Sofia Hotels Changing Hands No Sign of Crisis, on the Contrary - Expert

The view from arguably the best located hotel in Sofia, and Bulgaria, Radisson Blu, which recently exchanged hands. File photo

The recent developments on the hotel market in Sofia – some exchanging hands, others still up for sale - are no sign of crisis, on the contrary, according to George Veltchev, Bulgarian businessman, investment banker and long-standing investor in tourism.

"The recent sale of arguably the best located hotel in Sofia, and Bulgaria, Radisson Blu, is a testimony to the fact that hotels are back in vogue, that Bulgarian entrepreneurs are keen to put their money to work in Bulgaria, and that there is hope for the hospitality industry," George Veltchev said in an interview for Novinite.com and its Bulgarian-language sister version Novinite.bg.

Speaking shortly after the new Novotel opened doors, George Veltchev said there are signs that at least two new top-tier brands will be entering the market over the next 2-3 years.

He specified he is not talking about mid-range Spanish or French brands, but real world-class brands, such as Marriott, Hyatt.

"Аs well as new, even above the so-called "Upper-Upscale" brands of the already present operators, such as Waldorf Astoria, Ritz Carlton, and W, normally categorized as "Luxury", Veltchev added.

FULL text of the interview with George Veltchev READ HERE

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