Savana buys hotel Ramada in Podgorica and Mall of Montenegro

A Swedish investor, the company Savana Holding AB, has bought the hotel Ramada and the Mall of Montenegro in Podgorica from the company Gintasmont Investment Construction and Trade AD, a subsidiary of the Turkish Gintas Group.

The transaction is several million euros worth and is one of the biggest and most important transactions in the region, since the purchase includes not just the real estate, but also the current operations of the hotel and the mall, which is very unusual and complex considering that such transactions are normally realized through the purchase of the capital.

The transaction was approved by the Agency for Protection of Competition of Montenegro. The acquisition entails the transfer of real estate, employees, movable property, inventory and the entirety of business operations, including hotel reservations and the transfer of the contract on the lease of the mall, acquiring permits for performing hotel operations by the new owner, as well as the transfer of the contract on insurance.

The mortgage creditors, including the International Finance Corporation (IFC) and the Slovenian NLB Bank, gave consent for the realization of the transaction.