The Croatian government is selling the last three hotel groups which it has in its ownership.
The call for expression of interest for the privatization of the last state-owned hotel companies in Croatia – Maestral from Dubrovnik, Hoteli Makarska and Jadran from Crikvenica, has resulted in a record interest from possible investors, reports Poslovni.hr on November 21, 2017.
The Centre for Restructuring and Sales (CERP) has announced that its public tenders for the sale of majority shares in the companies have received as many as 88 non-binding offers. It is expected that many of the renowned Croatian and foreign hotel groups are among those who have sent their bids.
As expected, the most significant interest was shown for Maestral, the company in which the state is selling its 75.32 percent of shares. Forty potential buyers will be invited to send their binding offers in the second round of competition. There are 26 candidates for 70.54 percent of shares in Hoteli Makarska, while 75.81 percent of Jadran’s shares attracted a total of 22 investors.
The final prices and other conditions under which these parts of the state-owned tourist portfolios will be offered in the second round will be determined in a few days, at a meeting of the CERP governing council.
Interested bidders will be able to undertake due diligence of the companies, and the submission of the binding bids is expected by the end of this year. The conclusion of this final privatisation process in the tourism portfolio, along with the Club Adriatic company, where 15 candidates have shown interest in the first round and are currently doing the due diligence, should bring about the end of the state ownership in Croatia’s hotel companies.
Maestral, Jadran, Makarska and Club Adriatic are expected to enter the next tourist season with new owners.
Translated from Poslovni.hr.
