Sofia Hotel Balkan changes its ownership once again. PHOTO: Yordan Simeonov
The former Sheraton Hotel in Sofia, which has been called Sofia Hotel Balkan for several years, is the subject of a new deal. With it, a company of one of the current executive directors of the hotel – Ioannis Daskalantonakis, registered in Cyprus, acquires 100% of the company that is the majority owner of the hotel – “Bandola Properties”, registered in the Marshall Islands. It holds 87.49% of the hotel’s shares and is owned by Ioannis Papalekas. Just over 11% are owned by a company that is controlled by Daskalantonakis and less than 1% are individuals.
As the sum of the turnovers of all participants in the transaction does not exceed BGN 25 million on the territory of Bulgaria, the CPC allows the transaction without making a market analysis. In addition, its decision is subject to immediate execution, according to a document published on the commission’s website.
In the request to the CPC, Daskalantonakis explained that the corona crisis had severely devalued such assets as the hotel and the time was favorable for such a purchase. On the other hand, the majority owner Papalekas was a passive investor, and the management of the hotel in these conditions required an active approach.