Three Vie for Kempinski Hotel Zografski in Sofia
Three bidders have remained in the final leg of the race for the five-star Kempinski Hotel Zografski in Sofia, the Pressa daily has reported.
The bidders are Bulgarian hotel owner Vetko Arabadzhiev, owners of local Chimimport group and Lebanese entrepreneurs.
According to the newspaper, Victoria Group VM company seen as close to Arabadzhiev has the biggest chance among the three to acquire the landmark Sofia property.
The price of the potential deal is estimated at about EUR 50 M, Pressa added.
Bulgarian-born businessman Ivan Zografski bought the hotel from the state for DEM 65 M twenty years ago. Since 2007 it has been owned by Zografski’s heirs.
Kempinski Hotel Zografski ended last year with BGN 12.06 M in revenue, down 9% on the previous year.
- » 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