The former Sheraton Hotel now has a new majority owner

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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, the Potamiro Limited company of one of the current CEOs 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% hold a company controlled by Daskalantonakis and less than 1% have 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, it is clear from the document published on the commission’s website.

In the request to the CPC, Daskalantonakis explains that the economic situation in Bulgaria is currently extremely favorable for investment, as the state of emergency in the last three months has led to a decrease in the net worth of a number of commercial enterprises, in particular those operating in the most affected areas. -many of the restrictive anti-epidemiological measures, namely the entertainment business, restaurant business, hotel business, etc.,

The current owner of the majority shareholder in Sofia Hotel Balkan AD, which is selling the company to Daskalantonakis, is a passive investor with no previous experience in the operation and management of hotels. On the other hand, Daskalantonakis has acquired significant hotel management skills, the documents say. The emerging extraordinary economic situation creates a risk of reducing the value of the commercial enterprise of “Sofia Hotel Balkan” AD, which is why an active approach is needed to deal with the situation.

Despite the reduced revenues of Sofia Hotel Balkan AD in the first half of 2020, Ioannis Daskalantonakis believes that the purchase of the hotel is a good investment and an opportunity to expand its activities in Bulgaria. He expects that the tourism sector will recover quickly in the coming summer.

The report of Sofia Hotel Balkan at the end of June showed that due to the coronary crisis and the introduced travel restrictions, revenues collapsed more than twice on an annual basis, and the loss increased 1.5 times to BGN 2.409 million compared to the end of March. when the impact of the pandemic was not yet so felt.

“Sofia Hotel Balkan” is part of the “Luxury Collection” of the world hotel chain Marriott. The hotel has 184 rooms and suites, casino, sports and business center, conference rooms.

Since the end of 2014, the hotel belongs to the Starwood Hotels brand The Luxury Collection Hotels & Resorts. He previously wore the Sheraton brand of the same company.



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