Real Estate Corner

Holiday Inn to open in Bratislava
A three-star Holiday Inn hotel is planned to open this month on Bratislava's Bajkalská ulica. The hotel was constructed and will be managed by Slovkarpatia in Bratislava, which has become a member of the Holiday Inn International chain. Slovkarpatia's majority shareholder is Slovenská Poisťovňa (Slovak Insurance company) with 57 percent. The retail chain Jednota is another major shareholder. The hotel's manegement expects to secure a continuous inflow of guests from abroad by linking the hotel to a global reservation system called Holidex 2000.

Holiday Inn to open in Bratislava

A three-star Holiday Inn hotel is planned to open this month on Bratislava's Bajkalská ulica. The hotel was constructed and will be managed by Slovkarpatia in Bratislava, which has become a member of the Holiday Inn International chain. Slovkarpatia's majority shareholder is Slovenská Poisťovňa (Slovak Insurance company) with 57 percent. The retail chain Jednota is another major shareholder. The hotel's manegement expects to secure a continuous inflow of guests from abroad by linking the hotel to a global reservation system called Holidex 2000.

Fast food chains plan fast expansion

McDonald's and Chick 'n' Chips, two fast food chains that have both opened their first restaurants in Slovakia within the past year, already have big plans for rapid expansion, according to their respective managers.

McDonald(s plans to open restaurants in Trnava and the Bratislava district of Lamač later this year and then two in Košice next year. Construction of one restaurant will cost about 35 million Sk ($1.2 million), and each new restaurant will create 60-100 new jobs.

Chick 'n' Chips, which opened its first restaurant in Žilina last month, plans to open others in Bratislava and Poprad and plans to have 30 restaurants in Slovakia by the year 2000.

Banks finance apartment construction

Two building saving banks - Prvá Stavebná Sporiteľňa (PSS) and VÚB Wüstenrot - along with First Municipal Bank (PKB) in Žilina signed a 2.7 billion Sk ($90 million) contract on June 25 outlining two projects to finance apartment construction.

According to the first agreement, resulting from negotiations between the banks and the Ministry of Construction, the savings banks will purchase PKB bonds worth 500 million Sk ($16.7 million - of which 100 million Sk will be bought by VÚB Wüstenrot).

The bonds carry an interest rate of 8 percent and have a six-year maturity. From these funds, PKB will provide cities and municipalities with loans with a 10 percent interest rate, and guaranteed by real estate collateral.

Within the next two years, PSS and VÚB Wüstenrot will allot another 900 million Sk ($30 million) for purchasing municipal bonds, guaranteed by PKB and secured by real estate collateral. For the second project, the two savings banks are to allot a total of 1.3 billion Sk ($43 million - of which 300 million Sk will be provided by VÚB Wüstenrot).

The savings banks will provide 10-year loans with an 8 percent interest rate directly to municipalities or corporations. The loans will have to be secured by real estate worth 200 percent of the required loan.

6.7 billion Sk slated for highways in 1996

The Association of Construction Companies estimated that construction revenues will exceed 60 billion Sk this year, a 5 percent real increase over 1995. Last year(s increase in building activity to 52 billion Sk ($1.7 billion) meant a 0.4 percent annual decrease in real terms. The main activity will be the highway program, for which 2 billion Sk ($67 million) was spent last year.

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