Sheraton Hotel opened near Dubrovnik


The Sheraton Dubrovnik Riviera Hotel and the Hotel Mlini were opened at a ceremony in Zupa Dubrovacka, southeast of Dubrovnik, on Friday evening.

The investment totals EUR 80 million and is the most valuable project in Croatia in 2014 and 2105, HUP-Zagreb company CEO Andjelko Leko said.

Attending the opening ceremony were also Prime Minister Zoran Milanovic, Finance Minister Boris Lalovac, Tourism Minister Darko Lorencin and Regional Development and EU Funds Minister Branko Grcic.

Leko said that the project had been financed with the company's own funds and a loan from the Croatian Reconstruction and Development Bank (HBOR), which accounted for 45% of the amount.

"If we work well, we will soon return the money invested. The Sheraton Hotel has 250 rooms, the biggest hotel congress hall in all of Croatia and all the other amenities a hotel of that type needs to have," said Leko.

PM Milanovic said that owing to revenue from tourism Croatia had a healthy current account balance.

"After a long time the country has a healthy current account balance; owing to growth in tourism and the growth of commodity exports it has a positive balance of payments. That is important and gives us stability and peace for some time," he said.

Tourism Minister Darko Lorencin said that in 2015 alone, there had been close to half a billion euro worth of investments in the tourism sector and that a large number of them were co-financed by the HBOR.

"There have been 25 major projects this year and 24 of them have been financed by the HBOR. We are talking about close to half a billion euro worth of investments in the tourist sector," Lorencin said, adding that the hotel occupancy rate in September was very good and that revenues from tourism grew in the first half of the year.

"According to statistics for the first six months, tourism income grew 7.5% from the last year. The forecast about eight billion euros of tourism revenues is almost certain to prove correct," said the minister.

The Hotel Mlini and the renovated Hotel Astarea, both four-star hotels, and the five-star Hotel Sheraton are part of the Hoteli Dubrovacka Rivijera company and together they have 750 accommodation units in the area of Zupa Dubrovacka.