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Qannas Investments sells Montenegrin hotel operator

Author Radomir Ralev
Qannas Investments sells Montenegrin hotel operator CentreVille hotel room; Source: CentreVille

PODGORICA (Montenegro), October 22 (SeeNews) - Cayman Islands-based closed-ended investment company Qannas Investments has sold its stake in Montenegrin special purpose vehicle Capital Hotel d.o.o., the owner of the CentreVille luxury hotel in Podgorica.

The stake was sold to Capital Investment for a total consideration of 9.5 million euro ($10.9 million) received up front in cash, Qannas Investments said in a filing with the London Stock Exchange last week.

The total return generated by Qannas Investments since its original investment in Capital Hotel in 2016 amounts to 1.4 million euro, or 7.4% per annum, the investment company said. 

Capital Investment is a shareholder of Abu Dhabi Financial Group.

($ = 0.8703 euro)