Part of property of "Budvanska Rivijera" sold for 1.76m EUR

(Budva's Riviera)

- Part of the property of hotel group "Budvanska Rivijera" (Budva's Riviera) has been sold at auction for total of 1.76m EUR - people from the Government of Montenegro announced.

The land at 238.84 square meters has been sold to "Jugopetrol" at the starting price of 143,300 EUR, while the hotel at 308 square meters with yard, situated next to the main road in the place called Vala, has been bought by Željko Mitrović from Podgorica for 589,280 EUR.

These properties were sold at the auction on November 6th. On that occasion, the bidders applied for purchase of four out of seven properties.

The Auction Commission canceled the sale of two properties because the applied participants were connected and their bidding would not be in accordance with the principle of fair market competition.

Since "Budvanska Rivijera" submitted request to the Commission for organization of new auction for sale of those properties, new public invitation was announced and the auction was held on November 20th.

On that occasion, both properties were sold. The lands at total surface of 1,150 square meters were bought by the Adriatic Fair for 921,000 EUR.

The land at the surface of 355 square meters, which is situated next to restaurant Nerin and the road that leads to hotel "Palace", was bought by Podgorica-based "General-komerc" for 106,500 EUR.