Jadranka hotel chain signs letter of intent with EBRD

The Jadranka hotel chain from Mali Losinj said in a statement released on the Zagreb Stock Exchange that it had signed a letter of intent with the European Bank for Reconstruction and Development (EBRD) concerning the a capital investment project, namely the EBRD's investment in the Jandranka hotel company.

The cost of the project is estimated at 75.3 million euros of which EBRD's direct financing amounts to 24.4 million euros.

Jadranka Hoteli is a company entirely owned by Jadranka and it also manages the portfolio of 10 hotels and villas on the island of Mali Losinj.

If all condition from the letter of intent are met, the signing of the contract is expected to take place in December, while the payment should follow later in December or in January 2008.

(Hina)