BGN 30 MILLION INVESTED IN THE SEA SIDE HOTEL

Business | August 8, 2001, Wednesday // 00:00

The money initially invested in the reconstruction of the `International` hotel in `Zlatni Pyasatsi` (Golden Sands) resort equal 30 million levs, said Nikolay Valkanov, CEO of `MG Bulgaria` AD at the inauguration of the five-star hotel. Iliya Pavlov, president of MultiGroup Corporation, Kiril Yordanov, mayor of Varna, MRF leader Ahmed Dogan and Borisslav Ralchev, MP, attended the ceremony. Gerhard Baum, chairman of the `International-Zlatni Pyasatsi` AD Managers` Board, also made a special address. `The inauguration of the new building coincides with the birthday of Mr Iliya Pavlov, so in my view that`s a nice present,` Gerhard Baum added. The grand-hotel is property of `International-Zlatni Pyasatsi`. `Zlatni Pyasatsi` AD with 34% stake and the Germany-based `Trappenkamp` are shareholders in the venture. `MG Corporation` is the financing organization and at the same time executor of the reconstruction project, Nikolay Valkanov said.

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