NBGP Properties, a subsidiary of Serbian property firm Delta Real Estate, said it has purchased the Hotel Continental and other properties owned by International CG (Genex) in Belgrade for EUR 148.8 mln through a public tender. Properties purchased include the hotel, along with apartments, business facilities and tennis courts comprising a total of 72,225 m[sup]2[/sup].
NBGP Properties, a subsidiary of Serbian property firm Delta Real Estate, said it has purchased the Hotel Continental and other properties owned by International CG (Genex) in Belgrade for EUR 148.8 mln through a public tender. Properties purchased include the hotel, along with apartments, business facilities and tennis courts comprising a total of 72,225 m2.
NBGP said it plans to introduce the Crowne Plaza brand to Serbia in cooperation with the Intercontinental Hotel Group and 'to provide new standards of excellence in the hotel industry in Serbia'. According to a restructuring programme announced by Serbia’s national privatisation agency, the new owner is obliged to invest in reconstruction of the assets within the next three years, when NBGP said it expected the last phase of reconstruction to be completed.
Colliers International Serbia produced the feasibility study for the investment.
