Valamar accelerates investments anticipating transformation of tourism

Published 03. December 2021.

Valamar group has announced a new investment cycle for the transformation and further development of business in the coming period, with special focus on repositioning and upgrading the portfolio, sustainability and green tourism, investments in the premium segment, digitalization projects and internationalization.

After finalizing the second capital increase in Imperial Riviera worth HRK 690 million, the Supervisory Boards of the companies in the Valamar group have approved the transfer of three Valamar Riviera hotels in Dubrovnik to Imperial Riviera, a joint asset company for the investment and development of hospitality assets of Valamar and Allianz ZB društva za upravljanje obveznim i dobrovoljnim mirovinskim fondovima. The capital increase and property transfer to Imperial are aimed at accelerating significant investments in reconstruction and repositioning of resorts in Dubrovnik, Makarska and Rab with total planned investments of HRK 2.1 billion over a five year period. This autumn, Valamar initiated investments totaling HRK 500 million in hotel and resort properties managed by Valamar Riviera. 

Valamar's portfolio development will focus on sustainable green tourism and digital transformation, as well as investments in the premium segment in the coming period. The management structure of the group will be reorganized to steer bussiness transformation and the realization of investment projects, for which top management members have been given a term of office until 2026.

The president of the management board Željko Kukurin and management board member Marko Čižmek have been reappointed for a new five-year term, while vice president Ivana Budin Arhanić has been appointed member of the Valamar Riviera management board focusing on further internationalization, sustainability and business digitalization projects. Alen Benković has been appointed president of the management board of Imperial, and senior vice president of the Valamar group for investments. Davor Brenko has been appointed senior vice president of the Valamar group’s sales and marketing with focus on product development and direct sales increase. David Poropat will assume the senior vice president of operations position for Valamar with a focus on strategic partnerships and service management. Sebastian Palma has been appointed to a new term as board member of finances for Imperial Riviera and has become the group's vice president for strategic controlling. Ines Damjanić Šturman has been appointed vice president for human resources development, a strategic position in Valamar's business, and Tomislav Dumančić has become vice president for destinations Dubrovnik and Dalmatia, where significant investments are planned in the coming period. Vlado Miš, the current president of the management board of Imperial Riviera, will become an advisor to the management board and general manager of destination Rab.


Croatia has the opportunity for a strong recovery and business transformation towards sustainable high value-added tourism. Even though business is still affected by the crisis, Valamar's promotion of top management members and approval of new business plans is set to launch a new development cycle.