The group plans to invest 150 million kuna.
After a turbulent period for Sunčani Hvar, during which the group discontinued public-private partnership with Orco Group, followed by a successful pre-bankruptcy settlement, it took quite a long time for a new significant investment cycle to be launched, reports Jutarnji List on May 21, 2018.
According to Gordana Tomičić, CEO of Sunčani Hvar, the drive is worth about 150 million kuna, and the investments are related to hotels Adriana, Amfora and Palace. After the completion of this cycle, further investments will be made towards the complete renovation of the group’s accommodation portfolio.
“We are launching a new investment cycle in the hotel portfolio, with the goal of reaching the highest standards in the hotel industry. The latest investments represent a significant step towards creating an offer for high-paying guests and are aimed at the luxury niche. The goal is to diversify our product and improve competitiveness,” said Tomičić.
Hotel Adriana has already been opened, and the first reactions of guests are more than favourable. Adriana is currently Sunčani Hvar’s most luxurious hotel. The investment involved the complete renovation of all public facilities and areas. The hotel capacity has been increased by three penthouse apartments, while the spa facilities have been completely refurbished, which will make Adriana even better positioned among the leading five-star spa hotels.
Part of the investment cycle involves the construction of six new penthouse apartments at Amfora Hotel which cover an area of up to 120 square metres each. Amfora also features fully renovated bathrooms in the northern wing of the hotel. “The investment in Amfora will further strengthen our existing image and only confirms the long-term strategy of Sunčani Hvar – the development of hotel offer for higher-paying guests,” said Tomičić.
The most important investment relates to the reconstruction of Palace, the oldest Hvar hotel. The Palace Hotel is the key product in the process of rounding up the luxury hotel offer of Sunčani Hvar. After completing the comprehensive renovation, the Palace Hotel will become the only five-star heritage hotel on the island of Hvar. It will have 50 luxuriously decorated rooms, a wellness facility, an atrium and a large terrace above the town loggia overlooking the old town square and the sea around the island.
“Restoration of the Palace Hotel is extremely demanding given that it is a facility in the very centre of the town. It is a cultural and historical landmark and as such is under special conservation protection rules. The opening of the oldest Hvar hotel is planned for the 2019 season,” explained the CEO of Sunčani Hvar, whose portfolio includes ten hotels and one camp.
The hotel part of the portfolio consists of four renovated high-category hotels with a total of 648 accommodation units and three classic hotels with a capacity of 221 rooms. The majority owner of Sunčani Hvar is CPI Property Group from Prague, owned by Radovan Vitek.
“This season has started out great. In the first four months, we recorded a 25 percent growth in revenues and the number of overnight stays compared to the last year,” said Tomičić.
Two years ago, at the peak of the tourist season, Sunčani Hvar opened the renovated the Pharos Hotel, which was the last significant investment. After the restructuring of the company, 50 million kuna was invested in the reconstruction of the 202-room Pharos Hotel, which is the first hotel for millennials in Croatia.
Translated from Novac.hr (reported by Jozo Vrdoljak).
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