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The Croatian Privatization Fund on behalf of the GovernmentofCroatia has announced the sale of shares ofHotel LovorTheLovorfacilities (Hotel Borik and Annex Lovor with a total of 82rooms)are located in the very center of the town of Lumbarda, alongthemain street/the seaside promenade which extends over theentirelength of the Lumbarda beach and leads toward the townofKorcula.The major tourist town of Korcula lies only 6 kmfromLumbarda. Korcula town is connected to Orebic w
ith a ferrythatdeparts 12 times daily and Drvenik (Makarska) four timesdaily(during the season).The Hotel Borik was developed in 1971after thereconstruction of the Mirosevic Manor and theadditionalconstruction of the building’s southern section. Sincethat time,it has been renovated several times (1998 and 2001 whenthebathrooms were renovated).The Annex Lovor was constructed in1972as an extension of the Hotel Borik, and it is connected to itby acovered passage. A certain number of bathrooms in Lovor werealsorenovated in 2001. In terms of categorizations, bothfacilitieshave a two-star rating.In 1995 a roadside restaurant andreceptionarea were constructed though not directly connected to thehotel.In 1997, the renovation of rooms and hotel installations(water,drainage, electricity) was completed, as well as thecompleterenewal of bathrooms and shower stalls.The company alsoowns andoperates a retail shopping centre and other facilitieswhichcontribute approximately 50% of Operating Revenues.Summaryoffinancial results (inHRK)1999200020012002OperatingRevenues4,466,3616,306,3086,145,0485,816,550EBITDA(349,185)290,175(109,756)(163,201)Operatingprofit/(loss)(813,396)(178,011)(644,314)(737,878)Source:AuditedFinancial Reports of the CompanyShare CapitalAccording tothe courtextract No Tt-2/297-4 of October 03, 2002, the companyequityamounts 8,778,000 HRK dividedotni43,890 ordinary shareswith avalue of 200 HRK each. Number of shares offered for sale is39,244or 89.42%.Investment Opportunities andConsiderationsMajoradvantages that this investment offers includethe following:？ Goodposition of the hotel near the popular town andisland beaches, inthe very center of Lumbarda, only 6 km from thetown of Korcula;？Established retail facilities;？ Most of the roomshave a sea view;？A part of the hotel has already been renovated;？The Lumbardamarina with 160 berths (municipality ownership) is verynear theLovor hotels;？ The Croatian tourism industry is recoveringandexpected to expand beyond historical statistics in view oftheeconomic recovery and development of the country;？ Zero VatRatefor organized visits from abroad; in force in 2001.Investorsshouldalso consider the following issues while conducting duediligence:？Weak financial situation due to high levels of loansoutstanding;？The Annex Lovor still needs renovation, and there is aneed to makea covered passage from reception to Borik hotel;？Seasonality ofthe business;？ Limited entertainment offer.Pleasefind attachedformal public tender announcement with more detailsregardingstarting bidding price and tender procedure.The deadlineforsubmission of bids: Novr 29, 2004 by 14,00 Hours.For anyfurtherinformation, please contact us at the numbersbelow:HrvojkaSkokovicCroatian Privatization ProjectTel: + 385 (1)60 60 779Or +385 (1) 60 60 784E-mail: investcroatia@cas-cpp.comForany furtherinformation on the Croatian Privatization Fund andtender procedureplease visit: www.hfp.Please click here if youwould like toreceive information on privatization opportunities inCroatia inthe future.
（信息來源：駐克羅地亞經商參處子站）
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