The fourth attempt

The fourth attempt is to be made to privatise a two-star hotel Zaliasis Tiltas in Vilnius later this month. Additionally, selling of 87 percent of shares of Naujasis Vilnius hotel is to be announced in October. Following three failures to sell 100 percent of Zaliasis Tiltas shares, the selling price slumped even 17 percent down to 11 million litas. At the moment, the private holders own 48.3 percent of hotelshares, with the State holding a 51.7-percent stake. Meanwhile, the initial price of to-be-privatised Naujasis Vilnius shares was not known yet. In the first privatisation phase over a period 1991-1995, Lithuania witnessed selling of 35 hotels. In 1998 the country recorded a combined 184 hotels, with private ownership accounting for 80 percent.