New owners, fresh capital and a new business strategy for Podgora hotels
After the pre-bankruptcy settlement and fresh capital from companies Novidom and Auctor, Podgora hotels are changing their name to Medora Hotels and Resorts. This was announced at a press conference in Zagreb on December 15, 2015.
CEO of Podgora hotels, Zrinko Kamber stated that new investments are expected in 2016 and that new guests will enter the newly refurbished hotels in summer 2016: „ New positioning and entire business strategy includes strong connections with the local community and alignment with current trends in tourism. We are developing an authentic tourism product by combining the Adriatic sea and the Biokovo mountain, under the new slogan „ Touch the sea, hug the mountain“.
Kamber also explained why they selected the name Medora. „It is an endemic, tough and vivacious snail from this area“
According to the new business concept which was presented during the press conference, current hotels within former Podgora hotels – Minerva and Mediteran, will be joined in a Medora Auri Family Beach Resort which will be a 4 star resort. It will open mid June 2016 and it will target families from Croatia, Scandinavia, Germany, Austria and various other markets. New hotels will have a total of 313 rooms and suites; total investment is 75 million kuna. Given that the new majority owner Novadom have already invested 30 million kuna in existing objects they are close to fulfilling the obligation from the pre-bankruptcy agreement which stated that 112 million kuna must be invested in the objects in the next 5 years.
When it comes to other investments planned for 2015, Kamber noted the refurbishment of a smaller aparthotel with seven apartments which will carry the name Medora Vinto and the modernisation of Sutikla campsite.
New extraordinary company assembly was called for January 4, 2016 and all shareholders will decide on major changes in business operations, name change and the increase of capital from current 26,1 million kuna to 40,1 million kuna. Furthermore, should the assembly give the green light, Agram Invest from Zagreb and ZIF from Slavonia would become official co-owners of Medora Hotels and Resorts, along with the majority share holder Novadom.