Civis Hotels to Sell Three Hotels

21st November 2010 (Last Updated November 21st, 2010 18:30)

Civis Hotels is to sell three hotels for a combined price of Ft3.86bn ($18.7m). The troubled owner plans to sell off the Aranybika (Golden Bull), the Best Western in Debrecen and the Delibab near Hajduszoboszlo well below their market value. Civis Hotels has liabilities of F

Civis Hotels is to sell three hotels for a combined price of Ft3.86bn ($18.7m).

The troubled owner plans to sell off the Aranybika (Golden Bull), the Best Western in Debrecen and the Delibab near Hajduszoboszlo well below their market value.

Civis Hotels has liabilities of Ft4bn ($19.4m) and was forced into liquidation in June 2010 after it failed to settle with creditors on repayment terms and was unsuccessful in finding an investor.

Investors have shown interest in the two lower priced hotels, but no one has shown interest in the 100-year-old, 200-room Aranybika, reports Budapest Businesses Journal.