IFC Provides €200M Loan to Maistra Hospitality Group for Sustainable Tourism in Croatia

The loan will support the redevelopment of Hotel Marjan, a historic hotel near Split's UNESCO-listed center, and the upgrade of Vrsar Holiday Village in Istria,

The International Finance Corporation (IFC) has announced a landmark blue and green sustainability-linked loan of up to €200 million to Maistra Hospitality Group, Croatia's second-largest tourism player. This financing marks the first blue loan in Croatia's tourism sector and aims to advance sustainable tourism practices across Maistra's portfolio.

The loan will support the redevelopment of Hotel Marjan, a historic hotel near Split's UNESCO-listed center, and the upgrade of Vrsar Holiday Village in Istria, Croatia’s largest campsite. Both locations are situated near marine protected areas, underscoring the importance of sustainable operations in these sensitive environments.

Under this loan, Maistra will receive interest rate incentives for meeting specific sustainability targets. These include obtaining IFC’s EDGE Zero Carbon green building certification for Hotel Marjan, achieving blue certifications from the Global Sustainable Tourism Council for both properties, and significant reductions in greenhouse gas (GHG) emissions across its 34-property portfolio. IFC will also provide advisory services to assist Maistra in reaching these goals and improving its environmental and social practices.

Tomislav Popović, CEO of Maistra Hospitality Group, stated, “Our competitive advantage relies heavily on natural resources. Therefore, adhering to sustainability principles is a core strategic priority. We aim to accelerate our green transition, enhance operational excellence, and improve customer experience while contributing to global sustainability goals.”

Croatia’s tourism sector plays a vital role in the national economy, contributing 26 percent to GDP and accounting for about a quarter of all jobs. The project is expected to enhance energy and resource efficiency, increase recycling, improve water and waste management, and elevate sustainable tourism standards near marine protected areas. It will also create quality jobs and foster skills development.

Ary Naïm, IFC Manager for Central and South Europe, remarked, “Partnering with Maistra, a local market leader, supports our goal of transforming the tourism industry towards best environmental and social practices. Ensuring the long-term sustainability of Croatia’s tourism sector is a key strategic objective.”

Maistra Hospitality Group, employing around 4,000 people, operates along the Adriatic Coast and in Croatia’s capital, Zagreb. The company is majority-owned by Adris Grupa, a leading Croatian conglomerate.

IFC’s investment aligns with ongoing World Bank Group efforts in Croatia to promote energy efficiency, sustainable tourism, blue and circular economy practices, and decarbonization.