Sofia's Kempinski Hotel Zografski Finds Buyer
The sale of Sofia's Kempinski Hotel Zografski is about to be completed, report Bulgarian-language media.
According to a notification letter, published on the website of the Competition Protection Commission, the buyer is the Plovdiv hotelier Vetko Arabadzhiev. The notification informs that the company Victoria Group VM, managed by Arabadzhiev's daughter Zlatomira Arabadzhieva, is merging with the companies Zografski AD and Fortuna Construction AD.
The five-star hotel, also known as “The Japanese hotel” has been up for sale by the heirs since the death of its previous owner Ivan Zografski in 2007. According to the Pressa daily, the initial asking price was EUR 200 M, but was sold for between EUR 45 M and 55 M.
Zografski had bought the then state-owned hotel in 1994 for DEM 65 M.
- » Victoria Group VM 'to Acquire' Sofia's Five-Star Kempinski Hotel
- » Bulgaria's Dwelling Prices Record Slight Decrease in Q3 2014
- » Construction Production Index Down 1.6% in August
- » Real Estate Prices in Bulgaria See Slight Rise
- » Commercial Property Investment in Bulgaria Up 60% Y/Y in Jan-Sept
- » Sofia, Varna Property Prices Rise, Still Well Below Pre-Crisis Peaks