Boyanov & Co has advised Black Sea Property on its acquisition of Grand Hotel Varna.
According to Boyanov & Co, “Grand Hotel Varna owns GHV-Dolphins, a Bulgarian company holding the title to real estate comprising of three hotels and a beach marina resort situated in a prime location on the Black Sea Coast." It added that "for financing the acquisition, Black Sea Property PLC has raised an additional EUR 21.1 million through the issue of EUR 10.8 million of loan notes and a placing of 645,000,000 new ordinary shares at a price of EUR 0.016 per share, raising EUR 10.32 million. The total consideration paid for Grand Hotel Varna was EUR 28.05 million.”
The Boyanov & Co team included Partners Yordan Naydenov and Borislav Notovsky.
Boyanov & Co was unable to disclose additional information about the deal.