Shady TIM Group Moves to Acquire Key 5-Star Hotel in Sofia

Bulgarian business group Chimimport is the likely buyer of the Kempinski Hotel Zografski, the largest 5-star hotel in Bulgaria's capital Sofia.

Sunday Bulgarian media are reporting that talks between the hotel owners and Chimimport owners are in an advanced stage.

The expected price is some EUR 45-50 M, say the reports.

The hotel is being sold by the heirs of previous owner, Ivan Zografski, who died in 2007.

Chimimport is known to be part of the murky TIM business empire controlling much of Bulgaria's important Varna region, as well as holding significant assets across the country.

TIM was a main target of February's massive protests against shady business doing, corruption and economic stagnation, which started in Varna and spread through Bulgaria.

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