INVESTMENT EFFICIENCY AND ECONOMIC PERFORMANCE OF INTEGRATED SPA DESTINATIONS
Abstract
The transformation of traditional spa resorts into integrated spa destinations has led to the intensification of investment activities in the tourism sector. This paper analyzes the relationship between investment efficiency and economic performance of integrated spa destinations, with a special focus on infrastructure investments as a key factor of long-term competitiveness. Starting from an economic theoretical framework, the research examines how capital investments affect productivity, income diversification and wider regional economic effects. The methodological approach is based on the analysis of secondary sources and a case study. As an illustrative example, the destination Terme Tuhelj in Croatia is used, which shows how targeted infrastructure investments contribute to improving economic performance through increasing capacity, extending the tourist season and strengthening the market position.
Downloads
References
Croatian Bureau of Statistics (2020). Tourism in 2019 (Statistical Report No. SI-1661). Retrived March 2. 2026. from https://web.dzs.hr/
Hrv_Eng/publication/2020/SI-1661.pdf
Croatian Bureau of Statistics (2025). Tourism in 2024 (Statistical Report No. 1739). Retrived February 24. 2026. from https://podaci.dzs.hr/
media/mrhlz3py/si-1739-turizam-u-2024.pdf
European Commission (n.d.). Reconstruction of the thermal recreation center Terme Tuhelj. Retrived February 24. 2026. from https://commission.europa.eu/projects/reconstruction-thermal-recreation-center-terme-tuhelj_en
Global Wellness Institute (2021). Global Wellness Economy Monitor 2021: Looking Beyond COVID. Retrived February 24. 2026. from https://globalwellnessinstitute.org/wp-content/uploads/2021/11/GWI-WE-Monitor-2021_final-digital.pdf
Global Wellness Institute (2021). Global Wellness Economy Monitor 2021: Wellness Tourism. http://web.dzs.hr/Hrv_Eng/publication/2020/SI-1661.pdf
Jovanović, V. (2014). Adapting the TSA to Measure Economic Contribution of Tourism in Serbia. European Journal of Applied Sciences, 11(2), 1–10. https://doi.org/10.5937/sjas11-4463
Ministry of Tourism and Sport of Croatia (2024). Terme Tuhelj launches biggest yet investment cycle worth €27m. https://mint.gov.hr/
news-11455/terme-tuhelj-launches-biggest-yet-investment-cycle-worth-27-mn/23713
Nguyen Hai, Q. (2021). Impact of Investment in Tourism Infrastructure Development on Attracting International Visitors to Vietnam: A Nonlinear Panel ARDL Approach Using Vietnam’s Data. Economies, 9(3), 131. https://doi.org/10.3390/economies9030131
OECD (2022). OECD Tourism Trends and Policies 2022: Policy Highlights. https://www.oecd.org/content/dam/oecd/en/publications/
support-materials/2022/11/oecd-tourism-trends-and-policies-2022_71dc1773/TTP2022-Policy-Highlights-en.pdf
Seetanah, B. (2011). Assessing the dynamic economic impact of tourism for island economies. Annals of Tourism Research, 38(1), 291–308. https://doi.org/10.1016/j.annals.2010.08.009
UN Statistics Division, Eurostat, UNWTO, OECD (2008). Tourism Satellite Account: Recommended Methodological Framework (TSA: RMF 2008). https://unstats.un.org/unsd/statcom/doc08/BG-TSA.pdf
UN Tourism (2020). Tourism Investment Report 2020. https://www.untourism.int/investment/tourism-investment-report-2020
UN Tourism, fDi Intelligence (2024). Tourism Investment Report 2024. https://www.fdiintelligence.com/special-report/3c5c4180-8c42-526d-a6cc-32b88745a7d4
Yan, G., Zou, L., Liu, Y., Ji, R. (2022). How does new infrastructure impact the competitiveness of the tourism industry? Evidence from China. PLOS ONE, 17(12). https://doi.org/10.1371/journal.pone.0278274
