Riviera AD is Building a New Hotel with a Capacity of 450 Beds

Riviera AD is planning to build a new luxury hotel with the capacity to host 450 beds on the site of the non- existing three star Nimfa hotel. The new hotel will have a variety of restaurants and recreation facilities – restaurants, a la carte, lobby bar, cocktail bar, pool bar, a sport center, and an indoor and an outdoor swimming pool.

With the realization of this project the company’s capacity will reach 1 400 beds, in five 4 and 5 star luxury hotels.

Riviera Holiday Resort is situated on the Black Sea coast on an area of 1140000 sqm, 17 km from the city of Varna and in close proximity to to Golden Sands Holiday Resort. It has its own 1037 m beach area and an active sand area of 20 968 sqm.

Currently Riviera AD’s capacity is 1 008 beds in two 5 star hotels – Imperlal and Riviera Beach, two 4 star hotels – Lotos and Oasis, and the 3 star Nimfa hotel.

For 2006 their total occupancy was 42 % and their occupancy for the May – September period was 89%.

The company expects this year’s occupancy to increase by 2 % and to reach 158 000. According to prognosis data net revenues for this year will increase by 8 % against 2006 and will reach BGN 12.1 million with a positive financial result of BGN 900 000.

On Friday a total of 400 Riviera AD’s shares were traded at BGN 12.14 each.

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