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10th April,2015.
The Croatian goverment decided to invite binding bids for Kupari tourism project.
photo: Kupari tourism complex after the war

ZAGREB: The Croatian government adopted a decision on Thursday to publicly invite binding bids for the development of the Kupari tourism project in the Dubrovnik area, estimated at EUR 200 million.

Tourism Minister Darko Lorencin said an attractive package was created for investors, in cooperation with the State Property management Office and other ministries, including a 99-year concession and the elimination of any doubts as to ownership relations.

The project envisages the construction of four- and five-star hotels with up to 1,500 beds, and 99-year easement, and the demolition of devastated existing hotels and accommodation facilities.

The investor that gets selected will have four years to finish the project.

Non-binding bids were invited in the first quarter of 2014 and six investors sent letters of intent: Karisma Hotels Adriatic, a consortium of Croatia's Agrokor retail chain, the TUI tour operator and Mexico's Karisma International chain; Valamar Poslovni Razvoj from Croatia's Valamar tourism group; Turkey's Rixos, which already has a hotel in Dubrovnik; the Mir war veterans' cooperative from Mlin near Dubrovnik; Avenue Group from Moscow; and Titan Real Estate, allegedly backed by Russian capital.

The invitation of binding bids required a parliamentary decision consenting to a maritime domain concession so that a beach could be built for commercial use.

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