Demolition of Hotel in the Center of Baku

The demolition started of the 12-storey building of the Baku Hotel located in the center of the capital in from of Samad Vurgun Square. In its place, the owners are planning to build a new hotel that would meet modern requirements.

The decision to build a new building was taken six years ago, but was not put into life because of financial problems, said the board chairman of Mehmanxana Baki JSC Khanlar Abbasov. The JSC representative noted that the rights of minority shareholders (168 individuals) will not be violated in attracting investment for this project. Major shareholders represented on the Supervisory Board intend to buy shares from those wanting to sell them at a bargain price. The remaining shareholders will receive dividends from the business.

JSC Mehmanxana Baki was privatized in 1998 through voucher privatization. In circulation are over 800 thousand shares of AZN 2.

In previous years, the hotels Moscow, Azerbaijan, South, Old Intourist, Sherq, etc were privatized through creation of JSC. At the site of the first two hotels were built a complex of hotels and business centers Baku Fires and Hilton Hotel Baku. - 08B-


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