New hotel company sells five properties along Croatia's coastline

Along the coastline of Croatia, a new hospitality company--Liburnia Riviera Hotels--has not yet completed the formal procedures to be included on the Zagreb Stock Exchange, but the corporate accounts are already starting to receive attention from the autumn round of sales of the several non-core properties. These assets are not part of the company's core hotel business, for which LRH is looking for potential buyers through a public tender. 

According to the statement published on the stock exchange, the purchase process has been successfully completed for five properties on the Liburnian Riviera. 

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Liburnia Riviera Hotels did not reveal the total purchase price for all these properties, but unofficial estimates claim that the total proceeds amount to at least €3.5 million, with Villa Lauriana in Lovran commanding the best price. Although it is pretty devastated and requires significant investments, it is of great interest for potential tourist projects due to the attractiveness of the location, three floors with more than a thousand square metres of area, and a terrace on the seashore.

Total Croatia News reported that the price for the property was at least €2 million. Neither the seller nor the buyer, Bashim Kasapolli, an entrepreneur who was formerly involved in tourism and hospitality industry in Lovran, wanted to confirm the price. In recent years, he has been involved in the hospitality industry in the Czech Republic, where he owns a hotel and several restaurants in Karlovy Vary.