Hotel Marjan, Split’s Famous Eyesore, Finally Ready to be Sold

Daniela Rogulj

Split’s wishes have finally come true. Hotel Marjan, once a symbol of the Dalmatian capital which for the last 11 years has been the city’s eyesore and a threat to the heart of the flourishing tourist town, is ready for sale, reports Slobodna Dalmacija on April 15, 2019. 

Namely, the bankruptcy was completed for “Adriatic” d.d. by making a conclusion about the sale. The process is final and the final document produced by the judge of the Commercial Court in Split, Ivan Čulić, will go to Fina, who will look for a buyer.

Fina will sell the hotel by an electronic public auction. The hotel itself is 5,679 square meters, with a substation, parking lot, three courtyards and stairs, altogether making up nearly 12,000 square meters. According to bankruptcy law, four auctions are envisaged. In the first the object cannot be sold below three-quarters of the established value, the second below one half, the third below one quarter, while the fourth is sold for one kuna.

According to the accepted assessment by court expert Jure Malenica, the price is EUR 58 million or HRK 432 million (VAT included, so that there would be no confusion), which means that the buyer must offer approximately EUR 44 million in the first auction. In the second auction EUR 29 million, then EUR 14.5 million, and so on. 

The bankruptcy administrator Ante Gabelica is convinced that the unfinished hotel will soon be sold since it is an attractive property in a prestigious location.

Interestingly, there is no lack of interest, but the keys to the future owners are firmly held by the “Adris Group”, whose “Adria Resorts”, through the purchase of receivables, has already invested an amount that is close to or even higher than the total estimated value of the object. There would be an uproar if Adris did not eventually buy the hotel. After all, the powerful Rovinj company already announced a significant investment in Split in its annual plan.

Recall, Željko Kerum bought the hotel “Marjan” in 2005. Kerum paid HRK 170 million, which was three times more than the required HRK 57 million. Less than four years later, a contract with “Hilton” was signed, and Kerum became the mayor one month after that. Works on “Marjan” were quickly interrupted, and in 2015, it all ended with the bankruptcy of “Adriatic”.

Fortunately, Split’s best-known eyesore will soon get a new owner who will give a new dimension to the tourist offer of the city.

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