According to unofficial information, the Maraska Hotel in Zadar will be the first new investment of the Dogus Group in Croatia after the company completes the restructuring process which has started in Turkey, but it is still uncertain whether their partner will be the famous Hyatt hotel brand as previously announced or will investors eventually have to look for an alternative, reports Jutarnji List on November 1, 2018.
The hotel operator decided to enter the Maraska hotel project due to the fact that the Turkish investor planned to complete it with the purchase of a marina. However, as the four-year bidding process for the marina is not coming to an end, it is likely that the Dogus Group will have to inform Hyatt about changes to the plans.
“There are few people in Dogus who believe that the marina will be sold to them, although the Turkish offer was the highest. However, even if there is no marina, the company will proceed with the construction of the hotel after the restructuring is over. It seems likely that the entire project will have to be changed somewhat, so it is now necessary to see whether Hyatt will agree to another version of the concept,” say sources close to the investors who still believe that the hotel operator will accept a slightly modified project.
All permits to start construction works on Maraska have been prepared, but the group has decided there would be no significant investments until the restructuring of the company in Turkey is completed. Dogus Group is negotiating with banks on repayment terms for loans that are mostly contracted in foreign currencies. If the negotiations are concluded by the end of the year as expected, the first official information on plans for Croatia will be announced at the time. Speculation which has emerged in the media over the past few weeks – that Dogus is selling property in Croatia – has been officially denied.
How will the restructuring of the group in Turkey affect its business in Croatia will also depend on the conditions which banks will impose on Dogus. The company has invested 250 million kuna in Croatia since 2009 and employs 350 workers. It owns D-Marin Mandalina in Šibenik, D-Marin Dalmacija in Sukošan, and D-Marin Borik in Zadar. The company’s portfolio also includes the D-Resort hotel in Šibenik and the exclusive boutique hotel Villa Dubrovnik. The hotel operations were supposed to be expanded with the Maraska hotel in Zadar, which was initially expected to open its doors in summer 2019.
Contracts with constriction companies were ready to be signed, but since the decision about the marina was delayed, the works have not yet started. The most likely new deadline for the opening of the Maraska hotel is now summer 2021.
Additionally, Dogus Group started the reconstruction of the Borik marina in mid-January, an investment totalling two million euro.
For more news about investments of Dogus Group in Croatia, click here.