Hotel 20 875 m² in Karlobag, Croatia

Unique investment opportunity on Pag peninsula - devastated hotel for complete remodelling/adaptation!

The total land area is 10,987 m2 (over 1 hectare of land).On the plot stands a free-standing structure – hotel built in 1967 with the total surface area of 3,100 m2 – ground floor and two floors with 86 accommodation units, restaurant total area of 758 m2 , and the restaurant terrace area of 1,170m2. The terrain containing the structure is slightly leaning towards the town beach and is irregular in shape.

Land plot purpose: Hotel and catering - T zone. With all amenities (entertainment, catering, commercial, recreational, therapeutic rehabilitation and similar)Footprint ......................................................... max 0,4Max height ...................................................... GF + 3 + PH (max. 70 % floor surface)Min green surface............................................ 20 %Underground floors not limited. Possible potential construction parameters:Overground (brutto) .......................................................20.875 m 2Number of apartments depends on the structure of types A-EParkirng space (PM) 20 %Min number of possible parking places- 52.

Potential structure can have up to 2500 double rooms (or some combination of apartments, in case of apart-hotel concept).
Max potential height is 5 floors above ground + 2 floors underground for garages and other facilities.

Official evaluation of property for 4 610 000 eur is available.

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There is a project to convert the existing older structure into 4-5 star luxury apart-hotel.
This new hotel will include:
- shopping mall, fitness centre, congress hall - 5000 sq.m. + 3200 sq.m. on various levels
- public open space - 550 sq.m. + 1900 sq.m. on different levels
- public garage - 2500 sq.m. + 3200 sq.m. on different levels
- residential area - 3100 sq.m. + 3100 sq.m. on different levels
- terraces - 2900 sq.m. + 750 sq.m. on different levels
- communications/public areas- 1900 sq.m.
- entertainment roof area with two swimming pools and gardens - 3300 sq.m.

Total brutto building area - 28700 sq.m.
Total open space area - 6000 sq.m.

The hotel owes cca. 2 mio euro to the bank (the sum is increasing every year with annual % accrued).

Ref: RE-AB-PG

Overall additional expenses borne by the Buyer of real estate in Croatia are around 7% of property cost in total, which includes: property transfer tax (3% of property value), agency/brokerage commission (3%+VAT on commission), advocate fee (cca 1%), notary fee, court registration fee and official certified translation expenses. Agency/brokerage agreement is signed prior to visiting properties.