Victoria Group VM 'to Acquire' Sofia's Five-Star Kempinski Hotel
Businessman Vetko Arabadzhiev is poised to become the new owner of Kempinski Hotel Zografski, also known as "the Japanese hotel", media reports suggest.
Arabadzhiev has reportedly paid off Kempinski and the purchase is expected to be formalized later on Monday, Capital Daily informs.
The price tag has not been disclosed, but previous reports suggest it is about EUR 45 B.
Intentions of Arabadzhiev to buy one of Sofia's biggest hotels were made public this summer.
Arabadzhiev's Victoria Group VM will hold a 92.84-percent stake of the company which owns the hotel.
The group, a wholly-owned subsidiary of Seychelles-registered Lavana Tour, was set up in June this year.
Built in 1979 as a state-owned hotel, it was acquired by the late millionaire businessman Ivan Zografski in 1994 for USD 41 M, a sum he did not fully pay since he used brady bonds for the deal. Zografski died in 2007 and his heirs had intended to sell it ever since.
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