Банкеръ Weekly

Briefs

UBB TO SELL A HOLIDAY COMPLEX

United Bulgarian Bank AD (UBB) declared Ravda Holiday Village for sale. The village was built in 1995 and 1996 to serve as a holiday place for the bank's employees. It was put in exploitation in 1997. Since UBB was sold to the National Bank of Greece in 2000, it was decided that such an establishment was not necessary. In April 2000 Ravda Holiday Village was rented to Varna Tourist Company for a period of four years. In August, the same company took the management of the Dobritch-based Bulgaria hotel, which is part of the tourist assets of Radosvet Radev, owner of Darik Radio. Together with another company controlled by Mr. Radev - Prokon 90 (which owns Bankya Palace), Varna Tourist Company runs nine hotels along the Black Sea coast. The Varna-based company was established by Dimitar Dimitrov, known as the former manager of Grand Hotel Varna.The rent agreement for Ravda Holiday Village expires in April 2004. Under the contract's clauses, the lessee is more privileged compared to the other candidate-buyers. In practice, when the offers are ranked and the best one is chosen, the Varna-based company will be the first candidate invited to buy the establishment at the price fixed by the winner. In case that Varna Tourist Company refuses, an agreement will be signed with the top-ranked applicant.Offers will be accepted by September 30, and the lowest price required by UBB for the holiday village is EUR2MN.The holiday complex consists of seven sectors with 7,827 sq. m of built-up area, and almost 9-dca of land. There are 193 beds, 31 of them in separate houses. It facilities inlcude a parking lot, garages, a swimming pool, a tennis court, a restaurant, two snack bars, a cafe, etc.

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