NEW YORK Bulgarias first Hilton is nearing completion and is expected to open in Sofia on March 1, 2001. Construction of the 253-room hotel began two years ago and is believed to have cost $46.7 million.
The hotels main shareholder and contractor, Cibex, contributed $8.2 million to the construction. The Hilton Hotels Corp., Glavbolgarstro and the Sofia Municipality, the hotels other major shareholders, contributed $4 million, $3.7 million and $4.4 million respectively. The main lenders, SG, Raiffeisenbank and the Dutch national bank collectively provided a loan of $26.4 million, guaranteed by the World Bank and to be repaid by 2013.
(12/15/00) SOURCE: HVS International