The last state owned hotel chain in Dubrovnik will remain in the hands of the state for the time being after the announced sale has fallen through.

The Maestral hotel chain, which owns five hotels in prime position in the Lapad suburb of Dubrovnik, has been in a sale process for a few years and it was believed a private buyer had been found, the Czech J & T IB Capital Market company, however it has been announced today that the government has rejected their offer.

The Czech J & T IB Capital Market had offered 114 million Kuna for the purchase of the majority of shares in the hotel chain, however the government has rejected the offer for such an attractive location. A new tender has been announced by the government to find another private investor.