Five-star Kempinski Hotel in Sofia sold – reports

Written by on June 23, 2014 in Business - Comments Off on Five-star Kempinski Hotel in Sofia sold – reports

The five-star Kempinski Hotel Zografski in Sofia has been sold for a price estimated at between 45 million euro and 55 million euro, reports in Bulgarian media said on June 23.

Bulgaria’s Commission for Protection of Competition said last week that it has been notified of the planned merger between Zografski, the company that owns the Kempinski Hotel in Sofia, and Victoria Group VM.

Reports linked Victoria Group VM, a company set up earlier this month, to Plovdiv-based businessman Vetko Arabadjiev, who was also reportedly among the bidders to buy the Hilton Sofia Hotel last year, losing out to Spas Roussev.

Arabadjiev reportedly owns four hotels in the Black Sea resort of Slunchev Bryag (Sunny Beach) and the Elenite resort near Slunchev Bryag, as well as the five-star Pamporovo Hotel in the winter resort of Pamporovo and Maritsa Hotel in Plovdiv.

Kempinski Hotel Zografski has been, according to the reports, on the selling block since 2007, but the global financial crisis and the subsequent property market drop in Bulgaria have hampered the sale. The financial details of the deal were not made public, but local daily Pressa estimated it at between 45 million euro and 55 million euro.

(Kempinski Hotel Zografski in Sofia. Photo: kempinski.com)

Comments

comments

About the Author

The Sofia Globe - Bulgaria’s fully independent English-language news and features website, run by an all-expatriate team. Sign up to subscribe to sofiaglobe.com's daily bulletin by using the form on the homepage of our website. Please click to support our advertisers!