State Expects Minimum of 458 Million Kuna from Sale of Three Hotels

Lauren Simmonds

The last three hotel companies under state ownership are expected to drum up a significant amount.

As Poslovni Dnevnik writes on the 27th of November, 2017, the state expects a minumum of 458 million kuna for the privatisation of the last hotel companies still under state ownership – Maestral Hoteli in Dubrovnik, Hoteli Makarska and Crikvenica’s Jadran (Adriatic).

The total amount of the initial prices offered was based on the investor’s interest in the first round of bidding, which was unprecedented in the general practice of privatisation so far. Unlike in previous years when sales were offered, there are now a huge 40 potential buyers interested in the aforementiond group of hotels, all of which are popular, well known and located along the coast.

There are also 22 potential investors in Crikvenica’s Jadran, the only member of this group consisting of three state owned hotel companies to have undergone the bankruptcy process.

However, the requirement to buy the Crikvenica based company, which, as previously mentioned, is the only one in the aforementioned group of state owned hotels to have gone through the bankruptcy process, requires the obligation of investing its own capital in the amount of at least 200 million kuna. The capitalisation should be carried out by the future owner within six months of the conclusion of the finalised sales contract.

For all hotel companies whose shares are to be sold, potential investors must also submit business and development plans with absolutely precise deadlines, and after receiving the CERP call in the coming days, they’ll have just thirty days to submit their respective bids. The analysing and selecting of the best bids for these, the last state-owned hotels in the Republic of Croatia, should be completed during the first quarter of next year.


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