Company Investing 800 Million Kuna in Hotels on Beautiful Dalmatian Island

Lauren Simmonds

Updated on:

As Poslovni Dnevnik/Marija Crnjak writes, the Supervisory Board of the hotel company Helios Faros from Stari Grad on the island of Hvar has adopted the proposal of Capital Investments (Capex) for 2022 in the total amount of 223.2 million kuna, the company has reported.

This represents a continuation of investments in the repositioning of the tourist portfolio of this successful Hvar-based hotel company, which was taken over by the pension fund PBZ Croatia osiguranje (insurance) with a 78 percent share, and Valamar Riviera with a 20 percent share at the end of the bankruptcy proceedings which took place back in 2019.

According to Valamar, these investments are mostly related to the construction of Valamar’s first sustainable eco-resort, the completion of investments in the Hvar Places hotel by Valamar, the construction of the Aquamar pool complex and the overall arrangement of the tourist zone.

“The nature resort is the new Valamar concept of a fully sustainable eco-resort positioned for family holidays. The construction of the resort will be achieved by respecting the highest standards of green building, which includes environmentally friendly materials with minimal impact on the environment, the use of renewable energy sources and a high level of energy efficiency. The Valamar nature resort on the island of Hvar is the first tourist project that will use prefabricated buildings and modular construction designed according to Valamar’s accommodation quality standards,” the company pointed out when discussing their next moves on this beautiful Dalmatian island which is popular with guests from across the globe.

The concept is inspired by nature and sustainable design, meaning that the future resort’s architecture will blend into this beautiful Dalmatian island’s stunning natural environment in the design of the buildings themselves, while the interior design will be ”signed” by local designers and artists using local tradition and materials. Felled trees will be used in the landscaping, and each felled tree will be replaced with newly planted ones.

Great emphasis will also be placed on offering local food and groceries produced right there on the island by locals, while digitalisation will eliminate the use of paper throughout the hotel. The project is planned to be carried out in two phases during 2022 and 2023, and in order to realise all green initiatives in their full potential and acheive all aspects of sustainable development of the resort, the plan is to apply for so-called ”green” EU funds for the project.

During the global coronavirus pandemic which well and truly marked the unprecedented circumstances of 2020, business operations Helios was restarted, and in 2021 the first renovated hotel, the Hvar Places hotel by Valamar, was finally opened.

Helios Faros’ business development plan otherwise assumes investments totalling about 800 million kuna in sustainable high value-added tourism that will positively impact the island of Hvar’s economic growth, the company said. By the year 2025, the reconstruction and construction of three more hotels and resorts of categories 4 * and 5 * with a total capacity of 700 accommodation units is planned.

For more, check out our business section.


Subscribe to our newsletter

the fields marked with * are required
Email: *
First name:
Last name:
Gender: Male Female
Please don't insert text in the box below!

Leave a Comment