Tuesday, 20 October 2020

Turkish billionare looks for buyers for Villa Dubrovnik

By  Oct 12, 2018

Famous news service Bloomberg has published an interesting article, saying that Turkish billionaire Ferit Sahenk’s Dogus Holding AS is seeking buyers for luxury hotels across southern Europe, including Villa Dubrovnik.

According to the article, the news reportes have spoken to people with knowledge of the matter, who wanted to stay anonymus because the discussions are private. As it restructures its debt, the group also talking to prospective buyers for Capri Palace, Madrid’s Hotel Villa Magna and Rome’s Aldrovandi Villa Borghese Hotel.

It’s likely that these trophy properties, some of them formerly owned by wealthy families, will be sold individually rather than as a portfolio, one of the Bloomerge sources said. Potential buyers include high-net-worth individuals from Portugal, Spain, Italy, Asia and the Middle East, some of the people said for Bloomberg.

-On Tuesday, Standard & Poor’s cut Istanbul-based Dogus’s rating to B-, citing the firm’s inability to execute a planned refinancing -- 725 million euros for itself and 1.6 billion euros for its investee companies -- contrary to the agency’s expectations. If Dogus is unable to extend the maturity of its borrowings, S&P said it doesn’t expect the firm to meet its financial commitments over the coming year "without accelerating and executing asset sales.'' – Bloomberg reports, adding a statement by the S&P analysts, saying that they understand Dogus has a detailed plan to dispose of part of its real estate assets for a total of about 500 million euros in 2019 and that the most of the assets are outside Turkey.

It remains to be seen if this is true and if Villa Dubrovnik, described as a ''stylish retreat for guests in search of luxurious privacy and first-class hospitality'' will get a new owner. It's certainly a gem – if you can afford it.

The Voice of Dubrovnik


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