Hotel headache

Sales of hotels and hotel projects on the Black Sea have been taking place for a few seasons now. Prices start at a symbolic EUR 1, but investors remain cautious and are holding back until the autumn. Will even more properties be going under the hammer when the harvest time comes? Mladen Petrov Last year, some of the most attractive tourist regions of Southern Europe, such as Cyprus, Greece and Croatia, suffered 
10-35 pct declines in revenues from tourism. According to Bulgarian hoteliers, last summer’s season on the Black Sea wasn’t much better. Even Al-Waleed bin Talal, the Saudi Arabian prince who topped the list of the world’s richest Arabs not such a long time ago, was beset with financial problems. In order to save his fast-diminishing fortune (estimated at USD 13 bln), the prince had to wave goodbye to several luxury hotels in his portfolio, including the best kno