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Bernardin Group Selling Off Hotels on the Coast

Portorož, 13 May (STA) - The indebted hotel operator Bernardin Group is selling off four hotels in the coastal resort of Portorož due to insolvency. The hotels, including the five-star Grand Hotel Metropol, are on sale for some EUR 30m after the hotel operator has recently decided to restructure its loans.

Grand Hotel Metropol, Lucija Hotel, Roža Hotel and Barbara Hotel are being sold separately for EUR 11.5m, EUR 12.5m, EUR 4.1m and EUR 1.5m, respectively. Together, a total of 461 hotel rooms are up for sale.

The Bernardin Group, which is the largest Slovenian hotel operator, hopes to cover a large part of its EUR 50m debt by selling off the Metropol Resort, which consists of a five-star and three thee-star hotels.

Last year, the group recorded EUR 37.5m in revenues, which was almost on par with the year before, at the same time reducing its net loss from EUR 12m to EUR 2.1m.

While the company does not wish to comment on the details of the sale, Jacqueline Stuart of the Slovenia Invest realtor told the Delo newspaper on Tuesday that almost a dozen companies from Slovenia, Russia, Macedonia and the Middle East have expressed interest in at least one of the hotels.

The Bernardin Group manages nine hotels, 35 restaurants, five private beaches, a 5.5-hectare camping site and a marina on the Slovenian coast.

The company offers 1,736 hotel beds in the coastal towns of Portorož and Izola and employs almost 500 people. In 2013, it recorded some 560,000 overnight stays, according to Delo.

The deadline for non-binding bids expires on 20 June, while the deadline for binding offers is expected to be set for late August.

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