The State Property Fund has offered 51% of its shares in the Bratislava hotel complex for sale for €1.7m. The auction is due to take place on 23 September. It is expected that the buyer will be required to maintain the existing line of business and to generate annual revenues of €1.6m; last year’s revenue figure was €2.4m. In addition, the potential investor is obliged to invest approximately €4.2m in the reconstruction of the hotel over the next 30 months.
The buyer is expected to be Yury Pashkovsky, the former president of the hotel complex, who already owns a 43% stake in the edifice.
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