New operating concept – Dryanovo, Bulgaria
Office: Horwath HTL Switzerland
Overview: A group of British private investors built a resort in a rural setting in the heart of Bulgaria comprising 112 upscale villas and apartments of different size (2 – 8 beds) for sale and lease-back, retail areas, F&B outlets and leisure facilities. Construction was nearly completed when the global financial crisis hit causing the initially planned concept to totter.
Solution: Horwath HTL undertook a market research, devised an alternative operating concept, including recommendations for amendments of the physical plant, and prepared a financial feasibility study and DCF valuation. Subsequently, we were instructed with the search and selection of hotel operator who should manage the resort once completed.
Implementation: The Swiss operating company Sophos Hotels signed a management contract with the investors in connection with a Franchise Agreement with Wyndham for a Ramada Resort. A co-investor is sought to finish construction.