January 4 (SeeNews) - A consortium led by Serbian car dealer Auto Cacak has bought the Obrenovac hotel located in the namesake municipality on the outskirts of Belgrade from the country's Property Directorate and state-owned power utility Elektroprivreda Srbije (EPS) for a total price of 402 million dinars (3.42 million euro / $3.86 million), local media reported.
Auto Cacak plans to invest 30 million euro in the reconstruction of the six-floor, 105-room hotel, the Novosti daily reported on Monday. The first phase of reconstruction works will start in the second half of January and will cost 10 million euro.
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Besides the hotel building, the property includes 5 hectares of land zoned for construction projects, the media report said.
In consortium with German company DL-Holding, Auto Cacak previously acquired the factory of insolvent brewer Beogradska Industrija Piva (BIP) in Belgrade for 2.09 billion dinars.
(1 euro = 117.577 dinars)