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

Countries
  • Croatia
Geographic location 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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Mar 28, 2018
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Sunce Koncern d.o.o.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
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, this amount is converted to USD ($) on the date of disclosure. 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, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 93
Converted using 2018-02-23 exchange rate.
Other Related Projects
Primary Source

Original disclosure @ EBRD website

Updated in EWS Jan 28, 2019

Disclosed by Bank Feb 23, 2018

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed 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
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

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."

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Hotel Alan d.d. Client -
- - - - Hoteli Brela d.d. Client -
- - - - Hoteli Tucepi d.d. Client -
- - - - Hoteli Zlatni Rat d.d. Client -
- - - - Sunce Koncern d.d. Parent Company -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.
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.

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