About the sale

The Government of Serbia has announced the sale of Kursumlija destination spa (sanus per aquam). This is initial information about this sale about this very interesting investment opportunity in health and wellness spa. The reserved price is only €1.415.836,50 for substantial assets with unique potentials.

More about future privatisations and sales of spa and medical rehabilitation centres in Serbia you may find out if you click here.

More about the Healthcare System in Serbia you may find out if you click here.

Kursumlija Spa is a unique tourist destination

The Kursumlija Spa has been used as a spa centre since 206 AD when the Roman Emperor Septimus Severus gave it away to its legions stationed in the Roman Province Upper Moesia. It is a health spa complex tucked away in the foothold of the Kopaonik mountain, Serbian upmarket ski destination. Kursumlija is an area of outstanding archaeological and natural sites and other attractions in the immediate vicinity. Kursumlija is located 66km from the Nis international airport and 272 km from Belgrade.

Kursumlija Spa is probably the only destination spa which the investor may design and develop as a luxurious self-contained, secluded and private community. It is tucked away in a beautiful background that provides privacy, peace and enjoyment with all aspects of spa and wellness with a range of various mineral waters. More in the pdf document which you can download by clicking on the link below the text.

Kursumlija spa is a all year round tourist destination spa and medical centre.

Winter attractions

Kursumlija destination spa is located at the foot of the Kopaonik Mountain, about 1,5 hours drive from the Kopaonik ski slopes. The spa offers endless supply of hot and cold water with various mineral properties. Hot water is also utilised for heating of the Zubor Hotel complex. The heating can be extended to the outdoor pool so that visitors could use the outdoor pool in the middle of the winter where guests play chess in the pool on a cold and snowy winter day. The waste water from spa and heating can also be used to heat other outdoor parts of the spa complex such as footpaths, carpark, sport playgrounds etc all for free, for at least next 10 000 years.
Guests will be able to have a spa treatment in the morning, go skiing to Kopaonik during the day and come back in the evening to have more spa treatments. Some guests may opt to have, say, 7 days on the ski slopes and another week in the spa facility. Combinations are endless.

Summer attractions

A similar combination between the Kopaonik mountain resort and the Spa resort is possible in the summer too, but with different attractions. In addition to spa facilities and treatments, Kursumlija has numerous historical sites to visit, designed walking footpaths, restaurants and authentic home made food, trout fish farms and many other amenities that could keep the most demanding guests occupied and busy throughout their stay in Kursumlija Spa.

New concept and branding

With new branding and concept, as a destination spa and spa retreat Kursumlija Spa may offer unique and original identity and harmonious combination of European concept of health spa utilising a range of mineral thermal waters with natural healing and rejuvenation properties and American concept of relaxation and pampering:

  • remedy and relief from aches and pains
  • relax and de-stress
  • health enhancement
  • beauty treatment
  • organic dietary cleansing (“farm-to-spa” concept)

Another, on the first sight not so obvious benefit is the endless supply of almost cost free hot and cold water of between 10-67°C that can be used for heating and cooling of virtually all facilities—from buildings to outdoor pools, outdoor sport courts, roads and pathways in the wintertime etc turning the Spa into a 365 day all year-round attraction with stable temperature environment irrespective of the outdoor seasons or temperature variations.

It needs total reconstruction and this is where the Governement grants and subsidies will be of great financial help (see below). It is ideal for adaptation to a secluded “Health Village” type accommodation which will reflect traditional local architecture and modern luxury and comfort with added benefit of spa and wellness services in the main building and the comfort of the surrounding villas. All facilities are to be heated and cooled by the geothermal waters of 64C. In addition to the all year-round outdoor swimming pool also heated by geothermal waters, all villas can be equipped with all year-round outdoor heated Jacuzzi.

Government grants and subsidies for hotel development and reconstruction

It is an asset sale with no liabilities or employees. At its heydays, Kursumlija Spas employed 140 employees. It is likely it will need to need to employ similar number of employees. The new jobs creation is the legal basis for application to the Government of Serbia for subsidies worth millions of Euros for reconstruction and modernisation of the Spa facilities. This project should be eligible to apply for up to €10 million of Government grants and subsidies which can be used for investment in tangible and non-tangible assets for reconstruction and development of the spa facilities and future employees’ wages.

There are also some other tax and investment benefits that will make the entire investment less risky and more profitable. We have participated successfully in subsidy applications in the past and will provide you with further explanations and advise

Our role

SEECAP Consulting is a financial advisory since 2001 that operates from Belgrade covering Serbia, Montenegro, Macedonia and Bosnia-Herzegovina. We provide cross-border services to a variety of international and local clients in corporate finance, M&A, real estate finance, project and infrastructure finance and hotel and tourism finance. We act on either buy or sell side of the transactions, for the investors or investees. We offer customised and focused advice to a variety of international cliental interested in establishing a presence in our countries of operation and to local companies seeking innovative capital raising solutions such as strategic or private equity investments, mezzanine, loans and other forms of financing.

Several years ago, we were engaged by the Serbian Privatisation Agency as consultants for privatisation of the Kursumlija Spa. We have carried out numerous analysis as a part of our engagement. Soon after our engagement Kursumlija Spa was embroiled in a legal dispute about the ownership which ended our engagement. The legal dispute is now settled. As a result, we have a comprehensive and in-depth knowledge and expertise about Kursumlija Spa, documentation, conceptual designs for its redevelopment etc which we now offer to a prospective purchaser/investor.

Further steps

If this acquisition opportunity is of interest, please contact Zoran Mitic to furnish you with further and more detailed information about Kursumlija Spa and its potentials.

For further details please click here to download a pdf document with more information about the sale

Kursumlija spa
Kursumlija spa
Kursumlijska banja
Kursumlijska banja
Kursumlijska banja
Kursumlija spa
Hotel reception, Kursumlija spaa
recepcija foaje
Toward the Restaurant
Restaurant, Kursumlija spa
Gym and excersise area
Outdoor swimming pool
Villa Yugoslavia 1938
Park, Kursumlija spa
Panorama, Kursumlija spa
St Nicola's Monastery, Kursumlija

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