Investment projects in the tourism sector are characterized by specific features that set them apart from projects in other sectors. In Croatia, tourism is one of the growing sectors and significantly contributes to the gross domestic product (GDP). Because of this, the focus is on tourism projects, which are most often financed by non-repayable funds from the European Union. This type of financing for tourism projects enables the realization of projects that would otherwise be financially unsustainable for investors. The optimal level of financing for tourism projects requires careful planning and management, taking into account market fluctuations and seasonality. Seasonality, one of the key characteristics of tourism projects, means that most income is generated during certain periods. Consequently, market fluctuations also affect the stability of income, which is influenced by economic, political, or other factors. Therefore, it is important to use key methods for investment valuation. In this context, the methods of net present value and internal rate of return are mentioned. These methods allow the assessment of the profitability and sustainability of a project through the project's expected future cash flows. Accordingly, two tourism projects in Croatia have been analyzed in the paper. The "KulTouSpirit" project, implemented in a developed tourist area, and the "Vrata Spačvanskog bazena – Construction and Equipping of the Bioecological Education Center Virovi" project, which was realized in one of the most underdeveloped tourist areas in the Republic of Croatia. By comparing the selected projects financed by European nonrepayable funds, it was proven that they exhibit almost identical behavior: financial unfeasibility with exceptionally high initial investments and operational costs, but long-term economic sustainability for society and the community. The observed projects are unattractive to investors but extremely appealing to society.