The latest announcement in spending on ski resorts in Bulgaria is for a $74.4 million spend on a new “vacation village” at the Borovets ski resort. Borovets was formerly the country’s leading ski area, before the rise of Bansko, and is now investing heavily in expansion and upgrading to make up lost ground.

The company behind the plan is the Black Sea Property Fund Ltd which has already invested in other Bulgarian ski areas, including a 300 apartment complex at Pamporovo. This complex, which will incorporate retail, spa and restaurant facilities, should be completed by the start of the coming 2007/2008 winter season.

The Black Sea Property Fund is managed by Jersey-based Development Capital Management Limited. It was listed on the London Stock Exchange’s AIM in March 2005. Some 40% of the proceeds from the flotation have been invested in five projects in Bulgaria.

Posted on Thursday June 7th 2007 at 10:00 am
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