News:Argos:Orco Property group through its subsidiary Suncani Hvar Hotels and city of Šibenik sign agreement on "Obonjan Riviera" project

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Nedjeljka Klaric, mayor of the City of Sibenik, and Dragan Lazukic, regional Orco Property Group director for SE Europe, signed an agreement on Thursday, March 20, 2008, regarding the "Obonjan Riviera" project. The signing marked the beginning of the realization of one of the most important tourism projects in the Sibenik region.


The agreement, which is based on the BOT (Build-Operate-Transfer) model and is to have a fifty-years duration, obliges Orco, through its subsidiary Suncani Hvar Hotels, to finance the architectural design and building of new tourist facilities on the island. It will manage the facilities until the expiration of the agreement, after which the City of Sibenik will assume ownership with no compensation. The company plans to develop 65,000 sqm in hotels, apartments and villas as well as sport, beach and relaxation facilities. Furthermore, there will be also 100 berths available in the harbour. The beginning of construction is scheduled for early 2010, which is the deadline for obtaining all the necessary permits. The first guests are expected at Obonjan as early as 2012.

Euronext


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