TimeShare Holdings, Inc., Signs Purchase Agreement for 5-Star Hotel in Varna, Bulgaria
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TimeShare Holdings, Inc., Signs Purchase Agreement for 5-Star Hotel in Varna, Bulgaria
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Category: Europe - Bulgaria - Industry economy
- Group or hotel buyout
This is a press release selected by our editorial committee and published online for free on 2011-02-04
TimeShare Holdings, Inc., (OTCQB: TMSH) (PINKSHEETS: TMSH), ('TMSH'; 'The Company'), is pleased to announce that The Company has signed a purchase agreement to acquire the award-winning Grand Hotel Dimyat, located on the northern Bulgarian coast of the Black Sea in Varna, Bulgaria. 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
Business Awards:
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
Property Address:
Grand Hotel Dimyat
11 Kniaz Boris 1 Blvd. Varna, 9002 Bulgaria
http://www.grandhoteldimyat.com
About Timeshare Holdings, Inc ('TMSH'):
Timeshare Holdings, Inc. is a multi-sector holding company incorporated in the state of Nevada, USA, focused on acquiring undervalued assets around the globe in profitable industries, such as Renewable Energy, Hospitality, Senior Services, Commercial Real Estate, Manufacturing and beyond.
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