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

The total land area is 21 000 sq.m. There is a plan to purchase additional 5000 sq.m.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 parameters by the project of 2022 (before the land plot was increased from 10 000 sq.m. to 21 000 sq.m.):
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 (min 2 levels of undergeround garages). Possible potential construction phere (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.

Max potential height is 5 floors above ground + 2 floors underground for garages and other facilities.

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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).

GREAT addition: There had been a new urban plan adopted. The property will now partially be residential zone- it means it will be possible to make apartments for sale.

RESUME: It is a property of enourmous potential to become a new Kempinski, Dubrovnik Sun Gardens resort format with both hotel part and residential part with apartments for sale. There are no more properties like that in croatia on the 1st line at the moment.
The price will be further adjusted following the development of the concept.

NOTE: The Seller is planning further increase in price in October. Ref: RE-AB-PGOverall 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.Property advantages: Garage, Gym, Urbanized