Valamar held investors day yesterday where it presented 2018 major events, 2019 investments in repositioned and now opened hotel and resorts and camping resorts, and announced HRK 599m of investments for 2020
Valamar today held Investors Day in Poreč where it presented business year 2018 and major events that have marked it. In 2019 Valamar has continued to invest in the repositioning of the portfolio towards products and services with higher added value. Total investments have amounted to HRK 793m, while most of it is pertaining to Istra Premium Camping Resort and Valamar Collection Marea Suites, both premium capacities. Management sees that the demand for premium and upscale capacities on Mediterranean exists and that it will continue growing in the following period. The business environment is marked by favourable interest rates which are supportive for the investment cycle.
In this year Valamar was able to successfully finalize on time all its investments that were opening in 2019 despite the challenging environment in the construction sector in Croatia. Valamar was also successful in attaining a work-force for 2019 season which was not an easy task considering tight labour market conditions in Croatian hospitality sector. So, despite this major trend Valamar remained the most desirable employer in tourism in Croatia and it has more than 7,000 employees during high-season.
Valamar has also received a general prior approval from Supervisory Board for investments for the year 2020 amounting to HRK 599m. Investments include the beginning of the construction of a 5-star Pinea Valamar Collection Resort, the investment in Zagreb hotel in Poreč, the continuation of the investment in Istra Premium Camping Resort in Funtana and other smaller investment projects for guests and seasonal employees. Spending will also include continuation of investments in energy efficiency and digitalization projects. The final decision on 2020 investments will be rendered within this year.
At the same time, the Supervisory Board has approved investments of a total value of HRK 790m in a 5-star Pinea Valamar Collection Resort that will be located in the current Pical zone in Poreč. It should be completed within the next two years. Pical Hotel 2** in Poreč will be transformed into a luxury year-round 5-star Pinea Valamar Collection Resort with approximately 500 keys. The resort will be able to accommodate 1,700 guests and will have 7 bars and 7 restaurants, swimming pools spanning 2,200 m2, upgraded beach and the Sundance beach club, a congress centre for 1,200 guests, indoor pool and wellness centre, family oriented Maro facilities and services and a wide range of options for active holidays. The construction is staring this year and opening is planned in 2021.
