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Bulgaria Legendary Beach Hotel Auctioned over Unpaid Debt

Date: 12.10.2009

The popular hotel complex Astoria in the Bulgarian beach resort Golden Sands is offered for sale at public auction. The information is posted on the public sales register of the Chamber of the Bulgarian Private Law Enforcement Officers.

Astoria, one of the oldest sea hotels in Bulgaria, is a water front property with a hotel, coffee shop, lobby bar, disco bar and a restaurant. It is offered for the price of BGN 3 019 M along with a construction permit.

The reason for the auction is the default loan on the part of the owner, the Sofia based Kapsi Tours.

The total number of Black Sea hotels listed for sale on different real estate sites in the Varna area is down to 50 compared to 70 in July. Half of them are listed with prices over EUR 1 M with the most expensive offered at EUR 38 M, also a Golden Sands water front, luxury hotel. The cheapest one can be purchased for EUR 250 000 and is a family type hotel with access to the yacht port.

The hotels for sale include not only the nearby beach resorts but also downtown Varna and surrounding towns and villages.

In addition 92 restaurants, bars, spa centers, stores and other tourist facilities are offered for sale in the Varna Region with 82 of them in Varna.

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