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City council suggests postponing de Rome decision

2009-03-06

Hotel valued at LVL 9 million and LVL 11 million by different methods

According to experts, the auction starting price for the Hotel de Rome could be less than LVL 11 million (EUR 15.7 million). The Riga City Council Privatization Committee has repeatedly reviewed the issue of the starting price. Eiroeksperts Ltd, a contracted surveyor, has assessed the value of the property as LVL 9 million, but the committee considered this too low a sum for privatization. The committee’s chairman, Martins Greste, has proposed postponing the sell-off until the market stabilizes. Judging by the income method of property valuation, Dienas Bizness writes, the building’s value is indeed around LVL 9 million, but by the replacement method of valuation it is worth LVL 11 million. The building was assessed as being worth LVL 21 million only a year ago. Janis Lasmanis, chairman of the board of the hotel operator Reho, wants to see a decision adopted first and only then make his conclusions. He says that a discussion on the matter will take place soon. However, he doubts whether the replacement method is the most objective one to use in determining the right price.

 

Dienas Bizness, 2009-03-05

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