Informes Sectoriales OP - Icex

TOURISM AND RELATED SERVICES IN BULGARIA
chairman of Thracian Rocks Golf&Spa, the international company that will deploy
the EUR 90 mln investment. The 18-hole golf course will have an area of 140
ha, the biggest on Bulgaria's Northern Black Sea coast.
The developer intends to repair the infrastructure in the area of the golf course,
building 17 km of new roads, a 150-room five-star hotel and villas with a combined
3,000-bed capacity. All building will have no more than three storeys. The
course will be designed by South African golfing legend Gary Player. The building
contractor for the golf project will be chosen on competitive basis. Player has also
designed the golf complex built by the Black Sea Rama company near Balchik.
According to Krasimir Gergov, co-owner of Black Sea Rama and chairman of the
Bulgarian Golf Association, the project has absorbed EUR 100 mln in investment.
The resource was raised through the off-plan marketing of the 350 detached
houses that will be part of the complex. The construction of another golf resort
near Black Sea Rama started in late 2005. The EUR 56 mln Lighthouse Golf Resorts
is developed jointly by Balkanstroy and Barage&Co. The complex will have
an 18-hole golf course, training and horse-back riding facilities, a spa center,
luxury houses and a hotel.
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Quinn Group Investment Fund with Hilton Sofia Hotel
In mid-2005, Quinn Group Investment Fund, owned by the Irish billionaire
Shawn Quinn, bought almost 50% in Hilton Hotel Sofia and is reportedly in talks
with the other shareholders to acquire the majority stake. Hilton Sofia is a stateof-the-art
facility with 245 rooms on 8 floors, including 53 Executive Rooms and
17 Suites, equipped with all modern facilities. The guests of the 2 Executive
Floors have access to the Clubroom, a special area for relaxation, assistance and
business support, where they can enjoy complimentary breakfast, drinks and
snacks throughout the day. For conferences and banquets the Hotel offers 450
square meters, including a ballroom, which can accommodate up to 240 delegates
and can be divided into 2 sections.
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Equest Balkan Properties with Serdika Hotel, Sofia
Equest Balkan Properties, property investment company focused on commercial,
retail and industrial property in South Eastern Europe and primarily Bulgaria
and Romania, was quoted by the London Stock Exchange (LSE) as saying in
January 2006 that it has bought the Serdika Hotel in Sofia. The purchase price,
payable in cash, is approximately EUR 10 mln, including transaction costs. The
Serdika, previously owned by insurer Allianz Bulgaria, is currently operated as a
3 star hotel with 131 rooms in a prime location in the city centre.
Equest has entered into initial negotiations with 3 major international hotel
chains to manage the Serdika after the current lease with a local hotel operator
expires in May 2006, according to Equest managing director Georgi Krumov. The
fund intends to refurbish the Serdika hotel and the adjacent Sofia Film movie
theater, adding shops and office premises. Equest expects to generate an annual
return of 10% from the lease of the commercial outlets on the property. Equest
said in mid October 2005 it planned to invest via its subsidiary Immofinance a
total of 30 mln euro in a holiday village in Sofia's upscale neighbourhood Boyana
and in a spa complex in the village of Banya, close to popular ski resort Bansko.
The company is also building a luxury residential community, Embassy Suites,
near the Bulgarian capital.
Spanish Economic and Commercial Office of the Spanish Embassy in Sofia 53