Colliers International Serbia produced the feasibility study for the investment and are exclusive agents for Delta on projects like Delta City shopping mall in Belgrade.

NBGP Properties has hitherto complied in full and within the stipulated dead-line with all obligations provided in the contract and paid 148,800,999 €, the amount offered at the auction. The property portfolio in Block 20 consists of the Continental hotel, CG apartments, Mala kula ("small tower”), tennis hall and a power plant - the whole area totalling 72,225 m².

NBGP Properties, i.e. Delta as the owner, will commence with a thorough refurbishment program after the University Olympics in June 2009, given the obligations and arrangements previously made between the hotel and the organisers of this sporting event. Completion of the works is planned for September 2010, when the hotel is going to be re-opened for its guests under its new name of Crowne Plaza. The decision regarding the scope of work concerning the remaining properties will be made once a more detailed inspection of the respective buildings has been carried out.

According to current estimates, the investment necessary for the refurbishment of the Continental hotel alone will be around EUR 35 million, and EUR 40 million for the entire complex of Block 20.

source : Colliers