On Friday, Valamar Riviera announced the transfer of three hotels (Valamar Lacroma Dubrovnik Hotel, Club Dubrovnik Sunny Hotel by Valamar, and Tirena Sunny Hotel by Valamar) to Imperial Riviera.
The transaction of these hotels located in Babin Kuk, Dubrovnik is estimated to be valued at EUR 95.3m. To finance this transaction, Valamar Riviera, in accordance with the decision of the General Assembly of Imperial made on September 10th participated in the increase of share capital by contributions in kind and rights, that is real estate, with the estimated value of HRK 352.8m. At the same time, Allianz funds contributed the amount of HRK 336.9m.
Through this transaction, Imperial Riviera continues to expand its business portfolio, making Dubrovnik a more sustainable, innovative, strategically important tourism concept. The conclusion of this transaction is expected by the end of January 2022.
The hotel-tourism properties and facilities under the Company’s management will be subject to investments in the total amount of HRK 500m beginning this autumn.
