Imperial Riviera achieves 2019% revenue growth in 53

first_imgIn 2019, a total of HRK 149 million in investments were made According to the revised results for 2019, Imperial Riviera generated a total revenue of HRK 264 million last year, which is a growth of 53% compared to the year before.  The business year 2019 was extremely dynamic and significant for the Imperial Riviera based in Rab, which has been operating under this name since June last year, when the Makarska Hotels were annexed to the then Imperial. With this merger, Imperial Riviera ranked among the 10 leading tourist companies in Croatia. In addition, at the end of October, Allianz ZB pension funds and Valamar Riviera recapitalized Imperial Riviera in the amount of HRK 426 million.  According to the Imperial Riviera, the most significant investments were the reconstruction of the hotel and villa Carolina according to the TUI Sensimar product standard, the second phase of investment in Padova Premium Camping resort by Valamar which increased the camp category to 4 *, and repositioning the Padova hotel according to Valamar’s Family Hotel standard. with the construction of additional content mainly intended for children’s animation. At the end of 2019, new investments in the amount of HRK 226 million were started, mainly related to the renovation and repositioning of the Meteor Hotel in Makarska, the renovation and upgrade of the Valamar Parentino Hotel (ex Valamar Zagreb) in Poreč and the third phase of investments in Padova Premium Camping Resort by Valamar on Rab. “These business events opened a new historical period in the development of our company and also marked the beginning of a new five-year business plan that envisages 1,5 billion kuna of investment in the reconstruction and renovation of facilities, but also further expansion of the portfolio. After the recapitalization, the Valamar Zagreb hotel in Poreč was purchased and the reconstruction and upgrade of the hotel began immediately. With this purchase, Imperial Riviera became the owner of 7 hotels, 3 tourist resorts and 2 camps with a capacity of 10.000 guests “, pointed out Vlado Miš, President of the Management Board of Imperial Riviere.   “The results should be viewed mainly in the context of acquisitions, and investment activities in product development and business improvement. Realized operating profit (EBITDA) amounts to HRK 90,8 million and represents an increase of 42,5%. Balance sheet stability, large monetary potential and a very favorable net debt and EBITDE ratio enable an even stronger continuation of the investment strategy and strengthening the competitiveness of products and services. Therefore, due to business synergies and further strategic considerations of development and growth, with the influence of majority owners, Allianz ZB pension funds and Valamar Rivera, further improvements and growth in the business of Imperial Riviera are expected.”They conclude from the Imperial Riviera. Photo: Imperial Rivieralast_img

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