December 5 (SeeNews) – Croatian hotel owner Imperial Riviera [ZSE:HIMR] said its supervisory board approved on Monday the company’s plan to invest 38.4 million euro ($41.6 million) in 2024.
Key investments will be directed towards repositioning and improving service quality, digitalisation, sustainable energy sources, and tourist infrastructure, the company said in a filing to the Zagreb bourse on Monday.
These investments include the initial phase of transforming the three-star holiday village Suha Punta on the island of Rab into Valamar Collection Rab Resort with upgraded facilities. Additionally, there are plans for renovating the existing three-star complex Rivijera Sunny Resort by Valamar, turning it into the three-star Makarska Sunny Resort in Makarska, southern Croatia. Other projects involve constructing a new bike center for the Valamar Parentino hotel in Porec, on the northern Croatian Adriatic coast, and ongoing investments in other hotels owned by Imperial Riviera.
Imperial Riviera is a jointly owned by pension fund management company Allianz ZB and hotel operator and owner Valamar Riviera [ZSE:RIVP].
Imperial Riviera’s shares last traded on November 16, ending flat at 105 euro.
Valamar’s shares traded 0.23% higher at 4.33 euro on Tuesday by 1105 local time on the Zagreb bourse.
($ = 0.923 euro)