Posted by on 9 Oct 2012. Filed under Current Affairs, Events, Top news. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

Bratislava To Sell Hotel Share for Just EUR 26,000

A recent report by daily SME points to what could be an advantageous acquisition for ice hockey association head, Juraj Siroky, who has long been regarded as one of the sponsors of the standalone government Smer-SD party.

The latest deal involves Bratislava City Council selling off its 40% of shares in the company that owns the Double Tree hotel, which was built alongside the new hockey stadium in preparation for the Ice Hockey World Championships.

DoubleTree hotel (c) The Daily.SK

The city of Bratislava holds a 40% stake in the company Tehelne Pole, which in turn owns the hotel, with the city council giving the thumbs up to ‘get rid’ of its assets for just EUR 26,000, giving Siroky full control over the lucrative property. The city council already decided last week to sell off the land under the property to Siroky for EUR 1 million.

Bratislava mayor Milan Ftacnik is holding his hands up in innocence, however, saying the hotel was generating a loss and so was better sold off, even at such a low price.

Some experts, however, point out that this is without taking into account the fact that the hotel was only recently built and how it is easy to stay in the red for the first few years of operation.

 

3 Comments for “Bratislava To Sell Hotel Share for Just EUR 26,000”

  1. Dave C.

    Same old story. Build using tax payers money, run it at a loss and then use that as an excuse to pass it on to one of the party faithfull who no doubt will be reporting record profits in the not too distant future. Its a variant of the three card trick and as bent as a banana.

  2. EXPAT

    Do I smell another elbow rubbing deal? Anyone in the Hotel industry knows you don’t porifit off a new hotel for the first 5 years due to the invested money into the establishment! If the building is sold off, why is it already set as to who can buy into it? No other parties were interested in the shares?

  3. R Hill

    It’s not clear what the 26,000 is buying. What assets are included with the business. Control over a loss making business is not worth much.

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