Hotel Yugoslavia (Jugoslavija), a five-star property built in the 1960s in Serbia's New Belgrade district, is likely to face demolition, according to the Associated Press (AP).

The hotel opened its doors in 1969. Its guest list included figures such as Queen Elizabeth II, US presidents, and astronauts such as Neil Armstrong.

However, the hotel suffered damage during Nato's 1999 bombing campaign. Only parts of the hotel have since been renovated and have, until recently, continued to operate. 

The once-polished facade of Hotel Yugoslavia now includes a white exterior marred by crumbling concrete and graffiti while the interior features faded velvet armchairs, torn bed mattresses, and broken windows.

In March this year, Millenium Team subsidiary MV Investment acquired the property for approximately €27m ($29.33m), reported BalkanInsight.

The sale occurred amid bankruptcy proceedings against hotel operator Danube Riverside.

Hotel Yugoslavia was considered for cultural asset protection until 2011, but it was subsequently removed from the register by the Institute for the Protection of Monuments.

Zivorad Vasic, a spokesperson for the investors, explained that the decision to demolish the hotel was based on several reasons.

Vasic was quoted by AP as saying: “One is during the bombing in 1999, quite a lot of parts of the hotel were destroyed. Second, the hospitality industry has completely and tremendously changed. When you look at hotels now and how they looked before, they were completely different.”

The new owners have announced plans to replace the structure with two 150m-tall towers, featuring a luxury hotel, offices, and private apartments.

Meanwhile, local residents who oppose the construction of the skyscrapers are protesting and have pledged to block the demolition if necessary, according to the AP report.