Background

Bulgaria is set to invest 500million euro into the Super Borovets project and this is to be supplemented by 150million euro of private investment. The project is split into 3 phases and aims to increase (double) the current ski area to over 60km with 33 ski runs and provide a lift capacity of 29,000 per hour (more than double the current capacity).

The 1st stage of the project, until 2007, will see an increase of the occupancy rate to twice its historical levels. This will involve the construction of new hotels and apartments (approx 8500 beds); there were 38 hotels with a total of 5500 beds.

The 2nd stage will confirm and finalise the resort expansion in two directions, east and west, the current ski runs will also be widened. This stage of the project will see the triangle of Borovets-Samokov-Beli Iskar developed with new hotels and ski runs. Lower Borovets (1100m) will see the construction of up to 7000 beds, including an area near to Pashanitsa and Samokov. The Beli Iskar and Sokolets sites will have a potential occupancy of up to 3000 beds.

The 3rd stage will see construction of new sites at 1400m and above (‘Higher Borovets’). Approx 1500 beds will be available in the region of the Gvardeiska meadow and the Sitnyakovo Palace.

An 18-hole golf course is planned for the area of Lower Borovets in the area between the Bistrista and Lukovista rivers. Another course may be built in the area of Shiroka Polyana. Swimming pools, ice-rinks, sports centres, tennis courts and many other attractions are also planned to be constructed during the project.The aim of the project is to also preserve the natural resources and beauty of the area and to avoid over development. Many eco friendly projects are to be included and these are seen as the key to extending the already popular winter season (4.5 months) into a year round tourist season.

The project is expected to provide more than 10,000 jobs and the Samokov Municipality who own 29% of the development company closely controls it. The government has pledged to construct the required public infrastructure, including a new road connecting Samokov with Sofia. The Super Borovets project will ensure that this area of Bulgaria becomes a Mecca for year round visitors

Key investment points

• The area around the existing Gondola Station in the Upper Borovets Region has already seen sharp price increase as investment opportunities in the area are already sparse ahead of the Super Borovets Project.
• Only 50 km from Sofia by a newly built motorway road.
  
• 50 min drive from Sofia International Airport (a new terminal is currently undergoing construction and is scheduled to open in April 2007).
  
• Only 90 mins drive from Plovdiv (Bulgaria's second largest city) and Plovdiv International Airport.