First Property Croatia

Although the Croatian property market has been suffering along with many other real estate markets around the world, investments in Croatian hotels has continued. In fact, three large and one small hotel, with a total of over 700 accommodation units will open along Croatia Adriatic coastline for the 2011 Croatian tourist season.

These hotels are almost evenly distributed along the Adriatic coast: Rovinj will have a new five-stars Lone Hotel; the Kvarner area – the small Amabilis Hotel, also five stars; the Punta Scala project near Zadar includes the Iadera Hotel of the same category; and Dubrovnik the Lafodia Hotel with four stars. And whether the Mayor of Split Mr Kerum will be able to open his Marjan Hotel this year, remains to be seen. The Split property market has also been suffering and word is Mr Kerum is currently heavily indebited with all his Split real estate. investments

The first hotel to open its doors at the very beginning of the season is the reconstructed Lafodia Hotel, looking for employees as we speak. This investment is worth around 40 million euro, and the reconstruction took almost three years. The investor and majority owner of the hotel is the Anker Group, owned by Rosaria Marazzi's family, co-owner of the world famous Marazzi factory of ceramic tiles and sanitary equipment.

The Lafodia Hotel will, with its wide range of new services, become the initiator of development of Island Lopud and undoubtedly 'wake up' this neglected island. 'We are fully aware of the role we have taken, and we are doing and will in future be doing all we can to lift the island to a higher level, but it will be much easier with the support of the town and county administration' – says Mr Ivo Resic, the Director of Anker Group, adding that the company already enjoys the locals' support.

The second to open in this season will be the Falkensteiner Hotel & Spa Iadera near Zadar, a Falkensteiner Michalaer Group investment. After the Diadora family hotel, opened in 2009, the Iadera is the second of the three hotels within Punta Scala project. So far the group has invested 150 million euro, together with the construction of the Iadera. The grand opening is planned for the beginning of July 2011.

In Selce the Amabilis Hotel should be completed by mid-June. The hotel will include accommodation for 60, and health tourism facilities. This is a seven million euro investment, and the investor is a local company MGL.

The Adris Group Lone Hotel will most probably start working in September. The construction took less than a year, and the amount invested in the hotel, infrastructure and landscaping, is the impressive 43 million euro.  The hotel will include 248 accommodation units, convention centre, and a wellness centre; and will employ around 150 persons, according to Mr Damir Vandelic, the Investment Director for Adris Group.