Sofia Municipality Sells "Hilton" Shares
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Sofia Municipality Sells "Hilton" Shares
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Category: Europe
This is a press release selected by our editorial committee and published online for free on 2006-05-10
Sofia municipality sold its shares from the Luxurious Hotels Company that owns the capital's Hilton hotel to Irish Quinn Group.
The capital's mayor Boyko Borissov and Allen Hynes, group operations manager for Quinn Group's subsidiary Quinn Hotels, signed the contract for the transfer of 14.07% of the company's shares on Tuesday.
The municipality received close to EUR 3 M by the actual buyer Sofia Hotel Development Corporation BV, part of Quinn Group, that were chosen by a public competition.
Luxurious Hotels Company was created solely for the building of Hilton hotel, who was erected on municipal property. Before Tuesday's sale Quinn Group held 49.57% of the shares, another 12% belong to Glavbolgarstroy, and US-based Hilton International hold 24.4%.
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