Local company Terra Tour Service has announced plans to invest 71.8 mln levs in a golf resort near the city of Pravets, Northern Bulgaria. The project will be granted a First Class Investor certificate by the InvestBulgaria Agency, the local investment promotion authority. Terra Tour Service is managed by Vasil Zlatev, father of Lukoil Bulgarian executive director Valentin Zlatev. The 60 ha resort will comprise a PGA-level course, clubhouse and 35 villas.
Terra Tour Service, which owns 4 hotels, game parks, sports venues, spa center and a Pomorie holiday complex, plans to self-finance 30% of the project cost and borrow the remainder. The Pravets development is the 5th golf resort awarded a First Class Investor certificate after projects in Pomorie, Razlog, Kavarna and the village of Kurilo near Sofia.