The hotel company Jadranka from Mali Lošinj announced today via the Zagreb Stock Exchange that it signed a letter of intent with the European Bank for Reconstruction and Development (EBRD) regarding a capital investment project by EBRD in Jadranka Hotels last week.
The total project costs are estimated at 75.3 million euros, of which direct financing from EBRD is expected to amount to 24.4 million euros.
Jadranka Hotels is a company wholly owned by Jadranka and owns and manages a portfolio of 10 hotels and villas on the island of Mali Lošinj. The proposed project consists of capital investment in the company Jadranka Hotels, and the transaction is primarily intended for financing and renovating the existing portfolio of hotels owned by Jadranka, aiming to achieve an international standard of 3 to 4 stars for the existing hotels.
Subject to the fulfillment of the obligations of the parties stipulated in the Letter of Intent, the signing of financial agreements is expected in December of this year, with disbursement in December of this year or January of next year, according to Jadranka.
