Jadranka Hoteli, a Croatian hotel and tourism company, is to invest more than EUR 80 million between now and 2012 for the reconstruction, refurnishing and re-fitting of its hotels. The investment is partly to be funded by the European Bank for Reconstruction and Development (EBRD), which is a strategic partner of Jadranka and holds 30 per cent of the Croatian company's capital.

A portion of the investment has already been channelled towards the refurbishment of the Vespera hotel in Suncana Uvala on the island of Mali Losinj, which will be re-opened on Friday June 5. The renovation of the Vespera has cost EUR 16.9 million, largely funded by Erste and Steiermarkische Bank.