Dubrovnik, Croatia — Seed Round

Luxury
Coastal
Hospitality

A vertically integrated platform acquiring and repositioning premium coastal properties across the Adriatic — delivering exceptional returns through experience-driven luxury travel.

€13B+
Croatia Annual Tourism Revenue
7–11%
Target Net Cash Yield
4.28M
Overnight Stays in Dubrovnik
€600K
Seed Round Raising
"

Built from loss,
driven by purpose

"My story starts with my sister."

She was always a positive light — someone who brought energy, joy, and perspective into every room. But despite how much she gave to others, she never had the opportunity to see the world. When she passed away, that stayed with me.

So I made a decision — I would go see what she didn't get to see. I traveled to Eastern Europe, and when I arrived in Croatia, something shifted. The natural beauty, the coastline, the culture — it opened my eyes to what real, untapped potential looks like.

In that moment, this stopped being just about travel. It became about purpose.

I didn't just want to experience places like this — I wanted to build in them. To create something meaningful, something lasting, something that connects vision, opportunity, and impact. That's where Atlas Capital was born.

"It's more than a real estate company. It's a way of turning loss into vision — creating eco-luxury developments in places the world is just beginning to rediscover."

Everything I'm building is rooted in that decision: to live fully, to build boldly, and to honor where I came from by creating something that lasts.

Bo Baruani

Bo Baruani

Founder, Atlas Capital Group

A fragmented market
ready for consolidation

Croatia's Adriatic coastline attracts millions of premium travelers each year. Yet the hospitality ecosystem remains deeply fragmented — accommodation, transport, and curated experiences operate in silos, leaving significant revenue per guest untapped.


Atlas Capital Group is building the infrastructure to unify these touchpoints into seamless, high-margin luxury guest journeys — starting with Dubrovnik and scaling across the Mediterranean.

Fragmented Ecosystem

Accommodation, transport, and experiences operate disconnected, creating friction for premium travelers seeking seamless journeys.

📉

Low Revenue Per Guest

Operators leave significant upsell and ancillary revenue on the table by focusing only on nightly rates.

🔍

Inconsistent Quality

The premium segment lacks reliable, branded quality — forcing luxury travelers to navigate a patchwork of providers.

📈

Rising Regulation

Increasing professional operator requirements are consolidating the market, favouring institutional-grade operators.

Our Model

Acquire → Renovate →
Operate → Scale

1

Acquire

Identify undervalued coastal properties in prime Dubrovnik locations with strong STR fundamentals.

2

Renovate

Reposition to premium luxury standard with curated design and best-in-class amenities.

3

Operate

Deploy professional hospitality systems, dynamic pricing, and experience bundling from day one.

4

Optimise

Layer concierge services, boat partnerships, transfers and curated experiences to maximise revenue per guest.

5

Scale

Replicate the model across 4–8 units in Croatia, then expand to Greece, Italy and Spain.

Accommodation
€50K+
Experiences
€200/guest
Upsells & Bundles
High Margin
Asset Appreciation
5–8% p.a.
Unit Economics

Conservative returns,
compelling upside

The following model reflects a single proof-of-concept asset in Dubrovnik's coastal zone. Numbers are institutional-range conservative — real operational upside adds further.

All-In Acquisition Cost
€500K
Purchase €350–420K · Renovation €60–90K · Furnishing €20–35K

Avg blended all-in per unit.
Optimised Case
€53K
€95K revenue with ADR uplift +15–30% and occupancy uplift +5–10% from experience bundling. ~10–11% yield.
Blended ADR €280–€360
Annual Occupancy 55–70% (base: 62%)
Booked Nights 226 nights/year
Breakeven 18–24 months
Cleaning & Operations €12–18K
Management / Co-hosting €10–15K
Maintenance €5–8K
Utilities & Misc €5–7K

The Adriatic
moment

Global demand for authentic luxury travel is at an all-time high. Croatia sits at the intersection of rising ADR, undersupply of institutional-grade hospitality, and a regulatory environment favouring professional operators.


Atlas is positioned to capture first-mover advantage before institutional capital consolidates the market — replicating across Greece, Italy, and Spain as the platform matures.


4
Target Markets
8
Units Phase 1
2026
Season Launch
Croatia
Greece
Italy
Spain
€13B+
Total Market

Dubrovnik: 40% below
comparable markets

Entry-point pricing before institutional capital arrives. The same asset class in Amalfi, Mykonos, and Ibiza commands significantly higher valuations — with lower yields.

Market Avg. ADR Asset Price / m² Occupancy Gross Yield Status
Dubrovnik Old Town* €320–400 €7,500–9,000 62–72% 7–14% Atlas Target
Amalfi Coast €500–700 €12,000–18,000 68–75% 5–8% Institutional
Mykonos €550–800 €13,000–20,000 65–73% 5–9% Institutional
Ibiza €450–650 €11,000–16,000 62–70% 5–8% Institutional
Santorini €400–600 €10,000–15,000 60–70% 5–8% Emerging

*Dubrovnik projections based on Atlas target unit economics and current market rates. Comparables reference: Savills & Knight Frank Adriatic/Mediterranean market reports 2024–2025.

Three paths to
investor liquidity

Structured over a 5–7 year horizon with multiple exit options for pre-seed investors.

01 · Primary Path

Portfolio Sale to
Institutional Buyer

Horizon: Year 5–7

Target: 2.5–4× invested capital

A stabilised, branded portfolio of 4–8 premium Croatian STR assets with verified yield history represents an institutional-grade acquisition target for PE real estate funds, family offices, and regional hospitality groups.

02

Refinance &
Capital Return

Horizon: Year 3–5

Partial liquidity event

Once Unit 1 is stabilised with 12+ months of operating history, the portfolio can be refinanced against its appreciated value — returning a portion of capital to investors while retaining the asset.

03

Series A /
Strategic Acquisition

Horizon: Year 2–3

Equity buyout or dilution event

Proof of concept from Unit 1 enables a Series A at a higher valuation, providing early liquidity to pre-seed investors who choose to exit. Alternatively, a strategic hospitality operator acquires Atlas as a platform.

Risks identified.
Mitigations in place.

Transparency is part of the investment thesis. Every risk has been identified and addressed.

Regulatory / Licensing
HIGH
Croatia's June 2026 STR registration deadline is the primary risk. Eligibility changes could affect operating rights.
Krce Ivančić law office (Dubrovnik) engaged pre-acquisition. Licence eligibility verified before closing. MOU with Dream Estates / Savills affiliate provides ongoing intelligence.
Occupancy Below Target
MEDIUM
If occupancy falls below 62%, STR revenue is compressed. Base case assumes 226 occupied nights.
Conservative 62% vs. 72–78% market average for premium Old Town properties. Dynamic pricing via PriceLabs optimises yield. Revenue supplemented by boat and upsells.
Currency Risk (€/USD)
LOW
Pre-seed is USD-denominated; operations are EUR. Adverse exchange rates could reduce returns for USD investors.
All property acquisition, operations, and revenue are EUR-denominated. Individual investors may layer currency hedging for material positions.
Renovation Delay
MEDIUM
Construction delays push back the STR launch and compress Year 1 revenue. Adriatic timelines can be unpredictable.
Fixed-fee contract with a verified Dubrovnik contractor. €15K contingency reserve in working capital. 60-day target with 30-day buffer before peak season.
Property Valuation Risk
LOW
If Dubrovnik asset values correct, total return is reduced. This affects appreciation gains but not the operating yield.
Conservative 5% p.a. vs. 6.2% historical CAGR. Acquiring 40% below Amalfi and Mykonos comparables provides substantial margin of safety.
The Ask

Pre-Seed Round · Limited Allocation

€600,000

Acquire and reposition the first proof-of-concept asset, validate the platform model, and establish operational infrastructure for rapid scale.

15%
Equity Offered
€4M
Implied Valuation
7–14%
Target Cash Yield
5–8%
Asset Appreciation p.a.
18–24mo
Breakeven Timeline
Use of Funds
🏠 Property Acquisition & Setup
🚤 Boat Partnerships
💻 Tech & Booking Systems
📣 Marketing & Operations
Email Bo Connect on LinkedIn
Bo Baruani

Bo Baruani

Founder — Atlas Capital Group

[email protected] linkedin.com/in/bo-baruani
From the founder

The Meridian

Where ambition meets the good life.

A weekly letter on luxury travel, coastal real estate, and living with intention — written by Bo Baruani as he builds Atlas Capital Group across the Adriatic.

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