Montenegro's Luka Bar agrees to sell Hotel Sidro for 1.8 mln euro

The sale price was set at 1.78 million euro ($2 million), Luka Bar said in a statement last week. 

The decision for the sale of Hotel Sidro was made as a result of the company's negative business result, which significantly reduced the overall positive performance of Luka Bar's core port operation business, it said.

The proceeds from the sale will be used for investing in the procurement of port machinery with the aim of increasing the cargo traffic at the Adriatic port, Luka Bar noted.

Hotel Sidro operates a three-star hotel in Bar with 88 rooms and a total of 181 beds.

($ = 0.896399 euro)