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Banking

Sarajevo Europa hotel sold for EUR 4.8mn.

Sarajevo Europa hotel sold for EUR 4.8mn. Sarajevo canton Privatisation Agency has signed contract with domestic company Astrea and Rasim Bajrovic for the sale of 95.15% of the state–owned capital in Sarajevo-based Europa hotel for KM 9.4mn (EUR 4.8mn), ONASA informed. Pursuant to the contract, the buyer is obliged to invest KM 30mn (KM 10mn per year in the next 3 years) in the hotel’s restoration and rehabilitation, for which domestic HVB Bank has provided the needed guarantees. In addition, the new owner has pledged to preserve the present 44 employees in the next 3 years and hire another 120. Bajrovic, who also owns Sarajevo ’s Astra and Astra Garni hotels, expects the hotel to become 4-stars graded place with 22 rooms, 10 apartments and underground garage. Astrea is a trading company which also provides hotel-tourism services.

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