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Luxury hotel in Palazzo Doglio in Cagliari

22 Novembre, L’Unione Sarda

There is only left a formal passage, namely the signing of the transfer decree by the bankruptcy judge. But the Chechnya flag is already waving on the building, that of the Bazhev brothers, Musa and Mavlit, owners of the Russian group Alliance as well as of Forte Village, the resort in Santa Margherita di Pula. The building was formerly hosting the Prefecture and the Municipality, and it’s now destined to become a luxury hotel. Actually, an extra-luxury hotel since it will be the first five-star hotel in the city.

The purchase

To become the new owners of the palace located on the streets of Logudoro, Nuoro and Goceano, the two brothers paid an amount of approximately 12 million euro. A bargain, with no doubt: the auction sale notice published last 12th April set the starting price at 15,773,130 euro, with an increase of 350 thousand euro. Anyway, Musa and Mavlit Bazhev paid a higher price than that set as a minimum offer (11,829,848 euro).

The new owners

The two brothers from Chechnya, operating in the oil and gas industry and owners of Russian Platinum, the second company at a national level in the sector, are described as very close to the President Vladimir Putin. They’re among the richest oligarchs of the country, they’re assets are estimated for several billion dollars that they inherited from their brother Zia, who died in Moscow in a plane accident, most likely an assassination. A tragedy in which died also nine other people, among which Artem Borovik, president of a publishing company and of the newspaper Top Secret that unveiled the Russiagate scandal involving the ex-President Boris Eltsin. The brothers arrived in Sardinia in 2014 when, with 310 million euro, they bought Forte Village. But they made other investments in Italy already in the previous year: their name had been circulating among the potential buyers of Roma FC when the American president James Pallotta was said to be leaving.

The hotel

Now leading a new company, Downtown Cagliari, Musa and Mavlit Bazhev are starting their conquer from the provincial capital in Sardinia. There is still to define the name of the hotel, the only sure thing is that it will be a luxury hotel. “We believe there is a market for this type of offer”, explains the architect Domenico Bagalà, director of the resort in Santa Margherita di Pula, the concept of the facility is still to be studied, and the timing is unknown too. There are some bureaucracy issues to solve, starting indeed from the signing of the decree of transfer by the judge. There is then some work to be done to transform Palazzo Doglio into a luxury hotel: the five-storey building (plus the basement and the ground floor) is divided into offices, commercial spaces, warehouses, and garages.

The process

The matter started on the 6th October of two years ago is now coming to an end. At the time, the Court of Cagliari declared bankrupt S.a.l. & c. immobiliare, one of the companies of the Cagliari-born entrepreneur and former Bologna FC president, Sergio Porcedda. In November 2013, the District Attorney’s Office of Cagliari ordered the bankruptcy of the company owned by Porcedda, L’immobiliare del Corso. After the execution of a series of procedures, two attempts of selling (on 20th December 2016 and 14th March 2017), the matter led to a new auction sale on 23rd June. This time, an offer for 12.3 million euro from Downtown Cagliari landed on the desks of the two curators Manuel Mereu and Alessandro Casadio. Finally, Palazzo Doglio has a new owner.

Source: L’Unione Sarda

Translator: Cristina Ambrosi