The Zagreb Stock Exchange reported today that Helios Faros, a hotel company from Stari Grad on Hvar was allowed to leave the receivership status it had, as Valamar Riviera and PBZ Croatia Osiguranje will invest 650 million kuna into the reconstruction of the company’s hotels.
After that investment, Valamar now owns 23,61% of the stocks of the Helios Faros company, and PBZ Croatia Osiguranje owns 70,83%. At the same time, the capital stock of the company has been increased to 96,56 million kuna. During the receivership process, all creditors were paid, which allowed the Commercial court in Split to finish the receivership, Goran Rihelj reports for hrturizam.hr.
Through the partnership between PBZ Croatia Osiguranje and Valamar, who will manage the hotels and other facilities owned by Helios Faros, a new phase of tourism in Stari Grad on the island of Hvar will start. For decades now, the company has been the leader of Stari Grad’s tourism, and it has been in receivership since February 2016.
There are currently 1,465 beds in the company’s two- and three-star hotels Arkada and Lavanda (both located in the so-called Helios neighbourhood on the northern side of Stari Grad bay) and the Jurjevac camp.
The proposal of a takeover by PBZ Croatia Osiguranje and Valamar Riviera detailed the five-year plan of investment into the tourist properties, worth 650 million kuna.
Two resorts will be completely reconstructed and newly built, of a high category, with a capacity of around 700 units. That will reposition the portfolio of the company towards the premium sector, which will add to the attractiveness and recognisability of Stari Grad as a destination. According to this plan, after the reconstruction of the hotels Akrada and Lavanda, the company will employ 500 workers.
