamar and PBZ CO, a new phase of tourism development in Stari Grad on Hvar will commence,” Valamar said.

Helios Faros is the most important hotel company in Stari Grad. It has been in the bankruptcy proceedings since 2016. In mid-May 2017, Valamar Riviera and PBZ Croatia Osiguranje submitted a joint bid for the investment and recapitalisation of the company.

In July 2017, the Helios Faros creditors’ assembly accepted the joint offer by Valamar Riviera and PBZ Croatia Osiguranje, and it also adopted a decision on the development of a detailed bankruptcy plan that would allow the company to leave the bankruptcy proceedings and continue its operations.

In early November 2018, the creditors’ assembly accepted the bankruptcy plan based on the joint offer by Valamar and PBZ Croatia Osiguranje. The Commercial Court in Split also issued a first-instance ruling confirming the bankruptcy plan for investing and recapitalising of Helios Faros.

Translated from Večernji List.

More Hvar news can be found in the Lifestyle section.

Sunday, 11 November 2018

Valamar One Step Closer to Investing in Stari Grad Hotels on Hvar

November 11. 2018 - The road has been long and complicated, but Valamar seems to be one step closer to its plan of transforming Stari Grad's ailing hotels into a 4-star paradise.

An important milestone for the future of the hotels of Stari Grad on Hvar this week, as the Zagreb Stock Exchange reported on Valamar Hotels announcement that the court has accepted the bankruptcy plan of the Helios hotel group submitted by Valamar and PBZ. Speaking to sources familiar with the discussions, it seems that the high trade court is expected to ratify this decision early next year, after which Valamar can move forward with its plans to completely redevelop Stari Grad's hotels which are located in prime positions in the historic island town. 

If Valamar does succeed with its plans, it will be a major boost for Stari Grad, which is slowly emergy as a high-quality destination with a focus on quality not party. Mayor Antonio Skarpa recently prohibited the opening of any more hostels in Stari Grad, and the Valamar 4-star hotels would be one of three great additions to the town's hospitality scene, should they all come to fruition. 

On the other side of the bay, close to the main ferry terminal, construction on the luxury Olive Bay Resort, a residential complex with two boutique five-star hotels, has already commenced, while the 140 million euro Brizenica Bay resort, complete with the Four Seasons brand, is seemingly making a little progress, with an agreement on the access road finally signed. Should all three projects come to fruition, and with Stari Grad's intention to avoid being branded as a party destination, the future of luxury tourism on Hvar may move more from Hvar Town to central Hvar

For the latest news and features from Stari Grad and the island of Hvar, follow Total Hvar

Wednesday, 31 October 2018

Stari Grad on Hvar to Ban New Hostels Says Mayor Antonio Skarpa

In Stari Grad on the island of Hvar, it will no longer be possible to construct new hostels or turn existing buildings into hostels. The decision was made by a revision of the local spatial plan, making the town one of the first in Croatia to more seriously focus on the issue of tourism management and the development of local accommodation capacities, reports Jutarnji List on October 31, 2018.

Therefore, there will be no new hostels in Stari Grad. Such facilities usually attract guests who stay for a shorter period and spend considerably less money. They will still have available the two existing hostels, with a capacity of around 200 beds. Mayor Antonio Škarpa said that should be more than enough to accommodate hostel guests.

“We were not really sure whether the idea will be accepted, but we have realised that we do not want to have ‘issues’ like our colleagues in Hvar or Novalja have. We want to avoid the development of mass party tourism. Stari Grad is a town with 2,400 years of history and culture, the town centre is under the UNESCO protection, and we have decided to intervene in time in order to turn towards high-quality tourism and cultural tourism,” said Mayor Škarpa.

The decision to ban the construction or renovation of existing properties as hostels was made by the town authorities in Articles 89 and 90 of the amendments to the spatial plan, which state that “within the settlement, hotels, tourist resorts, camps and other tourist facilities can be constructed, with the exception of hostels.”

The decision was made unanimously by the town council following the Urban Planning Committee proposal, and Mayor Škarpa, who became mayor as an independent candidate in June last year, said that the decision was made in view of announced investments in the town.

“French investors will open two five-star hotels in the next two years, and the preparatory works have already begun. We expect the takeover of the Helios Faros hotels by Valamar and the PBZ Croatia Osiguranje Fund to be completed soon. These investments will move us towards the direction of more luxurious tourism, so we have decided to participate more actively in defining what type of guests we want. The existing 200 beds in hostels is quite enough for our destination,” said Škarpa, adding that hostel guests have not yet conquered Stari Grad but they still wanted to act preventively because potential damage to the destination would subsequently be very difficult to mitigate.

The town authorities’ efforts to influence the development of accommodation capacities are currently limited to the hostel sector, but they say they will soon begin to introduce measures to raise the quality of private accommodation facilities. As early as this winter, they will launch courses to increase the quality of accommodation and infrastructure.

“Of course, we also count on measures which the state provides for the categorization of private accommodation, and we as a local community are willing to subsidise the renovation of facades and similar projects. The plan is to help people prepare documentation for registration for the recategorisation projects,” said Škarpa, adding that much is expected from the new director of the local tourist board. The competition for the position will be announced on November 12.

Interested in more stories about Hvar? Click here.

Saturday, 13 October 2018

The Mediterranean as It Once Was: Stari Grad on Hvar in 1960s (VIDEO)

October 13, 2018 - It is one of the oldest towns in Croatia, but how was life in Stari Grad on Hvar 50 years ago?

Saturday, 28 July 2018

Mystery Solved: Meet Hotel Antica, New 4-Star Hotel for Stari Grad, Hvar

July 28, 2018 - As Stari Grad awaits the Four Seasons resort at Brizenica Bay, a new 4-star hotel has opened in close to the former Hvar capital, a building that has been the subject of some speculation over the years. 

Saturday, 10 March 2018

A Hvar Destination on the Rise: Interview with Stari Grad Tourist Board Director Danijela Vlahovic

March 10, 2018 - It celebrates 2400 years of existence recently, making it one of the oldest town in Croatia, and a wave of recent investment is bringing the good times back to Stari Grad on the island of Hvar. An interview with Stari Grad Tourist Board Director, Danijela Vlahovic. 

Tuesday, 20 February 2018

National Geographic Features a Croatian Seaside Paradise Making Delicious Wine for 2400 Years

More great international column inches for the island of Hvar on February 20, 2018, as National Geogrpahic focuses on its ancient heritage.

Thursday, 8 February 2018

Priko 13

Sunday, 4 February 2018


Trg Tv. Petra Hektorovića
21460 Stari Grad


Page 5 of 19