Three bidders have remained in the final leg of the race for the five-star Kempinski Hotel Zografski in Sofia, the Pressa daily has reported.

Three bidders have remained in the final leg of the race for the five-star Kempinski Hotel Zografski in Sofia, the Pressa daily has reported.

The bidders are Bulgarian hotel owner Vetko Arabadzhiev, owners of local Chimimport group and Lebanese entrepreneurs.

According to the newspaper, Victoria Group VM company seen as close to Arabadzhiev has the biggest chance among the three to acquire the landmark Sofia property.

The price of the potential deal is estimated at about EUR 50 M, Pressa added.

Bulgarian-born businessman Ivan Zografski bought the hotel from the state for DEM 65 M twenty years ago. Since 2007 it has been owned by Zografski’s heirs.

Kempinski Hotel Zografski ended last year with BGN 12.06 M in revenue, down 9% on the previous year.