Sunday, 5 June 2022

Croatian Valamar Company Purchases Another Austrian Ski Hotel

June the 5th, 2022 - The well known Croatian Valamar company has purchased yet another Austrian hotel in a popular ski resort, as it eyes further expansion and the offer of permanent work contracts for its employees.

As Poslovni Dnevnik/Marija Crnjak writes, the Croatian Valamar company is continuing to expand its portfolio in Obertauern, Austria, by acquiring the luxury Hotel Kesselspitze, which will thus become the third Valamar-run hotel in Obertauern and the first Valamar Collection hotel in Austria. The Hotel Kesselspitze has so far been owned by the Lürzer family, which is recognised as a leader in development and innovation in the entire Obertauern destination.

The internationalisation of the Croatian Valamar company's overall portfolio with a focus being placed on winter destinations in the Alpine region is one of the company's strategic goals from back in 2018 with the opening of the first 4 * hotel, the Valamar Obertauern Hotel. The company's expansion in Austria continued throughout the year 2021 through the acquisition of the Marietta Hotel in Obertauern and the establishment of a new ownership structure within Valamar A GmbH, an SPV company in which Valamar has a minority investor but provides hotel management services to the entire portfolio.

The Hotel Kesselspitze 5 * is otherwise one of the most famous and recognisable hotels in Obertauern, it boasts 66 rooms, a restaurant, an indoor pool and wellness facilities, and enjoys an excellent location with direct access to the nearby ski slopes. The Valamar Collection brand represents the highest level of services and comfort for guests, as well as a range of services that Valamar will offer to guests. As the first Valamar Collection hotel in all of Austria, it will open its doors during the winter season of 2022/2023.

"The internationalisation of business by expanding our portfolio in winter destinations in the Alps is a strategic goal of Valamar. The acquisition of the third hotel in Obertauern represents another important step in the realisation of business synergies, especially the employment of our seasonal employees for the whole year,'' said Zeljko Kukurin, CEO of Valamar Riviera.

The Croatian Valamar company plans to continue investing in the quality of its portfolio in nearby Austria.

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

Friday, 13 May 2022

Croatian Company Valamar Turning to Solar Power for Hotels

May the 13th, 2022 - The Croatian company Valamar, which is huge and very well known in the tourism sector, is turning more and more towards solar power to provide electricity to its hotels by the year 2025.

As Poslovni Dnevnik/Darko Bicak writes, the development of tourism in Croatia must be sustainable and be guided by the principles of the benefit of everyone and the environment, not pure profitability. This and more could be heard at the presentation of the cooperation between the Croatian company Valamar and E.ON recently in Porec.

It was emphasised that energy efficiency and renewable energy sources are one of the most important focuses of this principle.

SaIvana Budin Arhanic, a member of Valamar's Management Board, explained that they have been investing in renewable energy sources for years now, and currently they produce about about six percent of their own electricity. Over the past four years, Valamar has invested a total of 400 million kuna in energy efficiency projects.

"The amount of total electricity produced from RES corresponds to consumption on the island of Sv. Nikola in Porec and the tourist resources located here are completely covered from that source. However, the Croatian company Valamar, as a corporation, exclusively buys green energy, which in turn allows us to maintain the highest environmental EU standards,'' said Budin Arhanic. Alen Benkovic, Valamar's senior vice president for technology, pointed out that the 2nd and 3rd phases of the RES development project in Valamar are already being prepared.

"The plan is that by the year 2025, 20 percent of our consumption will come from our own sources. It's clear that there are many administrative and technical obstacles, but the goal is ambitious and we really do hope we manage to achieve it. It's more and more about respecting the environment and about ecology, but also security of supply and the price itself,'' said Benkovic.

Vedran Belamaric, Director of Energy Solutions at E.ON Croatia, pointed out that the project with the large Croatian company Valamar launched 2.5 years ago was very logistically demanding.

"This is a very innovative business model that includes a kind of ESCO, or BOT (Build Operate Transfer) model, so that at first the power plant is ours, until the sale of energy pays off, and then becomes the property of Valamar. It's a technically very demanding project that includes 26 locations with 68 facilities, installed capacities of 3.5 MW, which means about 5 GWh of electricity produced per year,'' explained Belamaric.

He added that they have significant problems, both in Istria and in the rest of Croatia, with bureaucracy and there are a number of solar power plants that have been built, but due to "paperwork" still can not be put into operation. Some of them have been waiting to be put into full function for more than a year now. The situation is almost the same with investments made by companies as with power plants installed by people themselves.

E.ON has implemented or is implementing about 50 projects across the Republic of Croatia for business users with a total installed capacity of 40 MW solar power plants, and they also have a large number of households in their impressive portfolio. Andreas Rorig, President of the Management Board of E.ON Croatia, pointed out at the aforementioned recent event in Porec that solar energy has the most significant growth potential in the coming years in Croatia.

"Istria and Dalmatia have 40 percent more insolation compared to, for example, Munich, creating the same percentage of earlier return on investment. By installing home solar power plants, we've helped our customers achieve energy efficiency and independence, and we're continuing to develop smart and diverse energy solutions tailored to the needs of modern households. Together with our business customers such as Valamar Riviera, Pliva, Zito Group, Bauhaus, Gavrilovic, Atlantic and other industry leaders and sustainability leaders, we're working hard in order to realise the solar potential of the Croatian market and shape that market together.

Throughout 2022, we're going to invest at least 12.5 million euros through BOT models with energy purchase agreements (PPAs) with our customers. In addition, we expect more than 25 million euros to invest in other solar projects that we're currently working on,'' concluded Rorig.

For more, check out our business section.

Monday, 28 February 2022

From Bol to Makarska: 16th WTA Makarska Open Hosted by Valamar Announced!

February 28, 2022 - After 15 successful years in Bol, the popular WTA tournament will move to Makarska for the first-ever Makarska Open hosted by Valamar!

After 15 successful years in Bol, the time has come for a new destination, say the organizers of the WTA tournament. Its 16th edition will be held from May 30 to June 5 in Makarska! 


The magnificent sea view, great atmosphere, and excellent organization are again the strongest assets of the famous sporting event, which features the best-ranked female tennis players from Sweden, the Netherlands, Belgium, Slovakia, Montenegro, Italy, China, Luxembourg, Serbia, Slovenia, and Croatia - and all the winners regularly return! 

"First of all, I would like to thank Bol, its residents, and all partners on Brač for the exceptional cooperation over the past six years of leading this tournament. They were great hosts; we breathed as one and lived for this event. But the time has come for new energy and a new place. The city of Makarska, with a long sports tradition, and Valamar Riviera as a leading tourist group are the right partners for the growth and future of our event. I am convinced that this year we will bring the best of women's tennis and create a real sports spectacle in the pre-season," said Felix Lukas, director of the WTA tournament, which this year has a new name - WTA Makarska Open hosted by Valamar.


WTA leader Steve Simon says Croatia has always supported women’s tennis and the WTA tournament.

"Croatia is a country with exceptional success and history in organizing top tournaments dating back to 1991. We are looking forward to the Makarska Open continuing our WTA story on the beautiful Croatian coast," says Simon.


Global promotion of Makarska

"We are on a good path to turn Makarska into one of the better destinations in Europe. From the first day, our goal is to bring globally recognizable events such as the WTA tournament to our city below Biokovo. I am extremely proud that we managed to bring such a prestigious tournament to Makarska and the cooperation of the City, WTA, and Valamar, which proved to be an outstanding partner to the local community. The WTA tournament in Makarska is the first and significant step in realizing our vision of Makarska as a desirable tourist and sports destination. I am sure that the tournament will help us get on the map of destinations that offer tourists new experiences and interesting content," says Zoran Paunović, the mayor of Makarska.

Makarska locals are looking forward to promoting their city, the arrival of top tennis players, and exciting matches, and they hope that they will be great hosts like Bol.

Split-Dalmatia County could not hide their satisfaction that this tournament is still being organized in the region. 

"This is a significant international sports event that promotes our county, the whole of Dalmatia and Croatia. Thanks to its extremely positive atmosphere, this tournament is recognized, and I am convinced that it will be the same in Makarska, another beautiful Dalmatian destination. From the beginning, Split-Dalmatia County has supported the WTA tournament, which sends a picture of optimism to the world, and we all need that in these challenging times," said Blaženko Boban, County Prefect of Split-Dalmatia County.


Valamar is investing in the renovation of the Tennis Center.

"The development of the destinations in which we operate is part of Valamar's strategy of socially responsible business. Therefore, we are looking forward to this new partnership and that we will be the general sponsors of the WTA Makarska Open tennis tournament, which we will be proud to host for at least three years, for which we have signed a contract so far. By sponsoring this tournament, which includes an investment in the renovation of the Makarska Tennis Center, which will be the venue of the tournament, but also the reconstruction of the Dalmacija Places Hotel, which will be officially opened during the tournament, we prove how much Valamar Group believes in Makarska as a destination and its tourism development," said Alen Benković, Senior Vice President for Development, Property Maintenance and Technical Services at Valamar Riviera and President of the Management Board of Imperial Riviera.

To read more about sport in Croatia, follow TCN’s dedicated page

Sunday, 27 February 2022

Valamar Riviera's Good Results Still Not Enough to Balance Pandemic Damage

February the 27th, 2022 - The global coronavirus pandemic which struck the leisure and tourism industry hard back in 2020 and 2021 is far from a distant memory for those working in the sector despite the much more favourable epidemiological situation now. Valamar Riviera, a very well known and wildly successful Croatian hotel company, still hasn't managed to make up for the damage the pandemic caused to its business operations despite an excellent result for tourism in 2021.

As Poslovni Dnevnik/Marija Crnjak writes, back in 2021, Croatia's Valamar Riviera generated operating revenues of an impressive 1.6 billion kuna, or 74 percent of what it made back in the pre-pandemic, record year of 2019, while its operating profit (EBITDA) reached the level of 84 percent of pre-crisis 2019.

In addition, in the third quarter of 2021, Valamar Riviera recorded the normalisation of its business operations in almost all of the destinations in which it operates up and down the country, achieving excellent results in Northern Adriatic destinations, on its campsites and in the premium segment. However, down south in Dubrovnik and in the 2 * and 3 * facilities, no significant business recovery was achieved, the company has since reported.

On top of all that, although the business results in 2021 were very positive, the realised losses from the coronavirus crisis period during the pandemic has largely not been covered by the company's recovery so far. Uncertainty in the wider environment will continue to affect tourism business and the economy in the near future, and the normalisation of tourism and its related business is expected during 2022 and 2023.

As it is known, back in 2021, Valamar Riviera started a new phase of growth by expanding its cooperation with investment partners across Croatia and the further internationalisation of its impressive portfolio in Austria, by buying its second hotel in Obertauern.

During the coronavirus pandemic, Valamar continued to develop its products, services and tourism portfolio with a two-year investment cycle spanning 2019/2021 in the amount of almost 870 million kuna. At the end of 2021, a new investment cycle in the amount of 525 million kuna was launched in facilities managed by Valamar with the aim of further developing the quality of its portfolio, resorts and camps, developing green tourism and digitalising its business processes.

Work is also currently underway on the investments of the Dalmatia Hotel [PLACES] by Valamar in Makarska, which is planned to open in May this year, as well as on the first fully sustainable eco-resort for family holidays, Valamar Amicor Green Resort on the central Dalmatian island of Hvar.

For more, check out our business section.

Tuesday, 15 February 2022

Valamar Salaries Closer to Leading European Destinations, Some Increasing by 14%

February 15, 2022 - Valamar salaries this year will be closer to wages in leading European destinations, with some increasing by 14 percent.

This year, in agreement with the social partners, Valamar is raising salaries for professional occupations in hotels, camps, and resorts to bring income in Croatia closer to the income level in leading European destinations, the company said in a statement on Jutarnji List.

In addition to salary increases, several initiatives have been launched to improve working conditions in tourism to adapt Valamar's business to new trends and needs.

Salaries for professions, including chefs, waiters, specialist housekeepers, and receptionists at Valamar, are rising by an average of 14 percent, and their income this season will amount to 1,000 to 1,600 euros net per month. Furthermore, the Valamar guarantee, a guarantee of minimum net income for maids, assistant chefs, assistant waiters, kitchen workers, waiters, and many others, will be increased to a monthly amount of 750 to 1,100 euros net. In addition to raising basic salaries, it continues with the programs of rewarding excellence. Last year, employees were paid awards under the program "13th and 14th salaries" of up to HRK 11,300 net, depending on how long and successfully they worked.

Additional programs have been created for this season, aiming to improve employee satisfaction and attitude towards work. The "Flexi job" program provides employees in hotels, camps, and resorts with two days off a week, allows them to work in one shift, and adjust work obligations to the needs of employees, all to better balance private and business life. In addition to quality accommodation and food for all employees who come to work from other parts of Croatia, the "Living Destination" program offers employees discounts at more than three hundred outlets. In addition, they can use destination entertainment such as excursions or sports activities to get to know the destination and spend quality and fun time outside of working hours.

"We are glad that our social partners have strongly supported Valamar's significant steps in terms of increasing salaries and further improving the working conditions of employees. All of us aim to retain employees in tourism through quality and long-term work and ensure incomes that are close to those in leading European destinations," said Ines Damjanić Šturman, Vice President of Human Resources at Valamar Riviera.

Valamar operates in eight destinations in Croatia from Istria to Dubrovnik and employs more than 7,000 people. This year, to ensure quality and long-term work in tourism, they will continue to increase the number of employees who will have year-round work and income. At the end of the tourist season, Valamar plans to offer an additional 400 indefinitely and 1,000 contracts for permanent seasons. Also, due to the expansion of business to winter destinations, employees will be provided jobs in hotels at ski resorts in Austria during the winter.

Eduard Andrić, President of the Trade Union of Tourism and Services of Croatia, stated that the Trade Union of Tourism and Services of Croatia initiates and supports all Valamar activities aimed at improving the material status of all workers by increasing wages and thus job security of domicile and seasonal workers.

Valamar will continue with the award programs this year, including new members of the Valamar team who will join the company. Vacancies are already open, and anyone interested in working at Valamar can apply via the link.

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

Wednesday, 22 December 2021

Valamar and E.ON Launch Largest Solar Power Plant Project in Croatia

December 22, 2022 - The most ambitious solar power plant project in Croatia has been launched, implemented by Valamar and E.ON Solar, which operate within the E.ON Croatia Group.

The cooperation between E.ON and Valamar included the installation of solar power plants at 26 Valamar hotels and camps along the Adriatic coast, which covers 5 percent of Valamar's total electricity needs, reports HRTurizam.

Cooperation with Valamar is the first and largest project in Croatia under the ESCO financing model in which power plants are owned by E.ON's company Solnet, and all energy produced is intended for Valamar for its own consumption.

For many years now, Valamar has been investing significant funds in energy efficiency and renewable energy projects, which we will continue to work on intensively in the coming period, said Flavio Gregorović, director of the technical department at Valamar Riviera, adding that the move would increase their competitiveness and provide them with a new renewable source of electricity.

“The amount of electricity produced in the installed solar power plants is sufficient for the entire needs of one of our most successful resorts, Valamar Isabella Island Resort on the island of Sveti Nikola in Porec.

With this initiative, we are sending our guests an additional message about the importance we attach to sustainable development and socially responsible business, in which Valamar has invested more than 400 million kuna in the past five years," concludes Gregorović.

E.ON hired more than 60 experts of various profiles on the project, who realized the services of designing, installing, commissioning, and financing the project, which represents a significant step towards green and sustainable tourism. The use of renewable energy sources also contributes to the EU Green Plan for environmental protection and reduction of carbon dioxide emissions, in which E.ON and Valamar are examples of good practice.

"This collaboration took place in unstable pandemic conditions, but we nevertheless showed that a strong partnership of two leading companies, each in its field, can bring added value both for our business and for guests who are increasingly aware of sustainable and green tourism.

Croatia has a significant solar energy potential which, if used properly, contributes to reducing operating costs, increasing profitability, and minimizing market risks of rising electricity prices. We are glad that Valamar recognized us as a reliable and professional partner and showed us the confidence to use the sun's energy for their benefit, but also for the benefit of Croatian sustainable tourism," said Vedran Belamarić, Director of E.ON Solara.

To read more about lifestyle in Croatia, follow TCN's dedicated page.

Tuesday, 14 December 2021

Valamar Scholarship Programme Attracts 200 Registrations in 2021

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.

Sunday, 5 December 2021

Croatian Staff Could Benefit Greatly From Valamar Austrian Hotel Purchase

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.

Sunday, 5 December 2021

Sustainable Croatian Tourism: Valamar Announces New Investment Cycle

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.

Thursday, 25 November 2021

Largest Croatian Tourist Company Purchasing Hotel in Austrian Ski Resort

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.

Page 1 of 9