In recent years the city has seen a huge growth in popularity, not only as a tourist destination but also as a business centre, with more and more companies capitalising on the fact that Bulgaria sits outside of the eurozone, with a strong exchange rate and a thriving business environment.
Sofia Airport, one of the fastest growing airports in Europe, reported that in 2007 its air traffic had doubled over the previous five years. With more direct flights from most European capitals and a growing demand for larger planes and passengers, the airport has built a new Terminal 2 and expanded its runway. This, along with the €105m city metro investment by the European Investment Bank, means doing business in this thriving city is easier than ever.
The future of Sofia is looking bright, fuelled by further investments from large multinational companies including Coca Cola (who has a factory in Kostinbrod) and Kraft Foods (with a coffee plant in the same region). Statistics from the Economist Intelligence Unit reported that an average business person visiting Sofia is likely to spend 10 times more (at €184 a day) than a regular tourist. This is believed to be further boosted by the significant growth of the conference and exhibition industry in the city.
All the above factors are turning property developments, such as hotels, into big business. Revenue per available room (revPAR) across Europe in 2007 grew 6.6%, which in turn, has resulted in increased interest from businesses in Sofia who urgently need corporate facilities, as Joseph Upchurch, Managing Director of property development company, Aston Lloyd, explains:
"The major international hotel groups in Sofia are currently not able to meet demand. In particular, there is a real lack of conferencing and business facilities to satisfy the market now and in the future."
It is for this reason, coupled with the region's strengthening economy, that Aston Lloyd has brought the Aston Hotel Sofia to the market. The 400-seated conference complex is expected to capitalise on both the need for high quality conferencing facilities and the growth in business tourism in the city – which in turn, will increase the need for suitable accommodation.
