Kvarner newsletter / no 5

Investments
EBRD invests in the renovation of hotels in Lošinj

The European Bank for Reconstruction and Development (EBRD) is taking part in a project to renew and modernise the hotels and villas of the Jadranka Hotels Company from Mali Lošinj, thus gaining a ca. 30 percent share in the company.

The total value of the renewal project amounts to 80 million euros and the EBRD is financing it with 24.4 million euros. This is how the bank is taking part in a new investment cycle for the Jadranka Hotels Company aimed at renovating the company's hotels and upgrading them to four-star quality standard, as well as diversifying the tourist offer in order to prolong the period of the hotels’ usage. The increase in capital of the Jadranka Hotels Company should result in investments in the hotels Aurora, Vespera, Helios, Bellevue and Alhambra. The Hotel Aurora is scheduled to reopen on the 1st of June. After complete renovation, this hotel will be upgraded to four-star category and will include wellness and congress centres and other improved facilities. Renovation of the hotel Vespera, which will also be upgraded to four-star category, will start this October. After that follows the renovation of the Hotel Punta in autumn 2009 and construction of the Hotel Helios on the spot of the existing hotel of the same name that will be pulled down. It is also planned to renovate the Hotel Alhambra.  The project should be completed by 2012 and includes investing 5 million euros in personnel education and training and grants. On the occasion of signing the contract, the representatives of the European Bank for Reconstruction and Development expressed the hope that this investment in the Jadranka Hotels Company would boost the development of tourism, which is the key economic sector in Croatia. 

The Jadranka d.d. Mali Lošinj Company, of which the Jadranka Hotels Company is part, has been in the tourism business for more than 60 years and manages hotels, campsites, yachting services and its own sales network.