Sat, May 26 2012
GHM, the owner and manager of a hotel portfolio of highly regarded properties such as The Datai and The Setai, said it would open a hotel in Bulgaira under its upscale brand Chedi. The local Chedi hotel will be part of the Thracian Cliffs golf resort near Kavarna on the Black Sea, resort manager Josef Halbherr said.
In addition to the 60-suite boutique hotel, the Chedi complex in the resort will also feature 30 villas and nine apartment blocks. The GHM-managed complex should be completed in two years.
The 150 ha Thracian Cliffs Golf&Spa resort will be built in three phases. The first, currently underway, will deliver a golf course with 18 holes, nine of which will be playable by mid-2009, hotel, villas, yacht marina complex with resort apartments and inland apartment buildings.
Another hotel will be added in the second phase. Talks are underway with hotel chains already present on the local market. Upon completion, the resort will have a total of 1500 residential units.
Thracian Cliffs is one of the three golf resorts under construction in the Kavarna area. The other two are Black Sea Rama and Lighthouse.
Worst is over for Bulgaria's property market after three years of decline, reports by Yavlena and Bulgarian Properties real estate firms claim.
Draft law envisages professional association for real estate agents and a public register of real estate companies to bring order to the business and get rid of rogues and rip-off artists.
Landmark Centre Varna’s financial reports show its largest debt is an investment loan of 6.9 million euro issued by Eurobank EFG Bulgaria in mid-2008 and secured with a mortgage.
Average market prices of homes in Sofia fell by one per cent in the fourth quarter of 2011 compared to the same period of 2010, according to the Raiffeisen Real Estate Index, as quoted by Klasa daily.
Proportionately, the number of transactions in leva increased as people reacted to speculation that the euro would disappear.