April 16, 2018 / 6:35 PM / 5 months ago

Black Sea bank, Bulgaria's Postbank to fund Sofia's first Marriott

SOFIA, April 16 (Reuters) - Black Sea Trade and Development Bank (BSTDB) and Bulgaria’s Postbank, a unit of Greece’s Eurobank (EURBr.AT), will lend 58.3 million euros ($72 million) for the construction of the first Marriott hotel in Bulgaria, officials said.

The 12-year loan will be made to I Tower Development, a special-purpose company set-up in Bulgaria to build the 107 metre-high hotel, which will be on Macedonia Square in downtown Sofia and is expected to be completed in 2020.

Marriott International Inc posted revenue of $5.88 billion in the fourth quarter of 2017. Its director of International Hotel Development for Europe Paul Rosenberg said the world’s largest hotel chain could also consider building hotels in other parts of Bulgaria.

“We are looking at opportunities to develop the activity in Plovdiv, Varna, other places along the Black Sea coast and why not in the mountain resorts,” he said.

“But there are no specific plans at the moment.” ($1 = 0.8083 euros) (Reporting by Angel Krasimirov Editing by Alexander Smith)

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