The 100% stake in the hotel was sold to Teri-trgovina, a Zagreb-based trading company that Croatian media describe as the biggest drinks wholesaler in Croatia.

Istrabenz, which has an energy and a tourism division, said Tuesday the sale of the hotel had been a covenant of the 2013 financial restructuring agreement and wraps up its asset disposal.

At the same time, the company continues to invest in its hotels on the Slovenian coast, which was likewise a covenant under the restructuring deal with creditors.

Istrabenz was once one of the mightiest Slovenian conglomerates but a failed management buyout left it saddled with huge debts.

For the past several years it has been offloading assets, mostly minority stakes in unaffiliated companies, but also major investments such as hotels.

The company is yet to release results for 2015.

In the first nine months of last year it reported sales of EUR 31.9m, up 8% year-on-year, and a net profit of EUR 3.9m, up from a loss of EUR 1.5m in the same period the year before.