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Southern Bulgaria Black Sea Hotels Sold by Desperate Owners

Date: 07.08.2009

The State Tourist Agency has announced that many hotels would not even open this summer

204 hotels are currently up for sale on the Southern Bulgaria Black Sea coast according to real estate agents in Burgas. 85 of the hotels are up for sale for over EUR 1 M, with many of the others officially hotels but run as small family guest houses.

The price for most of the hotels is above EUR 300 per m2, which according to local brokers is way above the price at which they would be able to be sold at. The brokers continued that the prices are so high as many of the sellers are trying to cover huge debts.

The most expensive hotel being sold is a small guest house in the old town of Nesebar at a price of EUR 3 333 per m2.

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