The Sofia Municipal Privatisation Agency has launched a sell-off procedure for the 14.07 percent stake the city holds in Compagnie des Hotels de Luxe S.a., the owner of the Sofia Hilton Hotel. The major stake of 49% in the company is owned by the Irish private equity fund Quinn, which is expected to be among the potential bidders in the forthcoming tender.

The minimum price for the 7,963,208 shares is set at bgn 5.97 million. The bid receipt deadline is may 5, 2006. The future buyer of sofia's interest in the hotel will have to secure the approval for the transaction of the International Finance Corporation (IFC), the private sector arm of the world bank. The ifc loaned 50% of the usd 43 million that were invested in hilton sofia. The balance was raised by shareholders hilton international (24 percent) and glavbolgarstroy (11 percent). The competitive sell-off procedure is open to candidates holding a majority stake in at least one company with core expertise in the hotel business which should own at least one 5-star hotel or should manage at least one hilton, radisson SAS or sheraton hotel or a hotel of comparable category. Eligible candidates should have earned at least eur 75 million from their hotel business by december 31, 2004.