The Slovak acquisition of the Trakoscan hotel is now in the final phase

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September 18, 2021 – The Slovak acquisition of the Trakoscan Hotel in mainland Croatia has finally reached its final phase, one more step towards the company taking full ownership of the facility.

As Poslovni Dnevnik / Suzana Varosanec written, it can be said that two of the three major tourist components of the Varazdin’s Coning bankruptcy estate, which were sold in the course of this bankruptcy procedure, ended up in the portfolio of the same buyer, the Zagreb Adriatic company Tourist Resorts, owned by JS Capital Management from Bratislava, Slovakia.

The Zelena punta (Kukljica) apartment complex on the island of Ugljan has already been bought by ATR for around 26.5 million kuna, and the same is about to happen for the Trakoscan hotel, while that Slovakia’s potential interest in the Pagus hotel is currently unknown. However, according to the latest AFS, ATR canceled investments of nearly 2 million kuna for the purchase of the Pagus hotel, which ultimately did not materialize.

In total, the Kukljica apartment complex was estimated to be worth 37.57 million Kuna, while the estimated value of the Trakoscan Hotel and the surrounding land was 55.27 million Kuna.

Currently, the acquisition of the Trakoscan hotel is in its final phase and the company in question is about to take possession of it, this very beautiful building being accompanied by the necessary form of constitution of a privilege due to closing the financing of the new owner – through a loan.

The buyer of ATR, a creditor of Coning, finances the purchase of the Trakoscan hotel with credit funds, and the loan was obtained from the Slovakian company Prime Tourist Resorts, which sold its stake in mid-2020 to JS Capital Management.

After the award of the hotel in favor of ATR for a massive price of 29.055 million kuna, i.e. after the appeal process initiated by the buyer to resolve the issue of the difference for which he was exempt from the payment of the purchase price, the amount of 27.855 million kuna realized thanks to a Slovak loan was finally confirmed.

As a result, a contract on the establishment of a lien on the aforementioned property and its surrounding land has been concluded in recent days, the Varazdin Commercial Court said.

In the bankruptcy of the Varazdin Coning company, sales of the Pagus hotel are still expected to continue, with an estimated value of Kuna 45.87 million, while the closing of the sale sets an initial value of Kuna 49 million.

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