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200 hotels at Bulgaria's seaside for sale

Date: 22.03.2006

About 200 hotels located at Bulgaria's Southern Seaside are currently for sale, media reported.

Data from real estate sales companies shows that many owners are now looking to get rid of their hotels. The lack of return of investment, and the need to pay up construction credits has driven many to place their hotels on the market.

Most of the hotels are small ones, up to four-stories high, spreading on about 2,500 square meters. They sell at about EUR 2 - 2.5 M, but if their total floorage exceeds 3,000 square meters, the price goes up too - to about EUR 4 M.

The hotels for sale have all been recently built, and there are currently no old buildings on the market. The reason for that may be that the owners of older buildings have already returned their investments and are not willing to part with a lucrative estate, reports say.

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