Three Golf Courses Envisaged In Shabla 27/03/2008
Shabla’s municipal council has granted land for the development of three golf courses, dobrichmedia.com reported. Construction has not started yet, as authorities are presently working out project details. Chairman of the municipal council Zdravko Yordanov told journalists that the draft plan for the golf complex, which is to be located between the village of Tyulenovo and the Shabla lighthouse, is the one that is at the most advanced stage. It will be realised by Golf Shabla Jsc, which was set up in May 2007 with a share capital of 101 837 shares at a par value of 100 leva a piece as a joint venture between the city hall and Prouchvane i Dobiv na Neft i Gaz Jsc (PDNG, or Oil and Natural Gas Probing and Extraction). The latter owns 65 per cent in the joint enterprise. Shabla... more

Grandiose Golf Resort Project In Banya Starts Within A Month 14/03/2008
Banya Golf and SPA Resort Jsc (BGSR), controlled by Bulgaria’s energy tycoon Hristo Kovachki, has recently deposited its full contribution due to the joint enterprise with Karlovo municipality, which will realise Banya golf resort project, Nikolai Petkov, chairman of Karlovo municipal council, said, as quoted by expert.bg. This means that construction of the ambitious enterprise, which would comprise golf courses and vacation villages, can start within a month. Kovachki’s private company was chosen among others to develop the project because its bid was the highest, promising a 60 million euro investment. However, until recently, it had paid only 3.5 million leva of the promised 14.8 million leva in the capital of the joint venture partnership, Sporten Complex Jsc, in which Karlovo... more

Hotel Businesses In Bulgarias Winter Resorts Face Problems Due To Lack Of Snow 12/03/2008
Owners offered five hotels for sale in the beginning of the week in Bansko winter resort. Warm weather and the lack of proper skiing conditions affected seriously hotel businesses in Bulgaria's winter resorts, imoti.net reported. Increasing number of hotels has been offered for sale already. Most investors took loans to construct hotels and the snowless winter proved fatal for their business plans, mediapool.bg reported. Nearly 55 hotels are already offered for sale in the Bansko region. The average price is 700 euro per sq m. Some of the more expensive offers reach 1100 to 1200 euro per sq m. Real estate agents said that it was uncertain if investors would show interest in such offers. International tourism tendencies show that more people are interested in smaller... more