News and useful information about Varna, Bulgaria
TimeShare Holdings, Inc. announced that The Company has signed a purchase agreement to acquire the Grand Hotel Dimyat, located near the Seaside Garden in Varna. The Company will be providing a down payment of 10 million shares of TMSH common stock, which will be restricted for a period of one (1) year per the agreement. Pursuant to the purchase agreement, the Seller has agreed to accept the current value of the shares at $1 USD per share. The $10M value will be applied to the total purchase price of the $28M.
The hotel will operate as a wholly-owned subsidiary of TimeShare Holdings, Inc., and operate under the management of the previous owner, under a five-year renewable management services contract.
The Grand Hotel Dimyat is classified as a 5-Star hotel property. It is also considered the most competitive, complete and sophisticated combination business hotel/business complex in the city of Varna and the associated region. The hotel’s location is famous to generations of locals and vacationers alike as the former site of the well-known establishment, Restaurant Dimyat. The name Dimyat refers to a grape variety, which thrives in this coastal strip.
Market Value of Principle Business and Assets:
* An independent assessment was performed by Velinov Consult Ltd establishing the current “Fair Market Value” for the “5-Star Grand Hotel Dimyat” is approximately $43.8M USD (32M EUR).
* Purchase price: $28M USD (20.4M EUR).
Property highlights include:
* 11 floors with 74 luxury rooms, and a potential for expansion to 86 rooms
* Underground and outdoor patron parking
* 7 floors with 28 Class A office spaces with ample tenant-business parking space
* Spectacular views of the Black Sea
* Conference and banquet facilities
* Business Center
* Panoramic VIP restaurant (120 seats) & Main Restaurant (120 seats)
* Spa & Recreation Center: pool, fitness, massage, sauna, steam, showers, hydro massage bath
* 24-hour security
* 24-hour room service
* Small Casino
* Lobby bar (80 seats)
* Free wireless throughout
* Breakfast provided
* Located near the Seaside Gardens attraction and a 5 minute walk to the beach
* Best Five Star hotel in Balkans 2009
* Best Five Star city hotel in Bulgaria 2009 — award by the Bulgarian Hotel and Restaurant Association
* Nomination in the category city “City hotels” in the national contest “Building of the year”
* Golden Plumb award 2009 — award for Komfort, given by the Bulgarian Construction Chamber
* First award in the exhibition “Architectural Saloon 2009″ given to Grand Hotel Dimyat’s architect, Natalia Liuzkanova
* “Cook of the year” 2009 — Petar Yorgov, deputy chef
* Golden medal with the national cuisine team at the international festival in Constanca, October 2009 — Toni Ivanov, chef
* Second place in the category “Modern Dish” 2008 — award by the Bulgarian Association of Professional Cooks
* Two bronze medals at the International Culinary Olympics in Erfurt, Germany, 2008 — Toni Ivanov, chef
* First place in the Culinary Contest “Litorale Flegreo nel Mondo,” Neapol, Italy, July 2007 — Toni Ivanov, chef