September 27, 2022

Who is behind the Austrian Avenue Group?

As Total Croatia News already reported, the Office for State Property Management closed the bidding process and received one binding offer on Monday, October 12th 2015, for the development of former Croatian tourist jewel, Kupari tourist complex near Dubrovnik. Even though 5 potential investors bought the tender documentation, in the end only one of them sent a complete binding offer in this last phase – Avenue Group with headquarters in Vienna.

Minister of Tourism Darko Lorencin comment on these recent developments and said “I am not at all disappointed with the turnout since this one offer is very worthy”.

The offer itself is written on more than 1000 pages and it includes master plans and both business and investment plans. As the committee established during their first viewing, the offer includes all necessary bank and other requested guarantees, statements of feasibility and execution of the project and letter of intent from the global hotel chain Marriott International (brand Ritz Carlton) which is currently not present in Croatia or in the entire region.

“We will determine the validity of this offer in the shortest possible period and decide whether to accept it or turn it down. Even though the law gives us a 60 day period for the decision, we will do it in a much shorter period of time” Minister Lorencin announced and added ” We asked for various guarantees, a lot of the, because we did not want to encounter the same problems as in the Haludovo project, especially since in this case we are dealing with three concessions given out for a period of 99 years, concession for building rights, maritime and cultural goods. We want an investor who will develop four and five star product, and we are very well aware that not too many investors are able to fulfill that requirement along with all the other strict requirements we had in this tender”.

Source: Total Croatia News