Croatia's Maistra Hospitality Group has secured a sustainability-linked loan of up to €200m from the International Finance Corporation (IFC) to develop and renovate Hotel Marjan.

This marks the first blue loan in Croatia's tourism industry, aimed at bolstering sustainable operations within the sector.

Hotel Marjan is located adjacent to the UNESCO-listed historic centre of Split.

The financing will also fund the modernisation of the Vrsar Holiday Village in the Istria campsite.

The loan offers Maistra incentives to enhance its social and performance, with interest rate reductions contingent upon achieving specific sustainability benchmarks.

As part of its 2024-2027 capital expenditure programme, Maistra plans to invest in the Hotel Marjan and Vrsar projects.

Maistra Hospitality Group CEO Tomislav Popović was quoted by Property Forum as saying: “Our intention is to significantly accelerate our green transition, which will contribute to further improvement in operational excellence and an enhanced customer experience while ensuring a measurable contribution to global sustainability goals.”

The financial terms of the loan are structured to incentivise Maistra to attain IFC's innovative EDGE Zero Carbon green building certification for the hotel and blue certifications recognised by the Global Sustainable Tourism Council for both sites in Dalmatia and Istria.

Additionally, the loan terms are linked to achieving significant reductions in greenhouse gas emissions across the group's entire portfolio of 34 properties.

Maistra will be able to use the loan by the 31 December 2026 deadline with the final maturity date set at 15 September 2036, as reported by Total Croatia News.

It employs around 4,000 individuals and operates a range of properties along the Adriatic Coast and in Croatia's capital city, Zagreb.

The group is under the majority ownership and control of Adris Grupa.