Belgrade’s Hotel Jugoslavija sold for €27 million

The historic Hotel Jugoslavija in Serbia’s capital has been sold for approximately €27 million to MV Investment, a subsidiary of the Millenium Team group. This transaction was part of the bankruptcy proceedings against Danube Riverside. Millenium Team has unveiled ambitious plans to transform the site into a premium residential and business hub, including a top-tier hotel, with an anticipated investment of €400 million over the next four years.

In September 2023, the City of Belgrade introduced a draft urban plan proposing the construction of a 155-meter-tall complex on the hotel’s site. This proposal has sparked public and expert dissent over concerns about reduced green spaces, potential compromises to cultural assets, and the proposed building’s height.

The Ministry of Space group has criticized the urban plan for allegedly not complying with established regulations and has called for a detailed evaluation of the hotel’s historical and cultural significance. Supporters of the redevelopment point to the damage the hotel sustained during the NATO bombardment in 1999, which partially destroyed and altered its original interiors.

Situated 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 complexity to the ongoing debate. 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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