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BELGRADE, SERBIA-NBGP Properties, an arm of locally based Delta Real Estate, has acquired the Hotel Continental here and other properties totaling 777,430 sf from International CG for $233 million or 149 million euros. NBGP is working with InterContinental Hotels Group to convert the Continental into a Crowne Plaza facility.

The property was acquired by NBGP after Colliers International Serbia produced a feasibility study on the location. NBGP is required to renovate the property within three years, in accordance with a Serbian government program.

Other than real estate, Delta Real Estate is an arm of Delta Holding, a conglomerate involved in agriculture, automotives, food processing, retail and other businesses.

Delta and Colliers are also teaming up on Delta City, a 365,976-sf mall here, as well as a 258,336-sf shopping center in Podgorica, Montenegro, with the same name.

InterContinental Hotels operates about 4,000 hotels in 100 countries under the names Crowne Plaza, Holiday Inn, Staybridge Suites and others. The company is also expanding in Russia, where it now has 1,400 rooms, and management expects that number to increase to 2,000 by 2010.

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