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Bidding closes for the development of luxury resort in Croatia

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Written by editor

DUBROVNIK, Croatia – The Office for State Property Management has received binding offers for the development of the Kupari tourist complex near Dubrovnik.

DUBROVNIK, Croatia – The Office for State Property Management has received binding offers for the development of the Kupari tourist complex near Dubrovnik. The final deadline expired at 4 pm on Friday. It is still not known how many offers have been received and who has filed them, but unofficial sources claim that the offers will be opened on October 12. Then, the offers will be analyzed and a decision whether to accept any of them will be made. According to unofficial information, the decision will be made as soon as possible, perhaps as early as next week, reports Novi List on October 10, 2015.

The public invitation for binding offers for the Kupari tourist complex was announced in May, and the final deadline has been extended from August 25 to October 9 at the request of interested investors, given the complexity of the project. In February of last year, six potential investors expressed their interest for the project, and five of them have bought the tender documentation necessary for preparation of binding offers.

In the first phase of the tender, non-binding bids were submitted by Karisma Hotels Adriatic-KHA (consortium of Agrokor, TUI and the Mexican chain Karisma International), Valamar Poslovni Razvoj (from the Valamar Hotel Group), the Turkish Rixos Group (which already has a hotel in Dubrovnik), Veterans’ Cooperative Mir from Mlini near Dubrovnik, Avenue Group from Moscow and Titan Nekretnine (supposedly with Russian capital).

Jutarnji List reported that KHA has given up on the Kupari project. Citing unofficial sources, the paper writes that “KHA decided that it will not take part in the project because the expectations of the state, especially the required guarantees, are too high”.

According to the public call for binding offers, the right to the implementation of the tourist development project in Kupari will be acquired by a successful bidder who will receive the right of construction and maritime concession for the purpose of construction and commercial use of the beach for the next 99 years.

The Kupari project should include new four and five star hotels with up to 1,500 beds, and the value of the whole investment is estimated at approximately one hundred million euros.