Italian Finvis to build the first Marriot hotel in Bulgaria with EUR 120m investment

Italian real estate development Finvis has secured two bank loans for the construction of the first hotel of Marriot International in Bulgaria. Two banks will finance the project, supranational Black Sea Trade & Development Bank with EUR 32m and local Postbank with EUR 26.3m. The loans would be extended to I Tower Development, a company established for the project, which will contribute EUR 35m equity investment. The building will have two blocks, one 30-storey high (113m) and the other – 6. 21 floors of the first will house the Marriot hotel, with the rest meant for apartments and a restaurant. The 6-storey block on the other hand will be an office building. The project should be completed in 30 months.