The last Dubrovnik hotel company in state ownership, Hotels Maestral, could soon pass into the private sector. A public tender for offers for the hotel chain was announced a few weeks ago and the Croatia Centre for Restructuring and Sales (CERP) have received many offers.
The majority shares in Hotels Maestral, a hotel group that includes five hotels in prime seafront position in the Bay of Lapad, or around 69 percent of the shares went on public tender for non-binding offers. A huge number of national and international companies were interested in the state hotel chain, in fact a massive 88 separate offers were received. In the second round of bidding 40 investors will be invited to participate and over the next few days the final terms and conditions of the sale will be decided.
It is expected that by the end of this year the final bids will be decided and the last state hotel chain in Dubrovnik will finally have a new lease of life and an injection of private capital. By the next summer season these five hotels could well be in private hands. This isn’t the first time that the government has tried to sell this hotel group in Dubrovnik, which is situated in right on the Adriatic. In fact, the group has been on sale since 2015 and during that time many offers have been received and rejected.