It's official: Hotel Yugoslavia has a new owner

Company MV investment from Belgrade bought today the property in bankruptcy of the company "Danube Riverside", which owns the Hotel Yugoslavia, for 3.17 billion dinars.

Today, this company was the only one that fulfilled the conditions at the public tender, which was held at the Hotel Yugoslavia. The Millennium Team company announced that it won the public auction for the purchase of the bankrupt "Danube Riverside" legal entity, which includes the Yugoslavia Hotel.

"With an initial investment of more than 42 million euros, we completed the takeover of the entire location of the former Hotel Yugoslavia, we started the process two years ago by purchasing a 100 percent stake in the company MV Investment, which owns the space where the Grand Casino Belgrade is located to this day," it is said in the announcement.

As stated, an amendment to the detailed regulation plan was initiated, so that the company could realize the construction of a modern residential and business complex with a high-class hotel, in a location that deserves it after 25 years.

The announcement states that the total investments, which are planned for the next four years, amount to more than 400 million euros.

The Millennium Team company states in a statement that it has been in existence for more than two decades and has positioned itself as a leader in the construction industry.

It is emphasized that by implementing large infrastructure projects, Belgrade Waterfront, the energy project of gas pipelines and gasification of cities, the company has built more than 2,500 kilometers of gas pipeline networks in Serbia, waste water purifiers, and is now implementing the "Clean Serbia" project in four cities and participating in Metro projects, Expo 2027 and the National Stadium.

The company is also the owner of the Vranjska spa, which it bought in 2020 and is investing more than 90 million euros in reconstruction and modernization.

The Danube Riverside property consists of business premises on Nikola Tesla Boulevard 3 in Belgrade, where the Yugoslavia Hotel is located, then urban construction land on cadastral plot 2442/1 of the cadastral municipality (KO) Zemun with an area of 45,613 square meters, of which 13,981 square meters are under the building, as and chandeliers and a bust, a sculpture, the work of Alexander Zarin.

For the ceiling chandelier within Hotel Yugoslavia, it is stated in the advertisement that in accordance with the decision of the Museum of Applied Art, it has been designated as an asset that enjoys the prior protection of the Museum of Applied Art.

For the bronze bust that is part of the Water Flower fountain of Aleksandar Zarin, the decision of the National Museum of Serbia established the property as cultural property.

It is stated that the cadastral plot 2442/1 KO Zemun is the subject of joint ownership of the bankruptcy debtor and the company MV investment d.o.o. Belgrade and that there was no legal demarcation done in terms of determining the co-ownership shares on the land, nor physical division of the land, so the assessment of the value of the property was done under a special assumption.

Hotel Yugoslavia was opened in 1969, when it was the largest and most modern hotel in the SFRY, and among its guests were the British Queen Elizabeth, astronaut Neil Armstrong, American presidents Richard Nixon and Jimmy Carter, Libyan leader Muammar el Gaddafi.