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Belgrade Hotel Union Sold for €6.2 Million

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Hotel Union, a historic landmark in Belgrade, has been sold for 727 million dinars (€6.2 million) at a public auction. The initial bidding price was 297 million dinars (€2.5 million), and the auction attracted ten bidders. 

The winning bid came from Logga Plus d.o.o., a Belgrade-based company led by Vladan Miketić, which is entering the hospitality industry for the first time.

The acquisition includes the nearly 3,000 square meter hotel building, artwork, equipment, and supplies, but also comes with significant financial obligations. “The hotel’s operational liabilities are 58 times greater than its current assets,” explained Ilija Nešić, an analyst at BBA. With obligations amounting to 124.3 million dinars and current assets standing at 2.1 million dinars, mostly tied to receivables, the new owners face considerable challenges.

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Founded in 2008, Logga Plus has primarily focused on trade and services and has one employee. The company ended last year with a loss of 11.1 million dinars. Despite these challenges, the purchase of Hotel Union represents a bold move for Logga Plus, signaling a new direction and ambition in the hospitality sector.

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