Croatia’s Leading Hospitality Company Valamar Acquires a Portfolio in Dalmatia

Published 05. April 2018.

Croatia’s leading hospitality company Valamar Riviera purchased yesterday a majority stake (55.48%) in Hoteli Makarska d.d. for HRK 172.7 million or EUR 23 million from the Croatian government’s Center for Restructuring and Sale.

The portfolio of Hoteli Makarska includes three leisure properties with a total of 725 keys on prime beachfront locations. Makarska is one of Dalmatia’s best known destinations with more than 1.5 million tourist overnights in 2017.

As announced, Valamar Riviera will jointly acquire the majority stake in Hoteli Makarska in partnership with AZ mandatory pension funds. Together they also acquired Imperial d.d. on Rab Island in a transaction valuing Imperial at EUR 93 million in 2016.

Valamar Riviera is Croatia’s leading tourism company, owning and operating a portfolio of 30 hotels and resorts and 15 camping resorts in Istria, Dubrovnik and on the islands of Krk and Rab. Valamar Riviera is the leading investor in Croatian tourism: having invested over EUR 550 million in tourism thus far, in 2018 Valamar will complete an investment cycle worth EUR 94 million in upgrading and repositioning the portfolio.

AZ mandatory pension funds are the largest institutional investor in the Republic of Croatia. They manage over HRK 35 billion of total assets (EUR 4.7 billion) and represent an important investor in the European context as well.