ARAB COMPANY TO BUILD FIVE STAR HOTEL IN SMOLYAN

Business | July 9, 2001, Monday // 00:00

The Arab company Najar 2000 is to build a five-start hotel in the Rhodope town of Smolyan, Southern Bulgaria. The company, which is a Jordan-Syrian JV, bought the incomplete part of the Evridika trade centre for BGN 220,000. According to the contract concluded with the Smolyan municipality, the money is to be remitted within a month from the date of signing the deal. The trade centre will have a superstructure of 8 to 10 storeys designed as a five-star business hotel. The hotel will have a bingo hall, a swimming pool, a tennis court and other recreational facilities on the roof. `We guarantee the opening of 100 new jobs in the complex`, said Mohamed Najar from the Arab company. The transaction for the incomplete part of the Evridika trade centre was finalized after ten-year-long attempts to sell the municipally-owned site. Several self-contained parts of the complex were sold to other investors, including the Open Society and the State Insurance Institute.

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