Kvarner newsletter / no 36

Lošinj Hotels & Villas
12 million euros for the refurbishment of the Hotel Punta

The investment in refurbishing the hotels of the Lošinj Hotels & Villas group on the island of Lošinj continues in 2011: now it is the turn of the Hotel Punta, which will be upgraded to a 4-star category after the investment of ca. 12 million euros.

After investing more than 30 million euros in refurbishing and upgrading the hotels Aurora and Vespera in 2007, the Jadranka Hotels company continues the investment cycle aimed at raising the quality of its facilities in strategic partnership with the European Bank for Reconstruction and Development.

Hotel Punta, Mali LošinjThe new investment of ca. 12 million euros is aimed at upgrading the Hotel Punta from the 3-star to the 4-star category. The works will begin in autumn 2011, and the refurbished hotel should receive its first visitors in May 2012.

However, the investment wave does not end there: the plans for the year 2013 include upgrading the tourist facilities in the Čikat area of Mali Lošinj to the 4-star and 5-star category, and the construction of a new thalassotherapy centre. This will round off the planned investments in a total amount of 80 million euros, which already resulted in an increase of the company's profitability after improving the quality of the hotels Vespera and Aurora.

In the last year, the Jadranka Hotels company, whose portfolio includes the Lošinj Hotels & Villas groups, increased its overnights by ca. 7%, and total revenues by 5%.

When announcing the new investment wave aimed at refurbishing the Hotel Punta, member of the Jadranka Hotels Company Management Board, Mr Damir Mlacović, said: "The new investment is a logical continuation of our business activities with regard to the good results. Having in mind the actual economical trends and the increase of the purchasing power in our target European markets, we plan even better results for the year 2011.

Therefore, our main goal is to position the Lošinj Hotels & Villas as a hotel group that offers holidays tailored to meet the needs of every individual visitor through special tailor made programmes, and to make sure that the season on the island of Lošinj continues all year round".