Hotel Vranje was sold on May 14 at a public bidding to the Belgrade-based company Putesestvenik, owned by Russian businessmen Alexey Todorochko and George Orjonikidze.
The new owners did not disclose the price in their press release, but the media report that the hotel was sold for RSD 130 million.
The initial price of the 7,900-m2 hotel was around RSD 96 million, and the Belgrade-based company Milenijum Tim was another bidder, which offered a lower price.
This was the first public bidding for Hotel Vranje, which used to operate as part of the Vranje hospitality company, which has been in bankruptcy since March 2018.
As Putesestvenik announced, the purchasers have a developed business in Russia and intend to make considerable investments in south Serbia, primarily in hotels and other facilities.