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 per cent ownership of the Bulgarian hotel operator, Grand Hotel Varna, for approximately €28M. The deal is to be finalised by 30 October and 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 €19M, while the mutual fund portfolio value is €12M.
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.
