Orco Property Group Wins “Suncani Hvar” Tender inCroatia
Monday April 4, 3:17 am ET
LUXEMBOURG, April 4 /PRNewswire-FirstCall/ — The Croatian Privatization Fund has announced on April 1st, 2005 that Orco Property Group bid has been selected in the public tender for the privatisation of the company ” Suncani Hvar”. The company is now entering into exclusive negotiations with the government of Croatia.
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Suncani Hvar owns and operates water front hotels, restaurants and real estate assets in the city of Hvar, on the island of Hvar, the most famous island of Croatia. Orco intends to recapitalize the company and redevelop its assets, and to provide professional management of the hotels.
This is the first investment of Orco in Croatia, a growing touristic destination and the last country in Central europe set to join the European Union within a few years. Orco Property Group sees a huge potential in the development of the region and is glad to have the opportunity to start its Croatian expansion with this pearl of the Adriatic sea.
For more information about ORCO please see www.orcogroup.com
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