HRK 220 million of investments approved in Stari Grad on Hvar island

Published 27. October 2021.

Valamar will open the first sustainable eco resort in Croatia

According to yesterday's Supervisory Board decision of Helios Faros d.d., Valamar and PBZ Croatia osiguranje d.d. za upravljanje obaveznim mirovinskim fondovima will continue with significant investments in 2022 with the aim of expanding the portfolio in Stari Grad on the island of Hvar towards  4 * and 5 * properties in the amount of HRK 220 million. The largest part of the investments will be directed towards the construction of the first Valamar sustainable eco-resort, the completion of investments in Hvar [PLACESHOTEL] by Valamar, the construction of the Aquamar pool complex and the overall reconstruction of the resort area.

Nature resort is a new Valamar concept that includes a completely sustainable eco-resort designed for family holidays. The construction of the resort will follow the highest green building standards, which include environmentally friendly materials with minimal impact on the environment, the use of renewable energy sources and a high level of energy efficiency. Valamar nature resort on the island of Hvar is the first tourism project that will use prefabricated buildings and modular constructions designed according to Valamar accommodation quality standards.

The concept is inspired by nature and sustainable design. The resort’s architecture blends into the island’s natural environment, while local designers and artists with autochthonous tradition and materials in mind will design the interior. Felled trees will be used in landscaping, and each felled tree will be replaced with newly planted ones. There will be an emphasis on the island's local food and products, while digitalization projects will eliminate the use of paper throughout the hotel. The project is planned to be built in two phases during 2022 and 2023, and in order to realize all green initiatives to their full potential and achieve all aspects of sustainable development, the project will apply for green EU funds.

Valamar and PBZ Croatia osiguranje d.d. za upravljanje obveznim mirovinskim fondovima jointly acquired Helios Faros, a tourist company in Stari Grad on the island of Hvar, through bankruptcy proceedings. During the 2020 "Covid year", Helios' business activities were restored, and in 2021, the first renovated hotel Hvar Places by Valamar was opened. The business development plan of Helios Faros assumes investments in the total amount of around HRK 800 million aimed at sustainable high value-added tourism that will have a positive impact on the island's economic growth and development. The reconstruction and construction of three hotels and resorts in the 4 and 5-star category with 700 accommodation units is planned by 2025.