SOFIA (Bulgaria), June 24 (SeeNews) – Bulgarian real estate and tourism company Terra Tour Service expects its golf course investment in the local town of Pravets to pay off within the next five years, chief executive officer Lachezar Todorov said on Tuesday.
"The long-term investment will pay off very fast if the real estate market recovers quickly," Todorov told SeeNews in an interview, adding that the short-term goal is for the golf course to develop as a sustainable project which he expects to happen by the end of this year.
The Pravets Golf Club, located 50 km northeast of Sofia, is part of the Pravets Golf & Spa resort project which was launched in 2000.
The full amount of the investment in Pravets Golf & Spa will be more than 60 million euro ($85 million), with the golf course alone exceeding 15 million euro out of this total, Todorov said at the May 14 official opening of the Pravets Golf Club.
Apart from the golf course, Pravets Golf & Spa includes a RIU-branded hotel with 242 rooms, four 30-unit apartment buildings and 68 houses.
After the PGA European championship for club professionals due to be hosted by the Pravets Golf Club in September, Terra Tour plans to start the construction of 30 luxury detached houses in the resort, Todorov said.
($=0.706 euro)