Slovakian Acquisition of Hotel Trakoscan Now in Final Phases

Lauren Simmonds

Updated on:

As Poslovni Dnevnik/Suzana Varosanec writes, two of the three large tourism components from the bankruptcy estate of Varazdin’s Coning, which were sold as part of this bankruptcy procedure, can be said to have ended up in the portfolio of the same buyer, the Zagreb company Adriatic Tourist Resorts, owned by JS Capital Management from Bratislava, Slovakia.

The Zelena punta apartment complex (Kukljica) on the island of Ugljan, has already been taken over by ATR for around 26.5 million kuna, and now the same is about to unfold for Hotel Trakoscan, while possible Slovakian interest in Hotel Pagus is currently unknown. However, according to the latest AFS, ATR wrote off investments close to 2 million kuna for the purchase of the Pagus hotel, which failed to materialise in the end.

In total, the Kukljica apartment complex was estimated to stand at 37.57 million kuna, while the estimated value for Hotel Trakoscan and the surrounding land was 55.27 million kuna.

Currently, the acquisition of Hotel Trakoscan is in its final phase and the company in question is one step closer to taking possession, with this very attractive piece of real estate being accompanied by the necessary form of establishing a lien due to the closure of financing from the new owner – through a loan.

The buyer of ATR, Coning’s creditor, is financing the purchase of Hotel Trakoscan with credit funds, and the loan was obtained from the Slovak company Prime Tourist Resorts, which in mid-2020 transferred its stake to JS Capital Management.

After the hotel was awarded in favour of ATR for a massive price tag of 29.055 million kuna, ie, after the appeal procedure initiated by the buyer to resolve the issue of the difference for which they were exempted from paying the purchase price, the amount of 27.855 million kuna realised through a Slovak loan was finally confirmed.

As a result, a contract on the establishment of a lien on the aforementioned property and its surrounding land has been concluded over recent days, the Varazdin Commercial Court announced.

In the bankruptcy of the Varazdin company Coning, sales for Hotel Pagus are still expected to continue, with a value estimated at 45.87 million kuna, while the conclusion on the sale sets an initial value of 49 million kuna.

For more, make sure to check out our dedicated business section.


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