Black Sea Property PLC acquires 98.27 percent majority stake in Grand Hotel Varna AD, owner of Bulgarian company GHV-Dolphins EAD which has three hotels and a beach marine resort on the Black Sea Coast. The acquisition consideration is EUR 28 million in cash, of which an initial non-refundable deposit of EUR 1.6 million was paid upon the agreement signing.
The mutual fund property is currently valued at EUR 12 million, with assets valued at EUR 19 million. Black Sea Property says it needs the acquisition to strengthen its hospitality investments and add desirable hotels to its existing investment in Camping South Beach.
“We believe that the hotels of GHV-Dolphins EAD can be effectively renovated and transformed into high-quality luxury developments which will enhance shareholder value,” said Simon Hudd, Chairman of Black Sea Property.
