Hotel Zrmanja in Obrovac For Sale For Just One Kuna

Lauren Simmonds

Hotel Zrmanja in Obrovac is a small hotel with 27 rooms and 2 apartments, it was last renovated twelve years ago.

As Marija Crnjak/Poslovni Dnevnik writes on the 18th of January, 2020, after nobody had volunteered for the purchase of Hotel Zrmanja in Obrovac in the three rounds of public auction, on January the 14th, the fourth round of the auction started, with a starting price of only one kuna, but this time the Town of Obrovac, which will participate in the bidding, is ready to offer up to 2 million kuna for the facility.

It is a small hotel that at one time had three stars, 27 rooms and 2 apartments, located on the bank of the river Zrmanja, in the very centre of Obrovac. The total area of ​​the building is 1508 square metres, it is on three floors, and it had a catering facility with a terrace, and even a conference room for about 80 people.

The facility was last renovated by a company called Zrmanja Velebit back in 2008, and since the hotel was unprofitable, the first listings for its sale and conversion began shortly afterwards, with one of the options being the opening a retirement home instead. The property was sold for 10 million kuna back in 2011 via classified ads. Back in 2017, the Zrmanja Velebit company ended up in bankruptcy, and the hotel ended up in a Fina auction.

The estimated value of Hotel Zrmanja stands at 6.3 million kuna, it was sold in the first round at an initial price of three quarters of the established value, which was 4.7 million kuna. At the second auction at the end of November 2019, the price dropped to 1.59 million kuna, in the third round it was selling for 1.6 million kuna, but nobody bidded.

The tender for this round is announced for March the 25th and will last until April the 7th, and in all likelihood one of the competitors will be the Town of Obrovac. According to the decision of the Town Council, Obrovac gave consent to Mayor Anto Župan to participate in the bidding process on behalf of the Town of Obrovac for the purchase of the former hotel. The mayor has also been authorised to offer a purchase price up to a maximum of 2 million kuna.

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