New Investments Expected in Podgora Hotels

Total Croatia News

More investment in Croatia’s hotel industry expected.

Luka Kaić, whose Novodom company last year took over Podgora Hotels, will start a new investment cycle in the hotel complex together with his new partners, Dubravko Grgić, Emil Mihalin and Auctor company, reports on December 4, 2015.

Novodom will remain the majority owner of Podgora Hotels, while the new co-owners will invest 14 million kuna in the company. It is expected that early next year there will be new investments in hotels which operate under the Menora Hotels brand. The board of directors and supervisory board propose to increase the market capitalization by issuing new shares. Their decision proposes to increase the capital by 14 million kuna.

Kaić has obviously realized that it would be difficult for him to maintain the good money flow in the company with just his own funds and carry out investments worth at least 112 million kuna, which he had committed to before the take-over. At the time, his company recapitalised Podgora Hotels with 22.5 million kuna. “It is necessary to increase the capital as soon as possible, because that would create conditions which would contribute to the financial stability of the company, to its restructuring and stabilization of operations, and gaining a better position in the market”, the company states.

“Our main activity is finding investment opportunities which fit into the investment profile of our company. The company manages its own assets and is continuously achieving consistently high-quality results. Given the state of the current tourist facilities which are located in Podgora, it is necessary to have capital and management support of professional investors in order for the destination to take its proper place on the Croatian tourist map”, one of the investors said.


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