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PODGORICA (Montenegro), August 16 (SeeNews) - Luka Bar, the state-controlled operator of Montenegro's largest seaport of Bar has offered for sale its 100% stake in Adriatic hotel Sidro at a starting price of 1.77 million euro ($1.96 million), local media reported.
Interested parties can submit their bids by September 16, daily Vijesti reported on Thursday, quoting information from Luka Bar's tender commission.
The potential investor will be obliged to keep all current 35 employees of hotel Sidro.
The buyer will obtain the right to use the area of 2,946 square metres where the hotel is located.
The government's privatisation council said in June it has approved Luka Bar's request to sell its entire shareholdings in hotel Sidro.
The council said that the hotel's assets were valued at 1.17 million euro at the end of March, while its accumulated loss had reached 5.9 million euro. It added that the hotel has been operating at a loss since 2010.
Situated in Bar, hotel Sidro has 95 rooms and suites with a total of 228 beds.