The Privatization and Capital Investment Council approved the sale of hotels Sidro in Bar and Piva in Pluzine. The initial price of Hotel Sidro is around EUR 1.7 million, whereas the initial price of Hotel Piva is around EUR 152,000, the Government of Montenegro announced.
The Privatization and Capital Investment Council adopted the Request of the Port of Bar AD - Bar for the sale of 100% of shares in Sidro Hotel and accepted the Request of the Hotel Group Budvanska rivijera AD - Budva for giving consent to the Decision on modification of the Decision on sale by public auction regarding the sale of Piva Hotel in Plužine.
– The Auction Commission should conduct a procedure for the sale of part of the property of the Hotel Group Budvanska rivijera AD - Budva - Piva Hotel in Plužine in accordance with the Decree on sale of shares and assets through public auction in accordance with this conclusion – the press release says.
The discussion pointed out that Sidro Hotel did not operate positively since the opening in 2010 and that the management of the Port of Bar intends to use the money from the sale of Sidro Hotel for the rehabilitation of Volujica quay construction in the length of 554 m and for the construction of a 6,000 m² prefabricated storage facility. The session emphasized that 34 employees at Sidro Hotel were protected by a high-quality collective agreement in the five-year period after the privatization
– The Council recommended to the Port of Bar to make the final decision on the sale of Sidro Hotel, adding that an integral part of the decision is a social program that should be implemented by a potential buyer – the press release says.