CONTRACT ON RECONSTRUCTION OF DUBROVNIK'S IMPERIAL HOTEL SIGNED

DUBROVNIK, Nov 13 (Hina) - Representatives of the "Atlantska plovidba" shipping company, Dubrovnik's Imperial hotel, the "Hilton" hotel chain and the Austrian company "Strabag" signed a US$20-million-worth contract on the reconstruction of the Imperial hotel and a contract on its management, in Dubrovnik on Monday. The reconstruction will be carried out under the strict regulations of the Hilton hotel chain, after which the hotel will operate under the name "Hilton Imperial Dubrovnik". According to "Atlantska plovidba" director, Ante Jerkovic, his company and "Strabag" will participate in the investment with about US$11 million, the Hilton hotel chain will participate with two million dollars and the rest will be covered with foreign loans. "Atlantska plovidba" will be the hotel's majority owner with a share of about 59 percent, whereas Hilton International and Strabag will have an 18 percent share each. The remaining shares will be owned by small shareholders and the Croatian Privatisation Fund. The renovated hotel will have five stars and 150 state-of-the-art furnished rooms and many other programmes in line with Hilton standards. With this deal "Atlantska plovidba" has sent a very clear message on how one should manage and distribute ownership, Deputy Prime Minister Slavko Linic said. The authors of the reconstruction project are the 'Alfa plan' company from Dubrovnik and the "John Seifriet" design office from London. (hina) rml