Lithuania, Real Estate, Tourism

International Internet Magazine. Baltic States news & analytics Thursday, 22.08.2019, 17:05

Baltija complex in Lithuania resort of Palanga sold for at least EUR 4 million

BC, Vilnius, 31.07.2019.Print version
Baltija, one of Lithuania's largest recreation and wellness complexes, was auctioned off on Wednesday as the starting price was lowered to 4 mln euros after ten unsuccessful attempts to sell the property in the seaside resort of Palanga, reported LETA/BNS.

Tomas Bagdonas, head of communications at the centralized public property management company Turto Bankas, told LETA/BNS that one bid to buy 100% of shares in Baltija was received at Wednesday's auction. 

Neither the name of the buyer nor the sale price was disclosed, but it is not less than the starting price.

"The offer is currently being evaluated and more detailed information will be provided when Turto Bankas signs the protocol with the investor. This has to be done within three working days," he said. 

The previous auction failed to attract any bidders last January. The starting price was then set at 4.4 mln euros, down from 8 million euros in 2016. 

Baltija owns the Vyturys hotel with a rehabilitation center and the Zilvinas hotel near Palanga's Botanical Park. 

Search site