Maistra Hospitality Group, Croatia's second-largest tourism player, has obtained a blue and green sustainability-linked loan of up to €200 million, from the International Finance Corporation (IFC), as part of its strategy to boost sustainability operations.
The financing package is the first blue loan in Croatia's tourism sector. It will fund the development and reconstruction of Hotel Marjan, a landmark hotel situated near the city of Split's UNESCO-listed historic center, and the refurbishment and upgrade of Vrsar Holiday Village in Istria, the country's largest campsite.
"Our intention is to significantly accelerate our green transition, which will contribute to further improvement in operational excellence and an enhanced customer experience, while ensuring a measurable contribution to global sustainability goals," Tomislav Popović, Maistra Hospitality Group`s CEO.
Croatia's tourism industry is key to its economic growth, directly and indirectly contributing 26 percent to GDP and accounting for around a quarter of all jobs.
"By partnering with a local market leader such as Maistra, we aim to drive a transformation of the whole industry towards the best environmental and social practices," said Ary Naïm, IFC Manager for Central and South Europe.
Discounts to the loan's financing terms will be tied to the company achieving IFC's innovative EDGE Zero Carbon green building certification for Hotel Marjan, blue certifications recognized by the Global Sustainable Tourism Council for both sites. It will also cover significant greenhouse gas (GHG) reductions of the full hospitality portfolio of the group, which includes 34 properties.
The group employs approximately 4,000 people and operates properties along the Adriatic Coast and in Croatia's capital, Zagreb. It is controlled and majority-owned by Adris Grupa, a leading Croatian conglomerate.
