The historic Yugoslavia Hotel offered for sale

The state bankruptcy supervision agency announced on Tuesday the sale of bankrupt Belgrade-based company Danube Riverside, including its assets such as the historic Yugoslavia Hotel, with a starting price of 3.18 billion dinars (25.6 million euros).

Apart from the Yugoslavia Hotel, Danube Riverside assets include 45,613 square metres of land which it owns jointly with local financial firm MV Investment, the agency said in a public call for submission of bids.

The estimated value of bankruptcy debtor Danube Riverside as a legal entity is 6.35 billion dinars, twice the minimum ask price in the tender.

Interested investors should submit their proposals by March 18. The public auction for the sale of Danube Riverside will take place on March 22.

The commercial court in Belgrade launched bankruptcy proceedings against Danube Riverside in November 2021, with bankruptcy officially declared in May 2022.

Yugoslavia Hotel, located near the Danube River, was built in 1969. It has 476 rooms, including seven suites. It was partially destroyed by the NATO bombing in 1999.

In 2006, Greek investment fund Alpe Adria Hotels bought the hotel for 31.3 million euros from the Serbian government. Alpe Adria Hotels was renamed Danube Riverside in 2013. Local media reported in 2015 that the investor was planning to rebrand the Yugoslavia hotel into Kempinski following a thorough revamp.

(eKapija, 21.02.2024)

This post is also available in: Italiano

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