Robert De Niro Opens Two Hotels in Bulgaria
Renowned actor and co-founder of Nobu Hospitality, Robert De Niro, is set to make waves in Bulgaria's hospitality scene with the opening of two luxury hotels under the Nobu brand
In the next 5-10 years, Bulgaria will face a near apocalyptic situation with its economically unprofitable hotels which will be shut down, deserted, or even plundered.
This forecast has been made by Rumen Draganov, head of the Institute for Analysis and Estimates in Tourism, as quoted by the BTA.
Draganov has said that presently 20% of all of Bulgaria's hotels were not operating, and that at least 5% of them were economically unsound projects with bad location, materials, and looks.
In his words, if they are not restructured shortly, they would bring tremendous losses to their owners leading to an all-out crisis, in which at least 5% of the hotels will turn into "dead zones".
The crisis could be averted by changing the function of the buildings and turning them into hospitals, orphanages, nursery homes, business or residential buildings, or even prisons.
Draganov said that over 700 buildings - hotels and apartment complexes - have already been listed for sale around the country.
He made it clear that the negative trend spurred partly by the global economic crisis was also going to affect some of the newly-built residential complexes where the ownership of an apartment might turn out to be a burden due to the high expenses for its maintenance.
Draganov believes that the issue might be resolved to a certain extent through legal changes introducing a time sharing ownership in Bulgaria.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
Bulgaria has witnessed a remarkable surge in home loans at the beginning of the year, with loans for households for the purchase of houses and apartments reaching a record high of BGN 20.52 billion by the end of February
The housing market in Bulgaria witnessed mixed trends in the fourth quarter of 2023, with overall prices experiencing a modest increase of 1.2%
Bulgaria witnessed a staggering surge in mortgage loans in 2023, totaling a monumental BGN 6.39 billion
Amidst the backdrop of Bulgaria's dynamic real estate landscape, all eyes are on the potential impact of the country's imminent entry into the Eurozone
This information was shared during the presentation of data on the current state of the market to journalists
Russia has issued a stern warning in response to Bulgaria's recent legislative efforts aimed at seizing Russian real estate
UN Happiness Report: Bulgaria's Astonishing Leap in Rankings
Bulgaria: 3 Regions With Lowest Life Expectancy - EU Report 2022