February 7 (SeeNews) - Bosnian investment and consulting firm The Place signed an agreement to buy the former hotel Igman from public enterprise ZOI '84, the government of Bosnia's Sarajevo Canton said.
The Place is already working on the new design of the hotel, Emir Granov, director of The Place, said in a statement published by the government of Sarajevo Canton on Friday.
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The Place, owned by a group of local and foreign investors, agreed to buy the former hotel Igman for over 5.1 million marka ($3 million/2.6 million euro), news provider Klix reported earlier. The buyer plans over 15 million marka of investments within the first three years after the acquisition.
In December, the privatisation agency of the Sarajevo Canton launched a call for the sale of the former hotel and the associated facilities and land owned by public enterprise ZOI '84 at a starting price of 6.9 million marka and a three-year business plan with 10 million marka of investments.
In a previous call launched in mid-September, the Sarajevo Canton sought offers with a starting price of 9.2 million marka and a business plan for 4.5 million marka of investments within three years from the conclusion of the contract.
Hotel Igman was built for the winter Olympic Games held in Sarajevo in 1984. It was devastated during the 1992-1996 war in Bosnia.
ZOI '84 manages the sport facilities built for the winter Olympic Games on the Bjelasnica and Igman mountains.
The Sarajevo Canton is one of ten cantons forming Bosnia’s Federation entity. The Federation and the Serb Republic together form Bosnia and Herzegovina.
(1 euro = 1.95583 marka)