Project number:


Business sector:

Property and tourism

Notice type:


Environmental category:


Approval date:

25 Jan 2005



PSD disclosed:

26 Oct 2004

Project Description

The proposed project involves financing of the completion of Hermitage Grand Hotel (the Project), a five-star development in Golden Sands on the Bulgarian Black Sea coast, fully owned by Sigma Capital Hospitality, Leisure and Tourism Holding Company S.A (“the Sponsor”). The aim is to support the Sponsor achieve its goal of becoming the largest player in the hotels/hospitality market on the Bulgarian Black See coast.

Transition Impact

The main transition impact of the proposed project will derive from provision of modern international standard hotel infrastructure and increased competition.
The proposed project will
  • address one of the key transition challenges in the sector by significantly contributing to fulfilling the long-term unmet demand for international standard tourism hotels on the Bulgarian Black Sea coast. 
  • facilitate further competition in the Bulgarian leisure hotel market, which suffers from the lack of supply of the quality hotel accommodation
Additional transition impact may derive from backward and forward linkages to local support businesses catering to the needs of the hotel, improved transparency and corporate governance, and transfer of management skills, which will bring extensive training to the local workforce and improve general service level in Bulgaria. The proposed project is also expected to promote economic growth in the area.

The Client

Sunny Travel Ltd. (the Borrower) – a special purpose company set up to develop, construct and operate the Hermitage Grand Hotel near Varna. Sunny Travel Ltd. is a fully-owned Bulgarian subsidiary of the Sponsor, with the main activity of investing in hotels/hospitality assets on the Bulgarian Black See Coast.

EBRD Finance

Senior loan of €20.0 million comprising an A-loan of €10.0 million and a B-loan of €10.0 million.

Project Cost

€30 million.

Environmental Impact

Screened B1. 
Environmental issues which will need to be addressed include site specific issues (soil and groundwater contamination, natural hazards, disturbance to natural habitats and species as well as the landscape); permitting and public consultation issues; environmental and worker health and safety issues during the construction; safety of construction materials; and environmental, health and safety issues during the operation of the hotel (traffic impacts, waste water and solid waste management and recycling, hygiene and food safety, and life and fire safety issues).
The Company will be required to comply with applicable domestic and EU environmental, health and safety standards. They will be required to submit a report on environmental, health and safety issues to the EBRD annually.

Technical Cooperation


Company Contact

Vesselin Danev, Director
George Veltchev, Director
Sigma Capital Investments S.A.,
Representative Office in Bulgaria:
13 Slavianska Street,
1000 Sofia
Tel: +359 2 915 59 60
Fax: +359 2 915 59 70

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168

Public Information Policy (PIP)

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Text of the PIP

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