Kosovo: Silcapor with Raiffeisen buying the Grand Hotel

Prishtinë, Apr 14, 2006 – After the highest bidder for the privatization of the Grand Hotel Prishtina, Makos consortium, has officially withdrawn its offer, the KTA board decided to start negotiations with the second bidder, the Silcapor Company. Silcapor has offered € 8.1 million for buying the hotel and will invest additional € 20.2 million and hire 500 workers.

Meanwhile, Kosovar media report that Silcapor is going to purchase the Hotel in cooperation with the Raiffeisen Bank of Kosovo.

“A part of the Grand Hotel shall be transformed into bank offices, since the second highest bidder, Silcapor shall purchase this Enterprise in cooperation with the Raiffeisen Bank. The workers of Grand said that officials of both, Silcapor and Raiffeisen Bank, have visited every part of the hotel”, Koha Ditore reports.

Sources inside KTA told Koha Ditore that the second highest bidder was not able to pay the whole amount by itself, and it had to enter into an agreement with the Raiffeisen Bank to co-invest.