Croatia looks to raise $59M by selling hotel companies

Croatia–the newest European Union member and one of its weakest economies–is planning to sell off government holdings in two hotel groups for about $59.06 million as part of a government plan to cut debt. The country expects to raise up to $219.80 million by selling off government holdings in businesses.

The privatization agency said it had accepted bids from Croatia's Valamar Riviera for a 50.1-percent stake in the Hotel Imperial and from Cyprus-based PTR for a 30-percent stake in Suncani Hvar, another hotel group .

Valamar Riviera offered $38.5 million for the Hotel Imperial shares while PTR, which already owns a 62-percent stake in Suncani Hvar, offered $20.8 million for the 30-percent stake. 

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The sales are part of efforts to reduce Croatia's public debt, which is now at 87 percent of gross domestic product, to below 80 percent over the next four years, and to improve the business climate and attract investment into the economy.

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