Maistra Hospitality Group combines two legal entities – Maistra d.d. and HUP-Zagreb d.d. The Company is the second largest owner and operator of hotels, resorts, and campsites in Croatia. Currently, it has 34 assets, ranging from budget to landmark, located along the Adriatic coast and in the capital, Zagreb.

Total Project cost is estimated at €343 million. It will be funded by a blue sustainability-linked senior secured loan of €200 million from IFC’s own account, and €143 million from MHG.

The Project is located in Vrsar (Istria region) and Split (Dalmatia region), Croatia.

This is a Category B project based on IFC’s 2012 Policy on Environmental and Social Sustainability as the proposed Project is expected to have limited adverse E&S risks and/or impacts that are few in number, generally site-specific, largely reversible, and readily addressed through mitigation measures, as described in the following sections.

Key environmental and social (E&S) risks and issues are expected to include: (i) the design and construction of hotels/properties in accordance with national construction codes and standards as well as good international industrial practices (GIIP), particularly related to life and fire safety; (ii) the company’s E&S management systems to manage E&S aspects of its existing and proposed operations in compliance with legal requirements as well as IFC Performance Standards (PSs) and applicable World Bank Group (WBG) EHS Guidelines, and with gender sensitivity; (iii) assurance of fair, safe and healthy working conditions for workers and contractors of all genders during both construction and operation including OHS, working hours, freedom of association and prevention of sexual harassment; (iv) recruiting and employing workers from overseas via agencies; (v) resource efficiency and management of wastes, effluents and emissions; (vi) climate risks; (vii) life and fire safety (L&FS) management including emergency preparedness and response; and (viii) stakeholder engagement.