[size=75:2c88wmxa]novinite 26 February 2010

9 Bulgaria Foreclosure Hotels Up for Auction

he Bulgarian Chamber of Private Bailiffs has announced that 9 mortgaged hotels will be sold at auction in the country after the financial crisis has hit the tourism sector.

The starting price for the cheapest, in Dobrich, is BGN 247 140 with the most expensive being an apartment complex between Razlog and Dobrich which has a starting price of BGN 3,8 M, economynews.bg reported.

The hotels were all seized by District Courts after the owners failed to pay their bank mortgages on time after seeing a drop in tourist numbers due to the financial crisis.

Some of the hotels will remain empty forever as monuments of entrepreneurial madness, local property experts reported Friday.

This is very sad for those who have lost their business but I also think that some of them could have lowered their prices instead of being greedy

sarah

It is very sad Sarah but I think as you say its sometimes is down to greed instead of going with the market they all try to get as much as they can no matter how things are