Country of Croatia Tenders to Sell Majority Stake in Hoteli Maestral

CERP, the government-run center for enterprise restructuring and privatization in Croatia, is seeking bidders for a 68.94% stake in local hotel operator Hoteli Maestral.

A similar attempt by CERP to sell Maestral last year fell through. Although J&T IB Capital Market, a Czech company, had bid to purchase the company, CERP rejected the bid for a number of reasons.

There was also another call for bids for the company in September 2016. That call passed with no action, as no bidders presented themselves at the time.

The new tender offer calls – by April 9 -- for investors to announce their interest in acquiring 355,520 shares in Hoteli Maestral. The nominal share package to be acquired is 71.1 million kuna, which is equivalent to $11.9 million.

That represents a major cut from the previous value of 114.3 million kuna set for the last tender offer for the hotel operator.

Those who know the chain say this could be a tremendous business opportunity for the right investor.