Data from real estate sites: a total of 239 hotels at the seaside for sale, but no significant demand

A total of 239 hotels on the Black Sea are available for sale - 159 are in the south regions and another 80 - in the north areas, according to information from the Internet site imot.bg. Nearly 70 of the complexes are worth over €1 mln, while the remaining properties are small: mostly houses equipped to accommodate tourists. The prices of some of the estates reach nearly 3000 euros/sq. m, but there are also properties offered for 400-450 euros/ sq m.
A large hotel complex in Sunny Beach for €11 mln is among the estates on the market. The price does not include VAT, specify the owners. The developed built-up area is 6,780 sq. m and the site is offered for 1,622 euros/sq.m (without VAT again). The hotel faces the shore, and is located at 50 m from the beach. Some more 6,870 sq. m. of ground parcels - pool, walks, gardens, are offered in addition to the mentioned over 6,000 sq.m of rooms, apartments, cafes and restaurants. The most expensive hotel in Varna region is located in Golden Sands resort complex and is offered for a price of €42,5 mln.

Meanwhile,  the online site of newspaper Financial Times offers about 20 holiday complexes. Of these, 16 are in the Burgas area, and 4 in the region of Varna. One of the most expensive offers is for a 4 star luxury hotel on the beach in Sunny Beach resort, offered at a price of $ 35,2 mln. It is indicated that the complex has at disposal 198 beds, 70% of which with sea views, two conference rooms and two outdoor pools. The enterprise has signed contracts with Neckerman (part of the chain Tomas Cook), Apollo, Fisher and other smaller operators. Among the offers is also the 4 stars Penelope Palace Hotel in Pomorie, which is put up for sale for $ 36 mln and will be completed in  summer 2010.

According Kaloyan Bogdanov, Marketing Manager of Address Real Estate Agency, an increasing offering of hotels is noticed over the last two, even three years, and the trend has intensified with the deepening of the crisis and decline in the tourists flow. "The bad news is the lack of significant demand. According to our data, over 80% of all deals are in the category of small family hotels with up to 40 beds. In his opinion, the reasons for the oversupply lies in the overbuilt bay territories, the shortage of managerial staff and good management and the lack of infrastructure.
The sales of  hotels are something normal, especially in times of crisis, said for Klassa Veselin Nalbantov, owner of Colosseum Hotel in Sunny Beach. Asked whether he would sale his hotel, Nalbantov said: "With pleasure!" Every business reaches its peak and has a capacity. By exhausting the capacity it is normal that capitals are redirected to other businesses.