Croatia’s Maistra Hospitality Group has obtained a blue and green sustainability-linked loan of up to EUR 200 million from the International Finance Corporation as part of the company’s plan to boost sustainability operations.
The financing package — reportedly the first blue loan in Croatia’s tourism sector — 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,” said Tomislav Popovic, Maistra Hospitality Group`s CEO, “which will contribute to further improvement in operational excellence and an enhanced customer experience, while ensuring a measurable contribution to global sustainability goals.”
“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 Naim, IFC Manager for Central and South Europe.
Discounts to the loan’s financing terms will be tied to the Maistra Hospitality Group’s achieving IFC’s EDGE Zero Carbon green building certification for Hotel Marjan. It will also cover significant greenhouse gas reductions of the group’s full hospitality portfolio, which includes 34 properties.
The Maistra Hospitality 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 Croatia’s Adris Grupa conglomerate.
The CMS law firm, working with Herbert Smith Freehills, advised IFC on the loan, while Dentons reportedly advised Maistra Hospitality.
