Search
 

Delta's $316M CBD Plan Ready to Roll Out in '09

BELGRADE, SERBIA-Delta's redevelopment lifts off with a 325-key InterContinental Hotel and moves to a full redo of an existing hotel plus new office and retail space.

By Connie Gore | Updated on July 01, 2008

[IMGCAP(1)]BELGRADE, SERBIA-Earmarking more than EUR 200 million [$316 million] for the plan, Delta Real Estate will start work in early 2009 on the first of two hotels for Block 20, a former state-controlled bastion in the heart of the CBD now being primed for mixed use. The build-out plan includes 40,000 sm2 [131,234 sf] of class A office and 10,000 sm2 [32,808 sf] of retail.

Dejan Racic, executive director of locally based Delta Real Estate, says a 325-key “real” InterContinental Hotel, with signature five-star underpinnings, and an office building will jump-start redevelopment of the landmark block. The hotel, which includes five levels of underground parking, will be completed in 2011. The project’s been on the drawing board since May 2007 when Delta and InterContinental Hotels Group plc inked a management pact for the new hotel.

While working the new, Racic says a plan has been firmed up for the old Hotel Continental, the city’s former torchbearer for the UK-based chain. [IMGCAP(2)]Racic tells GlobeSt.com that the 415-room hotel will be closed in July 2009, allowing the estimated EUR 35-million [$55.3-million] facelift to begin immediately after bookings clear from Universiade sporting games. If all goes as planned, the hotel will reopen in September 2010, with the first Crowne Plaza flag going up in the city.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.