Geshaview Resort – Dryanovo, Bulgaria
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. The asset was in need of a revised, revenue-driven concept to satisfy the investors.
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 for the property. Subsequently, we were instructed with the search and selection of hotel management company who should operate the new resort once completed.
Implementation: The Swiss Hotel Management 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.
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