Acquired: 2006 – Current
Location: Croatia
Investment: CaiCap Protfolio
Strategy: Developing and securing the largest parcel of land on the Croatian, Adriatic Coast for the development of the Scardona Bay Resort; the first of its kind master planned, mixed use resort community on the Mediterranean. The resort will address Croatia’s need for 5 star hotels, gaming, golf, international operators and luxury homes, while responding to the increasing demand from tourism. The company believes based on the size, location, timing, offerings and operators, the development has the potential to gain the attention of the world travel market and create a popular, exclusive name branding. The 2,500 plus acre parcel is positioned in an inlet bay off the Adriatic Sea on the Prokljan Lake. The site offers three kilometers of bay shoreline and is adjacent to a brand new $800 M (US) highway carrying European tourists down the Adriatic coast.
The site is located halfway between two international airports within a 25 minute drive time. The site is accessible by sea and is centrally located between three of the largest tourist cities on the coast (Zadar, Sibinik, Split) and within a short distance of several national parks, islands and ancient landmarks and towns. The Resort will provide three 40 acre, 5-star hotel and Casino sites; two 160 acre, 18-hole, championship, Arnold Palmer designed golf courses; a first class luxury marina; a convention center; a 40 acre mix use district and highly requested custom and semi custom, waterfront and golf course villa sites. The development will incorporate old world, Tuscan architecture with all the modern amenities of luxury resort living while creating an exclusive destination that reflects on the history and culture of the Mediterranean. The location and size of the site along with the timing for this development would offer operators a strategic edge over the competition in positioning for market share in Croatia’s growing tourist market while capturing new market share from emerging Eastern European Countries. This will also provide an added flagship property for international operators that would benefit their existing customers