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Financial Crisis to Lead to Hotel Closures in Bulgaria Black Sea Resort Albena

Source: Sofia News Agency (
Published Date: 13 Nov 2008

The management of Bulgaria's Black Sea resort of Albena is considering several scenarios for reducing the number of hotel beds in summer 2009 because of the likely effects of the global financial crisis on the tourism sector.

The news was announced by Albena's CEO Krasimir Stanev as quoted by Darik Dobrich.

"The worst-case scenario would be the closing down of 50% of our hotels in summer 2009. However, we still hope that the number of hotel beds that we will have to curtail would be minimal", Stanev said.

He explained also that the charging of less than BGN 40 per day for an all-inclusive package would mean the hotels would be incurring losses.

By April 2009, the management of Albena Jsc will know how many hotels would have to close down, and what the prices of the tourist packages would be.

Albena's net profit in 2008 is estimated to be about BGN 13 M. This is 20% less than its 2007 profit, which was BGN 17 M.

Stanev also stated that because of the stagnation in the tourism sector, which would be caused by the global financial crisis, the company was not planning to make any serious investments in the resort in 2009 as it had made in the last few years.