The local Victoria Group, owned by Bulgarian businessman Vetko Arabadjiev, said it will build a five-star hotel in company-owned Black Sea resort Elenite.
The year-round complex, which will cater to wealthy Bulgarian and Russian tourists, should open for the 2008 summer season.
The all-inclusive package will include even the cost of premium alcohol served to the guests.
The 150-room hotel will have an exclusive strip of beach, restaurant, swimming pool and spa.
Victoria Group will also invest in a holiday homes complex in the resort. It has already sold a portion of the 120 condos that will be built by mid-2008.
Elenite, comprising a vacation village and two luxury hotels, posted a 15% increase in bookings this summer season.
Victoria Group also does business in local ski resort Pamporovo where it owns the hotel of the same name.(Dnevnik)
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