Kupare wants Avenue group in collaboration with hotel chain Marriott

The only binding offer for the realization of the Kupari complex was submitted by a group of investors led by the Avenue group based in Vienna, in collaboration with the global hotel chain Marriott International, which owns the Ritz Carlton brand.

This was confirmed this afternoon by the commission for the Kupari project after the public opening of bids at the headquarters of the State Office for Management of State Property (DUUDI).

Although it was expected that the offer would be higher considering the five purchased bidding documents, the commission president, Minister of Tourism Darko Lorencin, emphasized that this is not disappointing, as the offer is “one, but valuable.”

The offer is written on more than a thousand pages, and it was accompanied by a timely supplement with large boards on laminated cardboard, so-called master plans, as well as a business and investment plan.

The offer, as the commission determined at first glance during the opening, contains all necessary banking and other guarantees, as well as statements on the feasibility of the project and letters of intent from the Marriott hotel chain, which is currently not present in any hotel in Croatia, nor in the region.

– We will determine the validity of the submitted offer as soon as possible and make a decision on its acceptance or rejection, for which we have a legal deadline of 60 days, but we will do it much sooner – announced Lorencin.

When asked whether the current government in a technical mandate can make a decision and accept the offer if proposed by the commission, the head of DUUDI, Mladen Pejnović, said he sees no reason why it could not, and that the fact that it is now a technical government should not affect the process.

– We will do everything to finish this as soon as possible and to set an example for other privatizations, as there are no hotel brands behind this offer in the region, and we believe that if we determine that the offer is valid, the government will accept it, and the investors will meet all deadlines – said Pejnović.

Lorencin adds that they have requested a lot of different guarantees, as they did not want to encounter problems like in Haludovo, especially since it actually concerns three concessions granted for 99 years: for the right to build, cultural heritage, and maritime property.

– We want an investor who will produce at a four and five-star level, and we are aware that this, as well as meeting all other conditions, cannot be fulfilled by just any investor. Therefore, there are few who can apply for such a tender – said Lorencin.

 The mayor of the Municipality of Župa dubrovačka, Sivio Nardelli, agreed with him, expressing satisfaction with the offer and stating that he would be happy if it is valid and accepted by the government.

“I would be happy if there were more offers. We expected that, but it is important that we have one valuable offer, as the financial benefits from the realization of Kupari will benefit both Croatia and Župa dubrovačka, Croatian tourism,” said Nardelli.

Representing the bidders, Avenue group, was the director of Avenue ulaganja d.o.o., which submitted the offer with Avenue Europa, Ivan Paladina, who is also the president of the Management Board of IGH, in which Avenue group has a majority ownership in IGH.

When asked by journalists, he briefly stated that this group represents a group of companies, and a large part of their business is in Russia, specifically Moscow, where they are involved in about 40 investment projects.

– We submitted a very demanding offer on which we worked quite seriously, including all requested banking and other guarantees that were very demanding, as well as master plans developed by an international team of architects, which in the first wave of investment envisaged the construction of two hotels with 400 luxury rooms at a five-star level – said Paladina, adding that more about their plans for Kupari will be shared after it is seen whether their offer will be accepted or not.