Grand Hotel Bulgaria Company, which is about to transform Bulgaria Hotel into a multifunctional trade and entertainment centre, got its first class investor certificate from Bulgaria's Investment Agency on Friday. The certificate was handed to the company's marketing manager, Desislava Kinova. More than 80 million leva will be invested in the restitution of the hotel, which is located in the centre of the capital city of Sofia.
Grand Hotel Bulgaria is one of the oldest in the city centre, had been undergoing partial renovation, and will be redeveloped into a retail and office center over the next three years. The intended use will be changed in answer to the intense competition on the Sofia hotel market, which has been welcoming scores of new hotels over the past couple of years.
Similarly, investment fund Equest has reported plans to revamp the Serdika Hotel in the Bulgarian capital into a mixed-use office and retail plane. The building facade will remain intact, while the interior will be redesigned to accommodate 16 000 sq m of office tract, 7 000 sq m of retail space, and 3,000 sq m of residential space. The complex will also feature a 6 500 sq m underground parking lot.