Skopje: Jadran and Bristol sold to company with no prior activity
GM Property bought Bristol on July 25 for about €1.9m and acquired Jadran three days later; links run to earlier owners and local builders.
Two landmark buildings in central Skopje that once housed the Jadran and Bristol hotels have changed hands this summer, with both properties bought by a company that until recently had no recorded business activity.
Purchases, dates and sums
Documents from the state cadastre show that GM Property purchased the Bristol hotel for about €1.9 million on July 25, and three days later paid almost the same amount for Jadran — a building listed under state protection for its architectural value.
For years both buildings were kept locked as non‑profit assets of AD Makedoniaturist. It remains unclear whether the change of ownership will alter how the properties are treated or reopened.
Emil Kratovaliev, the individual who took over the hotels, is not a known name in the hospitality sector nor an investor with a wide portfolio. He twice refused to speak to BIRN and ignored questions sent to him about the hotels and the transaction. Publicly available records show only that he has served on boards of insurance companies.
Further inquiry reveals ties between Kratovaliev and parts of the business circle that previously managed the two properties — mainly builders and traders from Skopje. One prominent figure in that group is Zoran Antic, the frontman of the retail fashion brand Fashion Group and an investor in construction projects including Grand River.
The connection is direct: Antic and Kratovaliev together founded GM Property in 2024. Antic left the company several months before the hotel sales, transferring the director's role to a person from his circle.
Photo: press material from the event
