Karlovy Vary are looking for an investor for the reconstruction of the Elizabeth Baths

Karlovy Vary - Karlovy Vary are looking for an investor who could assist with the renovation of the Elizabeth Spa. The heritage-protected building belongs to the city and urgently needs a complete reconstruction estimated at around 700 to 750 million crowns, said Karlovy Vary Mayor Petr Kulhánek (KOA) to ČTK today.
    "Currently, a feasibility study and a general development plan for the Elizabeth Spa is being prepared. The general plan will provide information about what can be operated in the building, while the feasibility study will address the economic aspect. Once completed, a final study of the overall revitalization of the spa will be created, which will be financially assessed,” Kulhánek stated.
    The city has simultaneously started negotiations with investors from the Erste Group's vicinity. According to Kulhánek, Erste was chosen because the city wanted to attract foreign investors, and the Erste banking group has this reach.
    The city plans for the revitalization of the Elizabeth Spa to be a joint project between the city and a private investor, i.e., a PPP (Public and Private Partnership) project.
    According to Kulhánek, almost everything in the building will need to be repaired, from the exteriors to the interiors and technologies, including the previously planned completion of the hotel section of the complex.
    According to Kulhánek, the studies are expected to be completed by summer, and only then will discussions with potential investors begin and project documentation be prepared. "Given its complexity, I assume that any start of reconstruction will definitely not be earlier than 2015," Kulhánek added.
    The city's intention is to maintain the function of the Elizabeth Spa as a municipal spa and to expand its use for leisure and relaxation activities. The sale of the Elizabeth Spa is currently excluded by the city.