Orchid Developments Sells Zlatni Pyassutsi Hotel For 9.9m Euro

Orchid Developments, an international property developer focusing on Bulgaria, said on November 17 that it sold Yavor hotel in the Black Sea resort of Golden Sands for 9.9 million euro.The developer had said in September in its interim results that it expected the sale of Yavor Zlatni AD, the subsidiary company taht owns the hotel, to complete in October 2008."The completion process has been advanced and on November 12 the purchaser paid the consideration of approximately 9.87 million euro into two escrow accounts. The company anticipates that the transaction will be completed by the middle of December 2008," Orchid said in a statement on the London Stock Exchange's alternative investment market, where the developer is listed.