Dissatisfied: Czech Offer for Privatisation of Hoteli Maestral Rejected

By 10 February 2018

The selling off of the last remaining state owned hotel companies is hitting more bumps in the road than previously expected.

As Poslovni Dnevnik/Marija Brnić writes on the 9th of February, 2018, the Governing Council of the Center for Restructuring and Sales (CERP) has accepted the joint offer for Valamar Riviera and the AZ Fund for the purchase of Hoteli Makarska, as well as the offer of pension funds of PBZ Croatia Osiguranje and Erste for Crikvenica's Jadran (Adriatic) group, while for Hoteli Maestral, the bid was rejected and another bid will soon be announced.

Crikvenica's Jadran group, for which the bid deadline was extended, according to the new decision of the CERP Governing Council, found strategic partners in PBZ Croatia Osiguranje and Erste, who jointly offered to buy 70.7 percent of the state share, offering 199.8 million kuna, more specifically 6 million kuna more than was initially requested, with the obligation to recapitalise with 200 million kuna.

A state share of 55.5% was also sold in the case of Hoteli Makarska, for which Valamar Riviera, together with the AZ Pension Fund, offered 172.6 million kuna, which is 22.6 million kuna more than the initial asking price.

Club Adriatic was sold at a price of 54 million kuna, which is again 6 million kuna more than the initial asking price. It was sold to the Swiss company "Immo Invest Partner Ag Glattebrugg", which sent the only binding offer.

For Dubrovnik's Hoteli Maestral, the only offer from the Czech J & T IB Capital Market was rejected. They offered the requested starting price of 114 million kuna, but CERP were not satisfied with the offered investment value for such an attractive destination (21.6 million euro) so a new tender will be announced immediately.

Otherwise, these three hotels were among those for which privatisation has shown the greatest interest so far, with over 80 offers received in the first round.