Liburnia Riviera Hotels Sells Five Properties

Total Croatia News

Some significant hotel sales on the Liburnian Riviera.

The value of shares of Opatija’s leading hotel company Liburnia Riviera Hotels, after its separation from the hotel business in Cavtat which occurred at the beginning of last month, has only slightly decreased, reports on November 5, 2015.

These shares are under the watchful eye of shareholders, especially since the new company LRH Cavtat has not yet completed formal procedure for inclusion on the Zagreb Stock Exchange. However, the corporate accounts are already starting to receive first millions from the autumn round of sales of the several non-core properties. These are assets which are not part of its core hotel business and for which LRH is looking for potential buyers through a public tender. The first results are in, and additional news are reportedly expected soon.

According to the statement published on the stock exchange, the purchase process has been successfully completed for five properties which are located on the Liburnian Riviera. The properties are: business premises in Medveja, Villa Medveja, Villa Jadran in Lovran, which is now known as Lauriana, business premises in Opatija which include former restaurant Korzo, and a plot of land in Mala Draga. Although Liburnia Riviera Hotels did not reveal the total purchase price for all these properties, the guessing game on the market has begun.

Unofficial estimates claim that the total proceeds amount to at least three and a half million euros. As far as individual transactions are concerned, there is no doubt that the best price was achieved by Villa Lauriana in Lovran. Although it is pretty devastated and requires significant investments, it is of great interest for potential tourist projects due to the attractiveness of the location, three floors with more than a thousand square metres of area, and a terrace on the seashore.

According to unofficial information, the price for the property was at least two million euros. Neither the seller nor the buyer, Bashim Kasapolli, an entrepreneur who used to be involved in tourism and hospitality industry in Lovran, wanted to confirm the price. In recent years, he has been involved in the hospitality industry in the Czech Republic, where he now lives and owns a hotel and several restaurants in Karlovy Vary.


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