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Privatization of “Baltija” Rest House in Palanga

Market participants are anticipating an announcement on the privatization of desirable real estate on the Baltic Sea coast.

“Baltija” is the biggest rest and treatment complex in the Lithuanian resort town of Palanga, which includes different levels of hotels: the 2 star “Vyturys” hotel (conference room, health service facilities and rehabilitation centre), the 3 star “Zilvinas” hotel (24 rooms, tennis courts, aesthetics and beauty centre), the „Estetic Italia Baltic”  aesthetics and beauty centre and the “Baltija” rehabilitation centre .

At the moment, services are not available, as the buildings have not been renovated.

The government decided to dispose of the shares in the complex to the Ministry of Economy. The market value of buildings, structure and other assets is ca EUR 6 million. This will be the value of the registered capital of a new company which will restructure the state-owned enterprise.

After restructuring, the Ministry of Economy will decide on transfer of the complex to the State Asset Fund, which in turn will start the process of privatization.

No significant dates indicated;

Executed by: State Asset Fund

Value est.: EUR 6 million

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