Avenue Group, Marriot International hotel chain submit bid for Kupari tourist complex

ZAGREB, 12.10.2015.

The only binding bid for the Kupari tourist complex in the Dubrovnik Riviera has been submitted by the Vienna-based Avenue Group in cooperation with the Marriott International hotel chain, which owns the Ritz Carlton brand.

The bid was opened on Monday at the State Property Management Office (DUUDI) in Zagreb and Tourism Minister Darko Lorencin said that although greater interest had been expected, this was not disappointing as the offer, albeit the only one was a valuable one.

At first glance the bid seems to contain all the necessary bank and other guarantees as well as statements on project feasibility and letters of intent by the Marriott chain which is currently not present in Croatia or the region.

Asked by reporters whether the outgoing government was authorised to make a decision on the bid, DUUDI head Mladen Pejnovic said that he did not see any reason why not.

"We will do everything to conclude this as soon as possible so that it can be an example for other privatisation processes as this hotel brand is not present in the region, and I believe that if this bid proves to be valid, the government will accept it and the investors will do everything they are expected to do within the set deadlines," Pejnovic said.

Lorencin said that the government wanted an investor that would build a four or five-star complex and was aware that there were not too many investors that could meet the necessary requirements and submit a bid for the project.

Speaking on behalf of the Avenue Group, Ivan Paladina explained that they had submitted a very detailed bid envisaging the construction of two hotels with 400 luxury five-star rooms, adding that more could be said about their plans once a decision was made on whether the bid would be accepted or not.