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Zlatni Pyasatsi operator to invest in holiday villages
Dnevnik Daily, 25.08.2005
Zlatni Pyasatsi AD, the local company that owns several hotels and the infrastructure in the coastal resort by the same name, will to invest 13 mln euro in luxury properties and holiday villages over the next two years, the Bulgarian stock exchange reported. Some 7 mln euro will be allocated to the Admiral holiday village on the territory of the resort, the company said, adding that the construction works have already kicked off. Over 5 mln euro will go to remodel the Iglika hotel into an apartment building. The company also has several other apartment building projects on the drawing board. Another 1 mln euro have been slated for new street lamps and improvements in the resort's landscape infrastructure. According to company data, its hotels attracted more than 20,000 tourists since the beginning of the season, up from 17,700 in 2004. Overnights were reported at 160,500 versus 157,000 a year ago. Germany remains the resort's biggest market, followed by Russia and the Commonwealth of Independent States. Local tourists form the third biggest group of visitors, having more than doubled from last year. In the half-year period net sales stood at 5.97 mln lev versus 5.11 mln levs a year ago. Still, the company ran a loss of 3.3 mln levs. Zlatni Pyasatsi traded at an average of 16.99 levs on the local bourse on Wednesday when 252 shares changed hands. see source
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