EFG Eurobank Ergasias proceeded to the acquisition of 6,705% equity participation in Sheraton Sofia Balkan JSC, a company which owns the Sheraton Sofia hotel in the Bulgarian capital. The acquisition was completed on May 13, 2002. The participation acquired by EFG Eurobank Ergasias, represents a proportion of a total of 67,05% of Sheraton Sofia Balkan JSC, which was disposed by the Seller, Daewoo Engineering & Construction.
EFG Eurobank Properties acted as the adviser for the co-ordination between the investors, liaison between the seller’s and purchaser’ side, negotiations, preparation and control of contract documentation and other relevant actions for the closing of the deal.
Sheraton Sofia Balkan JSC is the owner of the Sheraton Sofia Hotel in the center of the city, a hotel with a total of 188 rooms (single, double and 15 suites), currently under the management of Starwood Hotels and Resorts (previously Sheraton Overseas Management Co) , and is part of the Luxury Collection Starwood Hotels & Resorts. Part of the hotel has been recently renovated (renovation was completed in 2000). The intentions of the new shareholders is to further exploit the potential of the hotel in order to further enhance its comparative advantage.