Adriatic Luxury Hospitality Platform

Where Capital
Meets the
Adriatic

Acquiring and operating premium coastal assets across Croatia — building the region's first institutional-grade luxury STR platform before the market consolidates.

Seed Round  ·  €2–2.5M  ·  Limited Allocation
Request Deck View Assets
€13B+
Croatia Tourism
40%
Below Amalfi
8–11%
Net Yield Target
7
Licensed Units

"The Adriatic is where Mykonos was twenty years ago — and the window to acquire before institutional money arrives is measurably closing."

Atlas Capital Group — Investment Thesis, 2026
4.28MOvernight stays in Dubrovnik annually, growing 9% YoY
+12%Average daily rate increase in premium Adriatic STR, 2023–2025
2026Croatia STR licensing deadline — eliminating amateur operators
The Thesis

A market structurally mispriced
relative to its peers

The same premium traveller who books Amalfi and Mykonos is now choosing Croatia — at asset prices 40% lower. This arbitrage does not persist indefinitely.

I.

The Pricing Gap

Dubrovnik Old Town assets trade at €7,500–9,000 per square metre. Amalfi trades at €12,000–18,000. Mykonos at €13,000–20,000. The same guest. The same demand. A fraction of the entry price — and a window that closes within one institutional investment cycle.

II.

The Operational Vacuum

The Croatian STR market remains dominated by individual owners operating without professional infrastructure. Accommodation, transport, and curated experiences operate in silos. The operator who unifies them captures a yield premium that the market is not currently pricing.

III.

The Regulatory Tailwind

Croatia's June 2026 STR licensing deadline is the most consequential structural shift the market has seen. Amateur operators are exiting. Licensed, professional platforms gain a permanent competitive advantage — and the consolidation has already begun.

IV.

The Platform Horizon

A stabilised portfolio of 4–8 premium Adriatic assets with verified operating history and branded guest experience represents an institutional acquisition target. The PE real estate funds have not arrived yet. Atlas is positioning before they do.

Pipeline Assets

Two assets.
One platform thesis.

Asset #1 deploys seven licensed income streams from a single acquisition. Asset #2 secures the Adriatic land position. Together they establish the Croatian chapter of the Atlas platform.

Asset #1 — Offer Submitted

Zaton Veliki

Dubrovnik Riviera  ·  7 Licensed STR Apartments

A 400m² villa with seven officially categorised short-term rental apartments, private pool, hillside sea views, and fully furnished interiors. Built 2008. Twenty minutes from Dubrovnik's walled Old Town. Certificate of ownership, building and usage permits all in order. Capacity across seven independently rentable units: 16 to 24 guests.

7 Licensed Units Private Pool Sea Views Fully Furnished All Permits Built 2008
€1.55M
Acquisition
€250K+
Target Revenue
8–11%
Net Cash Yield
Asset #2 — In Negotiation

Hvar Island

Dalmatian Coast  ·  Adriatic Seafront Land

1,550 square metres of permitted seafront land on one of the Adriatic's most sought-after destinations. Under active exclusivity discussions with the landowner. Hvar commands ADRs of €380–550 per night — rates that reflect its standing as the Adriatic's most premium island address. Positioned for boutique eco-luxury development, phased alongside Asset #1 operating proof.

1,550 sqm Permitted Land Seafront Exclusivity Active
1,550
sqm Permitted
Seafront
Position
2027+
Development
Operating Model

The same playbook.
Applied repeatedly.

Each asset moves through five stages. The infrastructure built for Asset #1 makes Asset #2 cheaper and faster. That compounding effect is the platform.

01

Acquire

Undervalued coastal assets with verified STR licensing, clean title, and motivated sellers. We move faster than the market.

02

Renovate

A cosmetic repositioning to luxury standard — curated interiors, premium amenities, editorial-grade photography.

03

Operate

Dynamic pricing, professional guest services, and concierge-level hospitality from the first booking.

04

Optimise

Boat partnerships, curated experiences, airport transfers, and curated upsells — layering yield above the nightly rate.

05

Scale

4–8 assets across Croatia, then Greece, Italy, and Spain. The model travels. The brand compounds.

Accommodation  €250K+/asset Experience Bundles  €200/guest Boat & Transfer Upsells Asset Appreciation  5–8% p.a.
Unit Economics

Seven apartments.
One acquisition.

The numbers below reflect conservative 65% occupancy across seven units. Operational upside from experience bundling is not modelled. The base case still generates institutional-grade yield.

All-In Cost
€1.75M
Acquisition €1.55M  ·  Renovation €90K
Legal & Setup €35K  ·  Working Capital €70K
€130K
Base NCF/yr
~8% yield
€180K
Optimised NCF/yr
~11% yield
Revenue Assumptions
Blended ADR (per unit)€180–220/night
Annual Occupancy65% base
Booked Nights/Unit~237 nights/yr
Gross Revenue (7 units)€220–280K
Guest Capacity16–24 guests
Breakeven18–24 months
Annual OPEX (7 Units)
Cleaning & Operations€25–35K
Management / Co-hosting€20–28K
Maintenance & Pool€12–18K
Utilities & Misc€10–14K
Market Comparables

The same traveller.
A fraction of the price.

Guests who book Amalfi, Mykonos, and Ibiza are choosing Croatia in increasing numbers — at asset prices that have not yet caught up. This table shows why the window exists, and how long it is likely to last.

MarketAvg ADRAsset Price / m²OccupancyGross YieldStatus
Zaton Veliki — Atlas #1 ★€180–220€3,500–5,00062–70%8–11%Active
Dubrovnik Old Town€320–400€7,500–9,00065–72%7–14%Future Target
Amalfi Coast€500–700€12,000–18,00068–75%5–8%Institutional
Mykonos€550–800€13,000–20,00065–73%5–9%Institutional
Ibiza€450–650€11,000–16,00062–70%5–8%Institutional
Hvar Island — Atlas #2 ★€380–550€8,000–12,00060–70%6–10%Pipeline
The Ask

Seed Round.
Platform Entry.

This raise funds Asset #1 and its seven-unit repositioning, secures the Hvar land position, and establishes the Croatian platform infrastructure. Investors entering at seed hold equity in the platform — not a single unit.

€2–2.5M
Seed Round
15%
Equity Offered
€4M
Pre-Money Valuation
2.5–4×
Target Multiple Yr 5–7
Use of Funds
  • Asset #1 Acquisition — Zaton Veliki (7 units)
  • Renovation & Repositioning
  • Hvar Land Deposit & Exclusivity
  • Croatian d.o.o. Formation & Legal
  • Technology & Booking Infrastructure
  • Working Capital Reserve

Interested in the opportunity?

A limited allocation of the seed round is available to qualified investors. Request the full investment deck and financial model — or connect directly with Bo Baruani to discuss the opportunity.

Request Investment Deck Connect on LinkedIn
Exit Pathways
01
Portfolio Sale to PE / Family Office
Year 5–7  ·  Stabilised multi-asset platform  ·  2.5–4× target
02
Refinance & Capital Return
Year 3–5  ·  Refinance against appreciated value  ·  Partial return
03
Series A or Strategic Acquisition
Year 2–3  ·  Series A on proof of concept  ·  Early liquidity
Founder
Bo Baruani
Bo Baruani Founder & CEO
“
This stopped being just about travel. It became about purpose — to live fully, to build boldly, and to create something lasting in places the world is just beginning to rediscover.

Bo Baruani is the founder of Atlas Capital Group. A Business Analytics graduate who left employment to build a vertically integrated luxury hospitality platform along Croatia's Adriatic coast, Atlas was built in memory of his late sister — and carries her spirit in everything it does.

Atlas has engaged Krce Ivančić law office in Dubrovnik as Croatian legal counsel, submitted a formal offer on the Zaton Veliki villa, and is in active exclusivity discussions on the Hvar Island seafront land position.

Emailbo@atlascapitalgrpx.com
Websiteatlascapitalgrpx.com
LinkedIn/in/bo-baruani
OperationsDubrovnik, Croatia