Hotel Marjan Finally Up for Sale Again?

By 16 June 2018

Hopefully, greener pastures are in store for the eyesore of Split's West Coast Riva - Hotel Marjan. 

Hotel Marjan will finally go on sale! The Commercial Court in Split ordered the sale of property in Kerum’s company Adriatic, which was sent to bankruptcy by workers for unpaid wages, reports Dalmatinski Portal on June 15, 2018. 

Bankruptcy manager of Adriatic, Ante Gabelica, says that the bankruptcy law predicts four auctions with FINA. The first object cannot be sold below three-quarters of the established value, the second below one half, the third below one quarter, while the fourth is sold for one kuna. What price Hotel Marjan will go for on the market should be known soon, as soon as the expert testimony is made, says Gabelica. The bankruptcy administrator considers Marjan hotel an easy sell and will not have to be sold for one dollar.

"The property is attractive, I think it could sell quickly," says Gabelica.

The Commercial Court issued a decision on the sale of Marjan after the suspension of the execution initiated by the Heta Asset Resolution was suspended at the Municipal Court in Split.

Kerum closed the doors of the hotel ten years ago, with the intent to thoroughly reconstruct and expand it. There was nothing of that, however. The business empire collapsed, and the construction site was closed for eight years. Kerum was once able to push forward the money for Adriatic, but as the Management Board did not pay wages to employees, the company's bankruptcy was demanded.

Three workers complained about the sale of the hotel. The court, Gabelica says, refused the appeal, but there is a possible appeal to that resolution. Gabelica, however, believes that the workers did not have the legal basis for the appeal and wondered what the motives were behind their move.

“Only dissatisfied creditors and bankruptcy administrators can complain. Why did they complain? They only delay the procedure and prolong the agony,” concluded Gabelica.