Published 01. December 2017.
The Valamar Group will invest a total of HRK 705 million in 2018: the Supervisory Board of Valamar Riviera d.d. approved investments worth HRK 633 million, while the Supervisory Board of Imperial d.d. approved HRK 72 million for investments, totaling HRK 705 million.
Valamar Riviera is the leading investor in Croatian tourism: after previously investing more than HRK 4 billion, Valamar Riviera continues to make significant investments within the announced HRK 2 billion investment cycle for the period up to 2020. In 2017 Valamar invested 906 million in Croatian tourism, which was the largest annual investment cycle to date, and created 1,000 new jobs.
In 2018 Valamar plans to complete Valamar Girandella Resort in 2018, where the first 5* Kinderhotel in Croatia will be opened. With this, Rabac will be successfully repositioned as the leading leisure destination on the Adriatic coast. Large strategic investments in premium campsites will continue in Istria and on the island of Krk. Investments in Dubrovnik are focused on repositioning Valamar Argosy 4* to meet the needs of high-end guests. Investments on Rab island totaling HRK 72 million will focus on renovating Hotel Imperial and starting a new phase of development.
The HRK 705 million investments in 2018 represent the continuation of Valamar Riviera's strategy to reposition the portfolio towards upscale and premium properties. Improved service quality demands a new employment structure, so Valamar plans to open around 600 new jobs. Permanent employment at Valamar increased by 420 people this year. New job openings included all kinds of positions: from managers at hotel operations, IT experts, sales and marketing personnel to chefs, waiters, receptionists and housekeeping staff. The average salary at Valamar is growing progressively and currently exceeds the industry average by about 20%. The reported employment and salary growth confirm Valamar’s position as one of the most desirable employers in tourism and in Croatia.
“Our sustainable and socially responsible investments in products, employees and destinations represent the foundation of Valamar Riviera's success and growth. In 2018 we will continue investing in Croatian tourism and strive to achieve double-digit business growth. I am convinced that with the support of our investors, partners and local communities, we will be able to achieve our goals and promote the interests of our shareholders and other stakeholders“, said Željko Kukurin, CEO at Valamar Riviera.
Valamar Riviera is the leading tourism company in Croatia that employs 6,000 people and achieves over HRK 1.7 billion in revenues and more than HRK 600 million in operating profit. Enterprise value reached HRK 7 billion and the average annual share growth in the previous period was over 30%. Valamar's portfolio includes 30 hotels and resorts and 15 camping resorts that can welcome 56,000 guests daily. Valamar operates in leading Croatian destinations: Poreč, Rabac, Rab, Krk and Dubrovnik.