TOURISM: Government to Publish International Tender for Kupari I Resort Development
On 25 September, the government approved plans to publish an international tender for the Kupari I tourist resort development project. The minimum amount of investment in Kupari I is fixed at €100 million.
The above announcement comes after the State Property Management Administration (DUUDI) issued a call for expressions of interest in the project in February. By mid-March, the following companies expressed interest: Karisma Hotels Adriatic (a company comprising Mexican Karisma Resort International, Croatia’s Agrokor and TUI Travel), Valamar Business Development (part of Valamar Group), Veterans Association ‘Peace’, Rixos Group, and two Russian companies – Titan Real Estate and Avenue Group
The Kupari Tourism Complex is a former military resort, situated in the village Kupari, near the Old City of Dubrovnik (11 km) and Dubrovnik International Airport (16 km). The resort used to record 1.5 million nights a year and employed around 400 people, primarily servicing the former Yugoslav Army officers and their families.
The whole complex was extensively damaged during the Croatia’s war of independence (1991-1995) and no investment has been made since to restore the complex. The property is still primarily owned by the state (over 95%) and managed through the DUUDI. The auctioned section of the complex, i.e. Kupari I, is made up of the former hotels Kupari, Pelegrin, Grand and Goricina I and II, along with their attendant property and facilities…