After 11 long years, the light is finally visible at the end of the tunnel around the future of the Marjan Hotel in Split. Namely, the bankruptcy proceedings at the Commercial Court in Split against the bankruptcy debtor “Adriatic” dd in bankruptcy were completed by issuing a conclusion on the sale, reports Free Dalmatia. By 2021, an additional two billion kuna will be invested in the tourist part of the Group, which will bring 95 percent of hotel capacities to the highest level of supply, announced Adris at the end of last year. After the opening of the luxury hotel Park in Rovinj, investments will follow in Split, of course if everything goes according to plan around the hotel Marjan, and in Zagreb and Dubrovnik in hotels HUP Zagreb, which Adris bought from Andjelko Leka last year. Thus, Fina will sell an electronic public auction of a hotel of 5679 square meters, a substation, a parking lot, three yards and stairs, all together almost 12 square meters. According to the accepted estimate, the price was set at HRK 432 million including VAT. ADRIS WILL INVEST TWO BILLION HRK IN THE TOURIST PART OF THE GROUP BY 2021 Željko Kerum bought the Marjan Hotel in 2005 through a tender. He paid 170 million kuna, three times more than the requested 57 million kuna. Less than four years later, a contract was signed with the Hilton, and Kerum became mayor a few months later. The works on “Marjan” were soon interrupted, and in 2015 everything ended with the bankruptcy of the company “Adriatic. RELATED NEWS: It would be a real “miracle” if Adris did not buy Hotel Marjan and thus not become a 100% owner of this extremely valuable property. Namely, in December 2017, Adria resort, a company within the Adris group, concluded an Agreement on the purchase and sale of all receivables with associated mortgages on real estate owned by the bankrupt company Adriatic dd from Split. If another investor interested in the Marjan hotel appears, then he should additionally buy receivables from Adris, which is very unlikely. THE MOST LUXURIOUS HOTEL ON THE ADRIATIC OPENED, GRAND PARK HOTEL
The €300m Dutch pension fund for the travel sector has said it was looking for a merger with a larger industry-wide scheme or a switch to defined contribution (DC) arrangements.Reiswerk Pensioenen made clear that continuing independently was not an option because of its funding position and its predominantly young membership. “The long duration as a consequence of our young population requires taking more investment risk,” said Frank Radstake, the scheme’s employer chairman. ”But the financial assessment framework (FTK) doesn’t allow us to do so because of our funding shortfall.”The pension fund was therefore “stuck in the FTK trap.” The small sector scheme has been in trouble since the introduction of a new and lower ultimate forward rate (UFR) in 2015, part of the discount mechanism for liabilities.Despite a defensive investment policy, including a 90% interest hedge, the scheme’s funding level has since plummeted from 125% in 2014 to 99.5%.In its annual report, Reiswerk Pensioenen said it was unable to hedge against the impact of the new UFR, which had caused a steep rise of its long-term liabilities.Radstake said the UFR was expected to drop further and that the current asset mix would not solve the pension fund’s financial problems.He indicated that the scheme’s small size – it has 9,000 active members – was another reason why it wasn’t deemed future-proof.Joining another sector scheme or switching to DC would both give Reiswerk the option to increase the risk profile of its investments.A merger would bring the added benefit of scale, but would also mean an instant rights cut for the scheme’s members.“However, in the long term the results will improve,” said Radstake.Based on its current position, the pension fund was headed for a rights discount in 2021 anyway, he noted.The social partners in the travel industry said they wanted to make a decision about the scheme’s future next summer.
Japan welcomed a 6.7 percent increase in Australian visitors last year from 211,659 in 2009 to 225,800. According to the Japan National Tourism Organisation(JNTO), Aussies are embracing the food and culture on offer in Japan and are choosing to spend their vacation time in the Asian country. “We are pleased that a number of Australians travelled to Japan to discover its wealth of attractions and beauty,” JNTO Sydney executive director Yukio Yamashita said. “For many years Japan has been perceived as an expensive country with high language barriers. “Nowadays, most Australians who have visited Japan realise that it is actually a very affordable travel destination and language barriers have been greatly reduced.” Overall for the year Japan received 8.61 million arrivals, an increase from 26.8 percent from 8.35 million in 2008.Aussies were the sixth highest arrivals into Japan last year, behind travellers from South Korea, China, Taiwan, USA and Hong Kong. Source = e-Travel Blackboard: N.J