Croatia's largest hotel company, Valamar Riviera, will invest 790 million kuna (€107 million) in the Pinea Hotel and nearby beaches and promenades in the Pical area of the northern Adriatic town of Porec. The project starts next month and is expected to be completed by the 2021 season, the company said on Tuesday.

Valamar Riviera presented the investment project in Porec on Tuesday, displaying a model of the new hotel. It said that this was the biggest tourism project in Croatia that would employ a large number of local companies and tradesmen over the next 18 months.

The future 5-star Pinea Hotel will provide accommodation all year round with 514 accommodation units and will consist of the largest hotel event centre in Istria, a 1,200-capacity conference centre. The hotel will employ 500 people and should attract better-paying guests, extend the season and improve the quality of the surrounding beaches and promenades.

“With this investment, Valamar is continuing its strategy to improve the quality of its portfolio and services toward tourism with added value,” Valamar’s CEO Zeljko Kukurin said.

Porec Mayor Loris Persuric believes that the investment will boost and strengthen the development of the local economy.

Valamar noted that in addition to already realised investments it plans to invest a total of HRK 1.5 billion in the Pical area in Porec which will result in one of the most attractive tourist zones in Croatia. In addition to the Pinea Hotel this area consists of the recently opened Valamar Collection Marea Suites, Valamar Parentino Hotel (ex Zagreb), which too will be further extended and enhanced with additional facilities for the 2020 season and also the existing Valamar Pinia Hotel.

(€1 = 7.39 kuna)