Bulgaria's Albena wins 15-year concession of Black Sea beach

March 25 (SeeNews) - Bulgaria's government said that it has awarded a 15-year concession of the Kranevo-north beach, located in the Black Sea municipality of Balchik, to local hotel operator Albena [BUL:ALB].

The fee for the first year of the concession agreement is 50,555 levs ($30,564/25,848 euro), the government said in a statement on Wednesday.

Albena will also invest 301,470 levs in improving the access to the beach.

Shares in Albena closed 1.39% lower at 28.4 levs on the Bulgarian Stock Exchange on Wednesday.

(1 euro = 1.95583 levs)