Almost Twice as Many 5-Star Rooms in Sofia by 2020
Sofia expects the number of 5-star hotel rooms to double by 2020 upon the completion of key sites of international chains, including Marriott in Macedonia Square, Hyatt, located in place of the former Serdika cinema next to the monument of Vasil Levski, Swissotel in the Grand Canyon Complex in Mladost 1 residential district, and the hotel part of Millenium Center in the tallest part of the three-unit complex. The rooms in the highest class hotels currently total 1 400. Following the planned opening of the new hotels, the capacity will grow by 80%.
The new investment in the hotel business is triggered by several factors, including the increased passenger traffic at Sofia Airport. The expansion of low-cost airlines and the increased number of destinations have led to a record high number of served passengers – a total of 6.5 million. This resulted in an increase in the number of overnight stays and the average price per night in the capital. The trend was mainly seen in 4- and 5-star hotels owned by foreign brands and offering not only accommodation, but also conference halls, restaurants, sports and leisure areas.
Together with the improved economic environment in Bulgaria and in the region, as well as the strong investor interest in hotels in Central and Eastern Europe, investment interest in high-class hotels in Bulgaria has grown as well. The positive trend is expected to be maintained, driven by the Bulgarian Presidency of the Council of the EU. In addition to attracting more visitors to the capital at the moment, the EU Presidency is also an advertisement that has turned Sofia into an attractive and interesting destination.
Planned projects
The investor of the first Marriott Hotel in Bulgaria is Italian Finvis. The project is funded by Postbank and the Black Sea Bank for Trade and Development. The funding totals EUR 58.3 million and covers the construction of a 113 meter building consisting of two blocks in Macedonia Square, to be named Itower (from Italian Tower). The complex will include a six-storey unit with offices, shopping center, gym, spa and restaurants and a connected second block of 30 floors. The hotel part is to take up the area up to the 21st floor of the building, and the upper floors are planned to be for apartments. The five-star hotel will offer 232 rooms, conference rooms and ballrooms. The building is scheduled for completion by 2020.
Hyatt Regency is being built in the place of the former Serdika cinema and is scheduled to open this year. The project includes 185 rooms, 3 restaurants, a rooftop bar, conference and congress facilities. The concept of the hotel is to be a “place to connect people”. In line with this concept, the rooms and common areas are designed to function as a welcoming space for communication, with spacious areas for seating, resting, dining and communicating. The total area of the 7-storey hotel is 27 000 sq. m. The investment is in the amount of EUR 40 million and is made by Terra Tour Service.
The Swissotel brand will be present with a 5-star hotel at the Grand Canyon Complex in the Mladost residential district. The project is being implemented by the Turkish company Garanti Koza. The construction is expected to be completed by the summer of 2020. In addition to the hotel part, the complex will also include two residential buildings, as well as commercial and entertainment areas, covering a total surface area of 91 882 sq. m. The investment for the first stage of the project is BGN 120 million. The hotel will be managed by the international hotel chain Swissotel and will have a capacity of 206 rooms, located in a 30-storey building.
The hotel part of Millenium Center will be located in the tallest building of the three-unit complex in the center of Sofia, near the National Palace of Culture. The 5-star hotel will offer 350 rooms and several conference rooms in the 32-storey building with a rooftop helipad. The investor of the site and main contractor is NIKMI AD.
