The International Finance Corporation (IFC) is providing a €200 mln loan to Croatia’s Maistra Hospitality Group.
The financing package, the first of its kind in the Croatian tourism sector, is designed to drive sustainable development and environmental protection.
The loan will support Maistra's ambitious plans to renovate and expand its properties, including the iconic Hotel Marjan near Split and the Vrsar Holiday Village in Istria, Croatia’s largest campsite. Both locations are situated near protected marine areas, making sustainable operations paramount.
The renovation of Hotel Marjan alone will cost €100 mln, making it one of the largest single investments in Croatia’s tourism. Once completed, the Marjan will be a five star hotel with 285 accommodation units, spanning 15 floors.
To incentivize Maistra's commitment to environmental responsibility, the loan includes performance-based interest rate reductions linked to specific sustainability targets. These include achieving EDGE Zero Carbon certification for Hotel Marjan, obtaining Global Sustainable Tourism Council (GSTC) blue certifications for both properties and significantly reducing greenhouse gas emissions across the entire Maistra portfolio which includes 34 properties.
IFC will also provide expert guidance to support Maistra in meeting these goals and implementing best practices in environmental and social performance.
Tomislav Popovic, Maistra Hospitality Group`s CEO, said: ‘We are aware that our competitive advantage, along with systematic investments in top-tier facilities, is largely based on natural resources. Therefore, environmental protection and operating according to sustainability principles are our key strategic guidelines. 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.’
Ary Naïm, IFC manager for Central and South Europe, added: ‘Ensuring the long-term sustainability of its growing tourism sector is a key strategic objective for Croatia. By partnering with a local market leader such as Maistra, we aim to drive a transformation of the whole industry towards best environmental and social practices.’
Beyond carbon emissions, the project will enhance the company's environmental performance by optimizing energy and resource use, expanding recycling efforts, improving water and waste management, and elevating sustainable tourism practices near marine protected areas.
Maistra Hospitality Group is controlled and majority-owned by Croatian conglomerate Adris Grupa which plans to invest over €400 mln in the tourism sector by 2026.
