Isle of Man-registered Black Sea Property, a company involved in property development, financing, and sales in Bulgaria, has recently announced a significant acquisition. They have signed an agreement to acquire 98.27% ownership of the Bulgarian hotel operator, Grand Hotel Varna, for approximately €28 million. The deal is to be finalized by October 30th. It aims to bolster Black Sea Property's investments in the hospitality sector.
Grand Hotel Varna owns the local company GHV-Dolphins, which operates three hotels and a beach marina resort. As part of the acquisition, a mutual fund portfolio is to be included in the deal. The property assets of the target company are valued at €19 million, while the mutual fund portfolio value is €12 million
The chairman of Black Sea Property, Simon Hudd, expressed confidence in the potential of renovating GHV-Dolphins' hotels into high-quality luxury developments, ultimately enhancing shareholder value.
This acquisition represents a significant move for Black Sea Property, enabling them to expand their presence in the Bulgarian hospitality market and tap into the potential of the acquired properties and the mutual fund portfolio.
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