TUI to invest in Tsarevo tourist complex

TUI will invest 8 mln euro in a new tourist complex in Tsarevo, a town on the Southern part of Bulgaria's Black Sea coast, said Dieter Semmelroth, senior manager structured finance at the German tour operator. The 4-star all-suite hotel component of the complex will open for business in June '06. The development will incorporate 160 apartments and 60 studio apartments. TUI estimates that the value of coastal properties has increased by 25% in '05, a pace that will be sustained over the near term.

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