The Albanian government has sold the landmark Dajti Hotel in the capital Tirana to the country's central bank for around EUR 30 mln. The property was designed by an Italian architect during the occupation of Albania by Italy's fascist regime in the early 1940s.

The Albanian government has sold the landmark Dajti Hotel in the capital Tirana to the country's central bank for around EUR 30 mln. The property was designed by an Italian architect during the occupation of Albania by Italy's fascist regime in the early 1940s.

The complex remained Tirana's only luxury hotel in the post-war Communist era. It was closed after the collapse of the Communist regime in 1990.

The 98-room property is located on Tirana's main boulevard. The Bank of Albania plans to use the building as its head office while it is completing the refurbishment of its other office complex in the city. The property should be used only for administrative purposes and its architectural features will not be changed.

The government is retaining an option to buy back the property.

Also this month, Albania's property developer Balfin unveiled plans to extend its Tirana East Gate shopping centre development with construction of an adjacent residential project, consisting of 112 villas. The company plans to invest a total of EUR 48 mln in the construction of the complex, which is being handled by its property development subsidiary Mane TCI.

Last summer, Balfin received financing of EUR 24 mln from the European Bank for Reconstruction and Development for the building of the 40,000 m2 shopping mall.