"Delta" took over management of hotel "Continental"

(Hotel "Continental")

Company NBGP Properties, owned by "Delta Holding", has announced today (June 26, 2008) that it officially took over the management of Belgrade-based hotel "Continental".

According to the announcement, they will also manage the remaining property from the complex of company Internacional CG in New Belgrade's Block 20, which includes CG suites, Small tower, tennis hall and power plant, at total surface of 72,225 square meters.

NBGP properties bought the complex in Block 20 on the auction on March 31st, 2008, for 148.8m EUR. The company paid the complete purchase price before it took over the property.

Company NBGP Properties, that is, "Delta", as the owner, will start thorough reconstruction of "Continental" in June 2009, following the closing of the Universiade, because of the contracted obligations of the hotel during that sports event.

Completion of reconstruction is expected in September 2010. The hotel will then be opened under a new name - "Crowne Plaza".

The decision about the scope of reconstruction of other real estates will be made after the thorough insight into the current condition of the facilities.

According to current estimates of the company, the investment in reconstruction of hotel "Continental" will amount to about 35m EUR, while the investment in the entire complex in Block 20 will reach the amount of 40m EUR.