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Bulgaria's Albena Resort to Sell Hotel in Balchik

Source: Sofia News Agency (
Published Date: 01 Jun 2007

Bulgaria's Albena, the company that manages the Black Sea resort with the same name, is in talks to sell its White Lagoon hotel in Balchik, the company said in a statement to the Bulgarian Stock Exchange, where it is listed.

The hotel's listing in March has raised its profile and "sparked the interest of local and foreign investors," Albena said.

The company is in talks with a potential foreign investor to sell its 99,99% stake in the hotel, with other suitors waiting in the wings.

Albena wants to get BGN 22 for each share in the hotel, according to an earlier report by financial news portal, which would evaluate Albena's stake at close to BGN 95 M.

The hotel's assets are worth BGN 91,7 M, including BGN 84,4 M worth of land.

Despite listing on the Bulgarian Stock Exchange two months ago, no deals with the White Lagoon shares have been reported by the bourse, with Albena selling none of its shares in the three-star hotel.