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State tourism firm taking shape

Ljubljana, 30 May (STA) - The government has taken a key step towards the creation of a state-owned tourism holding by confirming on Thursday an investment document facilitating the transfer of several tourism companies onto a special company.

The confirmed investment document allows the Bank Assets Management Company (BAMC) to incorporate a special purpose vehicle onto which shares of Istrabenz Turizem, owner of six coastal hotels, will be transferred.

This company will form the basis of the State Hospitality Fund, which is "key to the continued consolidation of Slovenian tourism," the government said.

The State Hospitality Fund will be created to pool together the assets of several partially or wholly state-owned tourism firms that are individually weak but will have significantly better investment potential when merged.

Once the firms are consolidated, they will be sold in what Economy Minister Zdravko Počivalšek has described as "reasonable privatisation".

The State Hospitality Fund will feature assets of Istrabenz Tourizem, Sava Turizem, Hoteli Bernardin, Adria Turistično podjetje, Hit, Thermana, Unitour and Terme Olimia spanning hotels, spas, campsites and ski resorts.

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