Serbian hotel operator Mona Hotel Management (MHM) is looking to expand its business in the Serbian capital Belgrade and is considering finding a partner for that project, the company's general manager told EMIS.
"We recently opened a hotel with 20 rooms in Belgrade. That was our debut on the Belgrade market where in the medium term we plan to open a large facility of 20,000 sqm with an international brand. That is what we are working on right now and we will most probably need a partner for that," Tomislav Momirovic said.
"There are two options and we are considering both of them. The first one is simpler, as we would be full owners, but it would expose us to a large loan burden. We would be able to manage that, but it is a matter of a strategic decision. The second option is to bring in a partner. We have not worked like this so far, we were always the only owners," the executive explained.
MHM was founded in 2011, when it spun off parent company Mona, a famous Serbian leather manufacturer. MHM is currently managing hotels in Belgrade, the Javor and Zlatibor mountains in Serbia and in the Montenegrin coastal town of Budva.
"We are definitely considering buying something, if the right opportunity appears at the right price. Our strategic commitments are Belgrade and Zlatibor. Those are the top destinations in the country. If opportunities arise, we will buy certain facilities in Belgrade and/or Zlatibor," Momirovic explained.
The company is still interested in acquiring hotel Zelenkada in Zlatibor, Momirovic noted, adding that the MHM is willing to invest EUR 10mn in Zelenkada.
Hotel Zelenkada, which was owned by postal operator Poste Srbije, was privatised in 2008 and the privatisation agreement was terminated in 2010. Since then, the four-star hotel has been undergoing a restructuring process.
MHM is also open to acquisitions in the private sector. "Talks are currently under way and we will see what happens," Tomislav Momirovic concluded.