PRESS AND MEDIA

BULGARIAN PROPERTIES’ Varna Office Manager: Investors Look for Smaller Hotels up to 500,000 Euro

BULGARIAN PROPERTIES

Evgeni Zlatev – the Regional Manager of BULGARIAN PROPERTIES’ Varna Office – commented the increased supply of hotels in Bulgaria for Bulgarian national TV channel bTV on May 19th 2010.

According to the offers of the company it is currently selling over 50 hotels almost half of them at the seaside. About 70 percent of these offers are along the southern Black Sea coast and the rest – along the northern coast. Most of the offers have been on the market for at least a year now.

According to Evgeni Zlatev hotel owners are selling their hotels because of their debts to creditors as they find it difficult to repay their loans. The crisis in the tourism sector also had a negative effect as the hotels are not full. The prices of the hotels offered by the agency start from 400,000 Euro and reach 10 million Euro. However, when a deal is concluded it is at a price lower than the asking price.

The Regional Manager of BULGARIAN PROPERTIES’ Varna Office also said that there is almost no demand for this type of properties, especially for the big hotels. According to him there is some interest in smaller hotels sold for up to 500,000 Euro, as those interested in them are middle-class investors.

The advice which brokers give to people with a lot of ready cash is to buy now, as hotel prices are not expected to fall further.

View all hotel offers at BusinessForSale.bg

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© Bulgarian Properties Ltd. 2010

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