Bulgarian Private Enforcement Agents Foreclose 11 Hotels

The foreclosed hotels were seized after their owners failed to pay bank mortgages on time. Photo by BGNES

The Bulgarian Chamber of Private Enforcement Agents has listed a total of 11 hotels in the country for foreclosure over owners’ unpaid debt.

One of the hotels – the 4-star, 6-story “Astoria Beach” is the most expensive foreclosed property, located 30 m from the coast line in the “Golden Sands” resort near Varna. The hotel with an outdoor pool and tennis courts is listed for BGN 7 M.

Its owners, brothers Krasimir and Stefan Dzhankovi, are known as the people who privatized the Sofia Mills in 1998 and were involved in a scandal over the draining of BGN 13 M from the Air Traffic Control, which financed the above named hotel.

Another property is a hotel in the beach town of Balchik, listed for BGN 1.4 M. It belongs to the “Super Borovets” company, which acquired it in 2007 from BGN 3 M. It is a 3-star facility with a pool.

The owner of the mall in the resort town of Sandanski, Ivan Kovachev, also has to part with his hotel and the adjacent restaurant. The apartments and the shops inside the hotel are sold separately for the total price of BGN 1.094 M. Earlier, another private law enforcement officer listed for sale the night club and the casino over Kovachev’s unpaid loans.

Other properties include a hotel in Sofia’s affluent “Simeonovo” suburb, and hotels in Ruse, Dobrich, Etropole, Varna and Ahtopol, whose prices range between BGN 1.2 M and BGN 111 000.

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