Sunce Koncern d.o.o. (EBRD-49666)

Countries
  • Croatia
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Mar 28, 2018
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Sunce Koncern d.o.o.
The holder of the loan, grant, or other investment.
Sectors
  • Construction
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 48.38 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported 39.35
Converted using 2018-02-23 exchange rate.
Project Cost (USD)
$ 114.35 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Currency conversion note:
Bank reported 93
Converted using 2018-02-23 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Jan 28, 2019

Disclosed by Bank Feb 23, 2018


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Project Description

This project provides financing to Sunce Koncern d.o.o. and its key subsidairies, Hoteli Zlatni Rat d.d., Hoteli Brela d.d., Hoteli Tucepi d.d. and Hotel Alan d.d., for their refinancing and selected expenditures in the hotels. This is a sub-project under the EBRD's "Inclusive Tourism Framework for the Eastern Mediterranean".

Investment Description
  • European Bank for Reconstruction and Development (EBRD)
Private Actors

Sunce Koncern d.o.o. is a public limited company incorporated in Croatia and listed on the Zagreb Stock Exchange. Sunce Koncern owns and operates 11 beachfront hotels on the Croatian Adriatic coast with more than 2,450 rooms, one camping ground and other tourism related properties located in 4 popular touristic locations in Croatia. It has been operating in its current form since 2005 and all properties are mostly managed and operated in-house, under the brand "BlueSun Hotels and Resorts."

Contact Information
Tea Picun
tea.piacun@bluesunhotels.com
+38516442247
+38513844177
www.bluesunhotels.com
Sunce Koncern d.d. Trpinjska 9 10000 Zagreb Croatia

ACCOUNTABILITY MECHANISM OF EBRD
The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.