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Low auction starting price for Hotel de Rome

2009-02-26

Independent experts have determined the auction starting price for the Hotel de Rome as LVL 9 million (EUR 12.86 million), which is less than half the price set in 2006. They suggest that Riga City Council pay LVL 1.5 million back to the company Reho, which has already invested this amount in the hotel. The building was given to Reho, a joint venture in which the municipality has 50 percent of the shares, to manage in 1994. The hotel belongs in part to the city council, while Reho pre-emption rights. The municipality made the decision to fully privatize the hotel 18 months ago, but the sale was postponed due to litigation with Reho. Andris Ameriks, head of the Municipal Property and Privatization Committee, assures that participants in the auction could offer higher prices.

 

Diena, 2009-02-25

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