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Belgrade’s Hotel Jugoslavija Sold for €27 Million

Historic Hotel Jugoslavija, situated in Serbia's capital, has been sold for around €27 million to MV Investment, part of the Millenium Team group

The transaction took place within the bankruptcy proceedings against Danube Riverside. Millenium Team has subsequently revealed ambitious plans to transform the site into a premium residential and business hub, featuring a top-tier hotel, with an anticipated investment of €400 million over the forthcoming four years.

The City of Belgrade unveiled a draft urban plan in September 2023, proposing the construction of a towering complex on the hotel’s location, with an expected height of 155 meters. This proposal has ignited public and expert dissent concerning the reduction of green spaces, potential cultural asset compromise, and the proposed building’s height.

The group Ministry of Space has criticized the urban plan for its alleged non-compliance with established regulations and urged a detailed evaluation of the hotel’s historical and cultural significance. Advocates of the redevelopment highlight the damage sustained by the hotel during the NATO bombardment in 1999, noting the partial destruction and alteration of its original interiors.

Located on the vibrant promenade of New Belgrade, near the Danube River, Hotel Jugoslavija’s storied past and its controversial removal from the potential cultural protection list in December 2011 add layers to the ongoing discourse. The sale and proposed redevelopment have sparked a broader conversation on balancing modern development needs with the preservation of Belgrade’s cultural and historical heritage.

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