Announcing the sale, Terme Čatež said in a press release on Tuesday that the deal would help the company meet the requirements from the agreement signed with its creditors.

While Terme Čatež provided no additional details of the transaction, business daily Finance reported in May that the most likely buyer of the spa and hotel complex in Ilidža would be the owner of the nearby Hotel Hollywood.

Owner Šaljo Mrkulić confirmed for the paper at the time that he was buying the Bosnian investment of Terme Čatež, for which he expected to pay around EUR 15m.

The bulk of the money will go for repayment of loans from creditor banks as agreed in the financial restructuring agreement in 2013, and the rest will be earmarked for further growth and development.

As part of the divestment plan, the operator of Slovenia's biggest spa resort, Terme Čatež, also intends to sell this year the Mokrice resort, featuring a Medieval castle and a golf course, and its outright stake in Marina Portorož.

The biggest owner of Terme Čatež is publisher DZS with a 45.79% stake, followed by the state-run KAD fund (23.79%) and kiosk operator Delo Prodaja (9.15%).