Published 02. August 2019.
Valamar Riviera achieved HRK 698 million in total revenues in the first half year, where HRK 663 million represented sales revenues, up by 13% compared to the same period last year.
Overnights went up by 5% compared to last year and totaled 2 million, showing a steady growth for the fifth consecutive year, while the average daily rate grew by 8%. The achieved revenues were driven by a large investment cycle and the consolidation of Hoteli Makarska and Valamar Obertauern Hotel.
Despite a challenging tourist season and increased competitiveness of other Mediterranean destinations, Valamar reported a strong 1H performance that was mainly driven by the newly developed properties thus justifying Valamar`s long-term investment strategy focusing on products, destinations and employees.
Valamar has bought a stake in Helios Faros, a company whose bankruptcy proceedings were successfully concluded earlier in July. Valamar now owns 23.61% while PBZ Croatia osiguranje owns 70.83% of Helios Faros shares. Valamar plans to take over the operating management of Helios Faros’ properties this autumn.