(Alliance News) - Black Sea Property PLC announced on Wednesday it will build two new properties for Nobu Hospitality LLC in Bulgaria, the first Nobu brand properties to be built in the Balkans.
The Bulgarian real estate investment company has signed licence and management agreements for the construction of two hotels with Nobu, a luxury hotel, restaurant and residence brand with a global portfolio of 38 hotels and 12 residences.
Black Sea Property will establish the Nobu Sofia Hotel & Restaurant in the historic 'Uni-Credit building' in the centre of Sofia, the Bulgarian capital. This first site is close to the Ivan Vazov National Theatre and surrounded by boutique shops, galleries and tourist attractions.
The licence and management agreement was settled on between Nobu and Black Sea Property's subsidiary, BSPF Bulgaria EAD.
The second site will be located on the Black Sea Coast, where the current Grand Hotel Varna acquired by Black Sea Property in 2023 will become the Nobu Varna Hotel & Restaurant.
The licence and management agreement for the site was settled on between Nobu and Black Sea Property subsidiary, GHV-Dolphins EAD.
The two buildings will undergo renovations for the next two to three years.
Black Sea Property shares last traded at 0.5 euro cents each on Tuesday on Aquis.
By Emily Parsons, Alliance News reporter
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