Hotel Marjan, a former symbol of Split, which has stood dilapidated for 11 years now, has been put up for sale at the initial price of EUR 58 million, Poslovni Dnevnik reports.
The bankruptcy procedure against the debtor Adriatic d.d. in bankruptcy ended with the reaching of the decision on a sale, and the bankruptcy supervisor, Ante Gabelica, whose duty is now over, is convinced that the unfinished hotel will be sold quickly, as it is an attractive piece of real estate at a prestigious location.
The hotel has a surface of 5,679 square meters. Together with the substations, the parking lot, three yards and staircases, it has nearly 12,000 square meters. The bankruptcy law allows for four auctions.
At the first one, the facility can't be sold for under three quarters of the determined value, at the second, not below a half, at the third, not below a fourth, whereas, at the fourth auction, it is sold for 1 Croatian kuna.
Former mayor of Split Zeljko Kerum bought Hotel Marjan in 2005 at an auction. He paid EUR 22.8 million (HRK 170 million) for it, which was three times as much as the asking price of EUR 7.5 million (HRK 57 million).
Less than four years later, an agreement was signed with Hilton, and Kerum became the mayor several months afterwards. The works on Marjan were stopped not too long afterwards, and in 2015, it all ended with the initiation of the bankruptcy proceedings in Adriatic.