Sofia Hotels Changing Hands No Sign of Crisis, on the Contrary - Expert

Business » PROPERTIES | March 18, 2013, Monday // 11:22| Views: | Comments: 1
  • Send to Kindle
Bulgaria: Sofia Hotels Changing Hands No Sign of Crisis, on the Contrary - Expert The view from arguably the best located hotel in Sofia, and Bulgaria, Radisson Blu, which recently exchanged hands. File photo

The recent developments on the hotel market in Sofia – some exchanging hands, others still up for sale - are no sign of crisis, on the contrary, according to George Veltchev, Bulgarian businessman, investment banker and long-standing investor in tourism.

"The recent sale of arguably the best located hotel in Sofia, and Bulgaria, Radisson Blu, is a testimony to the fact that hotels are back in vogue, that Bulgarian entrepreneurs are keen to put their money to work in Bulgaria, and that there is hope for the hospitality industry," George Veltchev said in an interview for Novinite.com and its Bulgarian-language sister version Novinite.bg.

Speaking shortly after the new Novotel opened doors, George Veltchev said there are signs that at least two new top-tier brands will be entering the market over the next 2-3 years.

He specified he is not talking about mid-range Spanish or French brands, but real world-class brands, such as Marriott, Hyatt.

"Аs well as new, even above the so-called "Upper-Upscale" brands of the already present operators, such as Waldorf Astoria, Ritz Carlton, and W, normally categorized as "Luxury", Veltchev added.

FULL text of the interview with George Veltchev READ HERE

Properties » Be a reporter: Write and send your article
Tags: Ritz Carlton, Waldorf Astoria, Hyatt, Marriott, George Veltchev, hotels, sofia, Bulgaria, Novotel, Radisson Blu
Expats.bg All Are Welcome! Join Now!
Advertisement
Advertisement
Please, log in to post a comment.
» To the forumComments (1)
#1
Mat - 19 Mar 2013 // 13:10:42

I think its probably more a testament that the Irish property developer who owned it is going bust and the bank wanted their money back.

Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria