Estonia, Financial Services, Real Estate, Tourism

"If [Estonia Spa] is making money, then one logical scenario is to keep the company. Another logical scenario, which I support, is privatizing the company, getting a decent amount of money from that and with that money doing an investment in the city environment," Parnu deputy mayor Meelis Kukk told ERR, adding that with that money Parnu could get the long-awaited third bridge.

The city government commissioned an analysis on the topic from Deloitte, according to the results of which it would be advisable to sell Estonia Spa. Deloitt assessed that the price of the spa is more than 10 million euros, Kukk said.

This year the city plans to take 280,000 euros of dividends from the spa and next year 350,000  euros. The city has not taken any dividends from the company for the past few years.

At present the city is looking for a new manager for the spa since the term of office of Andrus Aljas is to end in January.

Estonia Spa Hotels AS is a company comprised of two separate spa complexes. In 2016 the company's revenue amounted to 8.5 million euros and profit 308,000 euros.