Sheraton sale, two new high-rise buildings on Tirana’s Artificial Lake Park?
16/03/2018 21:21
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After the Albanian company “Kastrati” bought “Mak Albania”, former owner of Sheraton, has raised questions about the 30 million EUR price of a business that has registered losses each year.
In 2010, Mak Albania had a capital of 87 million EUR. The recent assessment devaluated the company to 22 million EUR.
This business has gradually sold its properties with a lower price than the initial investment, which has increased losses.
The typical case is the “Butrinti” hotel in Saranda, which was sold for 820,000 EUR, after it was bought for 7 million EUR. The same fate had the “Mak Albania” resort in Golem.
Losses in 2016 reached 8 million EUR and the removal of the Sheraton name a few months ago damaged its image even further.
On February 5th of this year, “Kastrati” bought the hotel that had been part of Sheraton until 2017.
The Arab partners of Mak Albania sold the hotel for 30 million EUR, 18 million EUR for the property and 12 million EUR for the debts.
The high price seems to be related to the geographic position of Sheraton and the perspective for enlargement.
The area behind the hotel, close to the lake park, may be used for building two new towers.
The project may be lucrative especially if the building receives the status of “special tourism investor”, which excludes it from taxes with the new laws.
Only this way the 30 million EUR purchase of a bankrupt business can be lucrative.
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