(Visited 76 times, 1 visits today)
(Visited 76 times, 1 visits today)
  • Transaction / Assets
    Hotel in Rimini
  • Seller
  • Buyer
    Maximilian’s Hotels and Residences
  • € MM

Sold on auction Hotel Continental for over 9 million euro

O5 April, Corriere Romagna

The Riccione-based entrepreneur and Maximilian’s Hotels and Residences Ceo Massimiliano Ciuffoli bought on auction the Hotel Continental in Rimini for 9 million and 100 thousand euro.

It took to raise the bid only by 50 thousand euro more to beat the competing bidder, a hotelier from Riccione, and get the property. The hotel will remain under the current management, which was unaware of the issues that brought to the auction, for all summer until 30th September.

The Hotel Continental was put for sale four years ago and ended up on auction due to an agreement among creditors related to the ownership. The proceeding is still at the initial phase, the assembly of creditors will have the last word in June.

The Court’s liquidator Giancarlo Ferrucini proceeded with the auction sale as ordered by the Court of Rimini. The purchase offers were to be submitted by Friday 16th March by the public notary Andrea Aquilina.Instead, the envelopes were opened only yesterday at 10 am. The upset price for the hotel as well as for the private beach (Bagno 32) was for 9 million euro.

The Hotel Continental was built in the Seventies and it was renovated 30 years after. Located in Marina Centro along Viale Vespucci, it has a capacity of 116 rooms. The company of Massimiliano Ciuffoli, along with a deposit of 10 thousand euro, has set at disposal of the agreement among creditors a current account with one million and a half euro. The appraisal attached to the bid stressed the potential necessity for a renovation of the facilities in compliance with the fire safety regulations. Such interventions will certainly come with a cost.

Ciuffoli is also the owner of other important hotels between Rimini and Riccione.

Source: Corriere Romagna

Translator: Cristina Ambrosi


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