Industry Report

Accommodation

2018

BULGARIA

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CONTENTS

I. KEY INDICATORS

II. INTRODUCTION

III. REVENUES

IV. EXPENSES

V. PROFITABILITY

VI. EMPLOYMENT

1 SeeNews Industry Report

I. KEY INDICATORS

The Accommodation industry in Bulgaria was represented

by 5,009 companies at the end of 2018, compared to 4,932

in the previous year and 4,921 in 2016.

The industry's net profit amounted to BGN 139,120,000 in

2018.

The industry's total revenue was BGN 2,470,762,000 in

2018, up by 7.29% compared to the previous year.

The combined costs of the companies in the

Accommodation industry reached BGN 2,305,285,000 in

2018, up by 10.82% year-on-year.

The industry's total revenue makes up 2.50% to the

country's Gross domestic product (GDP) in 2018, compared

to 2.40% for 2017 and 2.32% in 2016.

A total of 38,811 people were employed in the

Accommodation industry in 2018, compared to 38,445 in

2017 and 37,593 in 2016.

Most of the companies in the industry are based in Sofia,

followed by Varna and Nesebar.

II. INTRODUCTION

In 2018 the companies in the Accommodation industry

numbered 5,009, distributed in 4 sectors.

INDUSTRY STRUCTURE BY SECTORS AND NUMBER OF COMPANIES

3,790

704

478

37

Hotels and similar accommodation

Holiday and other short-stay accommodation

Other accommodation

Camping grounds, recreational vehicle parks and trailer parks

In 2017 there were a total of 4,932 companies operating in

the industry. In 2016 their number totalled 4,921.

NUMBER OF COMPANIES IN ACCOMMODATION INDUSTRY BY

SECTORS

SECTOR 2018 2017 2016

HOTELS AND SIMILAR ACCOMMODATION 3,790 3,747 3,740

HOLIDAY AND OTHER SHORT-STAY

ACCOMMODATION

704 670 666

OTHER ACCOMMODATION 478 479 490

CAMPING GROUNDS, RECREATIONAL VEHICLE

PARKS AND TRAILER PARKS

37 36 25

III. REVENUES

The total revenue in the industry was BGN 2,470,762,000 in

2018, BGN 2,302,836,000 in 2017 and 2,155,936,000 in 2016.

0

250,000,000

500,000,000

750,000,000

1,000,000,000

1,250,000,000

1,500,000,000

1,750,000,000

2,000,000,000

2,250,000,000

2,500,000,000

2016 2017 2018

BG

N2,155,936,000

2,302,836,000

2,470,762,000

1,826,256,000

1,979,264,000

2,178,554,000

Total revenue

Net sales revenue

The companies in the Accommodation market of Bulgaria

earned combined net sales revenues of BGN 2,178,554,000 in

2018.

In annual terms, sales marked a growth of 10.07% compared

to 2017. In comparison to 2016 they grew by 19.29%. In 2017

sales increased by 8.38% year-on-year.

The Accommodation industry total revenue make up 2.5% to

the country's GDP in 2018, compared to 2.40% for 2017 and

2.32% in 2016.

2 SeeNews Industry Report

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2

2.2

2.4

2.6

2016 2017 2018

2.32%

2.4%

2.5%

Share in GDP

In 2018 the Accommodation industry contributed to GDP

BGN 2,129,326,000 in Gross value added (GVA) accounting

for 1.17% of the total for the country's economy.

In the previous year, the industry's GVA amounted BGN

1,992,458,000, accounting for 1.17% of the total for the

country in 2017. In 2016 the GVA of the Accommodation was

BGN 1,784,366,000, or 1.17% of the GVA for the country's

economy.

GVA BY SECTORS

RANK SECTOR BGN SHARE OF THE

COUNTRY'S

GVA (%)

1 HOTELS AND SIMILAR ACCOMMODATION 2,058,634,000 1.13

2 HOLIDAY AND OTHER SHORT-STAY

ACCOMMODATION

34,960,000 0.02

3 OTHER ACCOMMODATION 31,316,000 0.02

4 CAMPING GROUNDS, RECREATIONAL

VEHICLE PARKS AND TRAILER PARKS

4,416,000 0.00

We expect, based on the trend in the last three years, the total

revenue of the Accommodation industry to change at a

compound annual growth rate (CAGR) of 7.05% in 2019.

NET SALES REVENUE BY SECTORS

RANK SECTOR NET SALES REVENUE

(BGN)

1 HOTELS AND SIMILAR ACCOMMODATION 2,118,963,000

2 HOLIDAY AND OTHER SHORT-STAY

ACCOMMODATION

32,359,000

3 OTHER ACCOMMODATION 23,863,000

4 CAMPING GROUNDS, RECREATIONAL VEHICLE PARKS

AND TRAILER PARKS

3,369,000

INDUSTRY'S NET SALES REVENUE STRUCTURE BY SECTORS

97.26%

1.10%

1.49%

0.15%

Hotels and similar accommodation

Holiday and other short-stay accommodation

Other accommodation

Camping grounds, recreational vehicle parks and trailer parks

The highest growth, of 23.05%, was recorded by Camping

grounds, recreational vehicle parks and trailer parks, while

Other accommodation registered the sharpest decline, of

0.16%.

TOP COMPANIES' REVENUE BY SECTORS

SEGMENT COMPANY TOTAL REVENUE

(BGN)

NET SALES

REVENUE (BGN)

HOLIDAY AND OTHER SHORT-STAY ACCOMMODATION

UCHENICHESKI OTDIH I SPORT EAD 8,250,000 5,426,000

ROYAL COVE EOOD 2,742,000 2,728,000

CORNER OOD 2,533,000 2,515,000

HOTELS AND SIMILAR ACCOMMODATION

TERRA TOUR SERVICE EOOD 53,212,000 48,319,000

GALAXY INVESTMENT GROUP OOD 35,290,000 25,971,000

VICTORIA TOURISTIC AD 28,581,000 27,044,000

CAMPING GROUNDS, RECREATIONAL VEHICLE PARKS AND TRAILER PARKS

CAMP SOUTH BEACH EOOD 2,073,000 848,000

IF FAVORIT OOD 1,143,000 1,122,000

AURA TRADING EOOD 232,000 232,000

OTHER ACCOMMODATION

STUDENTSKI STOLOVE I OBSHTEZHTIYA EAD 14,537,000 7,990,000

MOBIL EXPRESS OOD 858,000 158,000

BITS MENADA KRUL KRAEVSKI KRAEVSKI SD 699,000 699,000

The top 10 companies in terms of total revenue in

Accommodation accounted for 11.43% of the industry's total

in 2018, 11.75% in 2017 and 13.31% in 2016.

3 SeeNews Industry Report

TOP 10 COMPANIES BY TOTAL AND NET SALES REVENUE IN THE

INDUSTRY

RANK COMPANY TOTAL REVENUE

(BGN)

NET SALE

REVENUE (BGN)

1 TERRA TOUR SERVICE EOOD 53,212,000 48,319,000

2 GALAXY INVESTMENT GROUP OOD 35,290,000 25,971,000

3 VICTORIA TOURISTIC AD 28,581,000 27,044,000

4 DUNI AD 26,782,000 25,178,000

5 AKADEMIKA SEA PALASCE AD 26,706,000 26,493,000

6 HOTEL MANAGEMENT COMPANY EOOD 25,677,000 22,969,000

7 FAIRPLAY PROPERTIES MANAGEMENT EOOD 24,676,000 24,418,000

8 VG AD 21,439,000 16,270,000

9 DIT HOTELI OOD 20,020,000 17,543,000

10 HVD HOTELS EAD 19,991,000 19,526,000

The total revenues of the top 10 companies in the

Accommodation were 0.29% of GDP in 2018, compared to

0.28% for 2017 and 0.31% in 2016.

The top 10 by assets in the Accommodation field made up

BGN 180,093,000, or 8.27% of the total net sales revenue.

TOP 10 BY TOTAL ASSETS IN THE INDUSTRY

RANK COMPANY BGN

1 SOK KAMCHIA EAD 248,566,000

2 TERRA TOUR SERVICE EOOD 242,405,000

3 GALAXY INVESTMENT GROUP OOD 235,425,000

4 SOFIA HOTEL BALKAN AD 159,351,000

5 SOFIA PRINCESS HOTEL AD 127,457,000

6 SUNNY TRAVEL CLUB EOOD 124,685,000

7 INTERHOTEL GRAND-HOTEL SOFIA AD 108,693,000

8 GOLDEN SANDS AD 107,335,000

9 DUNI AD 103,438,000

10 SUNNY DAY AD 99,491,000

TOP 10 COMPANIES WITH HIGHEST ANNUAL GROWTH IN

OPERATING REVENUE IN ACCOMMODATION

RANK COMPANY Y/Y GROWTH

1 YOKETA CO OOD 84900.00

%

2 TRATONZOS EOOD 66600.00

%

3 GASTHAUS EOOD 56200.00%

4 ROYAL COVE EOOD 45600.00%

5 PRESTIGE VARNA BG EOOD 26472.73%

6 EFFECT 3 HOLIDAYS EOOD 22987.50%

7 TOURIST COMPANY EOOD 20233.33%

8 ABV TOURS OOD 19300.00%

9 EXPERIA LUX OOD 17700.00%

10 BULGARIA HOLIDAY TRAVEL EAD 14865.52%

TOP 10 COMPANIES BY TOTAL REVENUE IN THE MARKET HOLIDAY

AND OTHER SHORT-STAY ACCOMMODATION WERE:

COMPANY BGN

UCHENICHESKI OTDIH I SPORT EAD 8,250,000

ROYAL COVE EOOD 2,742,000

CORNER OOD 2,533,000

DIMANA CONSULT EOOD 1,203,000

ANY DESTINATION OOD 754,000

TD SREDNI KOLIBI EOOD 650,000

TARSAVA EOOD 637,000

YANA 23 YANA BOGYA ET 619,000

ME TUR OOD 617,000

OBEDINENIE LOGISTIKA NA MEROPRIATIA DZZD 616,000

The 10 largest companies in terms of total revenue in sector

Holiday and other short-stay accommodation earned total

revenue of BGN 18,621,000 and accounted for 0.75% of the

industry's total revenue.

TOP 10 COMPANIES BY TOTAL REVENUE IN THE MARKET HOTELS

AND SIMILAR ACCOMMODATION WERE:

COMPANY BGN

TERRA TOUR SERVICE EOOD 53,212,000

GALAXY INVESTMENT GROUP OOD 35,290,000

VICTORIA TOURISTIC AD 28,581,000

DUNI AD 26,782,000

AKADEMIKA SEA PALASCE AD 26,706,000

HOTEL MANAGEMENT COMPANY EOOD 25,677,000

FAIRPLAY PROPERTIES MANAGEMENT EOOD 24,676,000

VG AD 21,439,000

DIT HOTELI OOD 20,020,000

HVD HOTELS EAD 19,991,000

The 10 largest companies in terms of total revenue in sector

Hotels and similar accommodation earned total revenue of

BGN 282,374,000 and accounted for 11.43% of the industry's

total revenue.

TOP 10 COMPANIES BY TOTAL REVENUE IN THE INDUSTRY

CAMPING GROUNDS, RECREATIONAL VEHICLE PARKS AND

TRAILER PARKS WERE:

COMPANY BGN

CAMP SOUTH BEACH EOOD 2,073,000

IF FAVORIT OOD 1,143,000

AURA TRADING EOOD 232,000

ZORA ASENKA STANISHEVA ET 171,000

CAMPING VELIKO TARNOVO OOD 151,000

LAGUNA TRAVEL EOOD 143,000

AVANGARD OOD 123,000

SKORPION GRUP OOD 100,000

TWO DREAMS OOD 88,000

TRANSOYL EOOD 83,000

The 10 largest companies in terms of total revenue in sector

Camping grounds, recreational vehicle parks and trailer parks

earned total revenue of BGN 4,307,000 and accounted for

0.17% of the industry's total revenue.

TOP 10 COMPANIES BY TOTAL REVENUE IN THE MARKET OTHER

ACCOMMODATION WERE:

COMPANY BGN

STUDENTSKI STOLOVE I OBSHTEZHTIYA EAD 14,537,000

MOBIL EXPRESS OOD 858,000

BITS MENADA KRUL KRAEVSKI KRAEVSKI SD 699,000

V S LOZENETS EOOD 637,000

BOR EOOD 636,000

ROMANTICA FOREST AD 582,000

REAL ADVANCE OOD 505,000

HS PROPARTI MENIDZHMANT EOOD 436,000

FAIN 2004 OOD 376,000

PERSEY OOD 337,000

The 10 largest companies in terms of total revenue in sector

4 SeeNews Industry Report

Other accommodation earned total revenue of BGN

19,603,000 and accounted for 0.79% of the industry's total

revenue.

IV. EXPENSES

The combined costs of the companies in the

Accommodation industry reached BGN 2,305,285,000 in

2018.

0

200,000,000

400,000,000

600,000,000

800,000,000

1,000,000,000

1,200,000,000

1,400,000,000

1,600,000,000

1,800,000,000

2,000,000,000

2,200,000,000

2,400,000,000

2016 2017 2018

BG

N

2,018,998,000

2,080,253,000

2,305,285,000

1,893,127,000

1,925,398,000

2,179,222,000

Total Expenses

Operational expenses

In annual terms, total expenses rose by 10.82% compared to

2017 and grew by 14.18% in comparison to 2016.

The total operating expenses of the companies in the

Accommodation industry were BGN 2,179,222,000 in 2018.

Operating costs rose by 13.18% compared with the previous

year and rose by 15.11% when compared to 2016.

We expect, based on the trend in the last three years, the total

costs of the Accommodation industry to change at a

compound annual growth rate (CAGR) of 6.85% in 2019.

TOTAL COSTS BY SECTORS

RANK SECTOR TOTAL COSTS (BGN)

1 HOTELS AND SIMILAR ACCOMMODATION 2,223,255,000

2 HOLIDAY AND OTHER SHORT-STAY

ACCOMMODATION

42,144,000

3 OTHER ACCOMMODATION 33,848,000

4 CAMPING GROUNDS, RECREATIONAL VEHICLE PARKS

AND TRAILER PARKS

6,038,000

INDUSTRY'S TOTAL COSTS STRUCTURE BY SECTORS

96.44%

1.47%

1.83%

0.26%

Hotels and similar accommodation

Holiday and other short-stay accommodation

Other accommodation

Camping grounds, recreational vehicle parks and trailer parks

Camping grounds, recreational vehicle parks and trailer parks

marked the highest annual growth in total expenses, of

70.42%.

In terms of operating expenses, the highest growth, of

54.84%, was recorded by the Camping grounds, recreational

vehicle parks and trailer parks sector.

The biggest spenders in the industry, with costs of over 10%

of industry's costs, numbered 94, including PERLA TOURIST

AD, AIDATUR AD, AZALIA I EAD, HOTEL MANAGEMENT

COMPANY EOOD, KARACHISLC EAD. The medium spenders,

or those in the 5% and 10% range count 98 and include

HERMES GROUP OOD, MERIDIAN HOTELS BULGARIA EOOD,

HOME CARE HOTELS OOD, CLIMATE HOLIDAY OOD, VAYA

TOUR EOOD. Below 5% threshhold are 4,817 companies,

including CONSUL 2001 OOD, VLADITURS EOOD, HELTH

AND SPA HOLIDAYS EOOD, DIZAYN STUDIO ERIH MILENOV

ET, IKONSULT BG EOOD.

Employment expenses in the Accommodation industry went

up by 14.75% on the year to BGN 513,934,000 in 2018.

5 SeeNews Industry Report

0

100,000,000

200,000,000

300,000,000

400,000,000

500,000,000

600,000,000

2016 2017 2018

BG

N

393,918,000

447,864,000

513,934,000

337,176,000

383,922,000

441,010,000

56,021,000

63,538,000

72,469,000

Employment expenses

Salaries expenses

Social security expenses

The highest growth in labour costs, of 32.22%, was registered

by Camping grounds, recreational vehicle parks and trailer

parks.

The monthly costs per employee in the Accommodation

industry averaged BGN 1,104 in 2018, BGN 971 in 2017 and

BGN 873 in 2016.

The monthly social security costs per employee in the

industry averaged BGN 156 in 2018, versus BGN 138 in 2017

and BGN 124 in 2016.

EMPLOYMENT EXPENSES IN ACCOMMODATION BY SECTORS IN

2018

RANK SECTOR EMPLOYMENT

EXPENSES (BGN)

AVERAGE

EXPENSES PER

EMPLOYEE

(BGN)

1 HOTELS AND SIMILAR ACCOMMODATION 496,484,000 13,205

2 OTHER ACCOMMODATION 9,030,000 24,605

3 HOLIDAY AND OTHER SHORT-STAY

ACCOMMODATION

7,546,000 9,749

4 CAMPING GROUNDS, RECREATIONAL

VEHICLE PARKS AND TRAILER PARKS

874,000 11,973

THE TOP 10 COMPANIES BY AVERAGE MONTHLY COSTS PER

EMPLOYEE IN THE INDUSTRY

RANK COMPANY BGN

1 INTERCONTINENTAL MANAGEMENT BULGARIA EOOD 47,083

2 AIDATUR AD 40,833

3 STUDENTSKI STOLOVE I OBSHTEZHTIYA EAD 37,295

4 TRIOTURIST EOOD 17,667

5 WELA TOUR OOD 5,917

6 SPORTELIT EAD 5,500

7 SYNERGON HOTELS AD 5,255

8 INTERNATIONAL HOSPITALITY AND ADVISORY SERVICES

EOOD

4,917

9 SREDETS BG EOOD 4,864

10 BU RIUSA 2 EOOD 4,367

The industry's tax expenses stood at BGN 26,357,000 in 2018.

In 2017 it paid taxes of BGN 28,285,000. In 2016 the industry

paid BGN 24,762,000 in taxes.

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

5,500

6,000

2016 2017 2018 B

GN

5,031

5,735

5,261

Average taxes expenses by company

EXPENSES ON TAXES BY SECTORS

RANK SECTOR BGN Y/Y CHANGE

1 HOTELS AND SIMILAR ACCOMMODATION 25,987,000 -6.27%

2 HOLIDAY AND OTHER SHORT-STAY

ACCOMMODATION

203,000 -36.96%

3 OTHER ACCOMMODATION 114,000 -39.68%

4 CAMPING GROUNDS, RECREATIONAL VEHICLE

PARKS AND TRAILER PARKS

53,000 8.16%

V. PROFITABILITY

The industry's net profit amounted to BGN 139,120,000 in

2018, compared to a net profit of BGN 194,298,000 in 2017

and a net profit of BGN 112,176,000 in 2016.

0

20,000,000

40,000,000

60,000,000

80,000,000

100,000,000

120,000,000

140,000,000

160,000,000

180,000,000

200,000,000

220,000,000

240,000,000

2016 2017 2018

BG

N

112,176,000

194,298,000

139,120,000

136,938,000

222,583,000

165,477,000

Net profit/loss

Operating profit/loss

6 SeeNews Industry Report

TOP 10 COMPANIES BY HIGHEST NET PROFIT IN

ACCOMMODATION

RANK COMPANY BGN

1 SPORTELIT EAD 10,787,000

2 MARINE OOD 9,539,000

3 DUNI AD 6,988,000

4 DIT HOTELI OOD 5,761,000

5 VG AD 5,642,000

6 BORA CONSULT 2002 OOD 4,763,000

7 ARALDICA BULGARIA EOOD 4,561,000

8 HOTEL MANAGEMENT COMPANY EOOD 4,511,000

9 SOFIA PRINCESS HOTEL AD 4,472,000

10 GLOBAL PROPERTIES LIMITED (BULGARIA) EOOD 4,181,000

TOP COMPANIES BY HIGHEST NET LOSS IN ACCOMMODATION

RANK COMPANY BGN

1 SOK KAMCHIA EAD 39,076,000

2 SUNNY DAY AD 16,060,000

3 AMBASSADOR MANAGEMENT OOD 11,261,000

4 TI VI HOTEL OOD 6,198,000

5 GRAND HOTEL VARNA AD 3,074,000

The combined operating earnings of the companies in the

Accommodation field decreased by 25.66% y/y to BGN

165,477,000 in 2018.

OPERATING PROFIT/LOSS BY SECTORS (BGN)

SECTOR 2018 2017 2016

HOTELS AND SIMILAR

ACCOMMODATION

163,882,000 219,135,000 135,722,000

HOLIDAY AND OTHER SHORT-STAY

ACCOMMODATION

2,755,000 2,550,000 -78,000

OTHER ACCOMMODATION 35,000 514,000 2,054,000

CAMPING GROUNDS, RECREATIONAL

VEHICLE PARKS AND TRAILER PARKS

-1,195,000 384,000 -760,000

The profit margin for the Accommodation industry stood at

6.91% in 2018, while in 2017 it amounted to 10.00% and 6.75%

in 2016.

PROFIT MARGIN BY SECTORS

RANK SECTOR PROFIT

MARGIN

1 HOTELS AND SIMILAR ACCOMMODATION 7.08%

2 HOLIDAY AND OTHER SHORT-STAY ACCOMMODATION 6.28%

3 OTHER ACCOMMODATION 0.10%

4 CAMPING GROUNDS, RECREATIONAL VEHICLE PARKS AND

TRAILER PARKS

-33.05%

The Accommodation industry's return on equity (ROE) is

3.43% compared to 5.16% in 2017 and 2.95% in 2016.

The Accommodation's return on assets (ROA) was 1.69%,

while in 2017 it amounted to 2.57% and 1.45% in 2016.

0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

5

5.5

6

2016 2017 2018

2.95%

5.16%

3.43%

1.45%

2.57%

1.69%

ROE

ROA

LEADING INDUSTRY'S SECTORS BY ROA

-0.2

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

Hotels and similar

accommodation

Holiday and other

short-stay

accommodation

Other accommodation

1.75

1.35

-0.07

LEADING INDUSTRY'S SECTORS BY ROE

-0.4

0

0.4

0.8

1.2

1.6

2

2.4

2.8

3.2

3.6

4

Holiday and other

short-stay

accommodation

Hotels and similar

accommodation

Other accommodation

3.79

3.5

-0.26

7 SeeNews Industry Report

TOP 10 COMPANIES BY HIGHEST AVERAGE NET PROFIT PER

EMPLOYEE IN ACCOMMODATION

RANK COMPANY BGN COMPANY

HEADQUARTERS (CITY)

1 SPORTELIT EAD 5,393,500 POMORIE

2 AIDATUR AD 3,401,000 HASKOVO

3 BALNEOHOTEL POMORIE AD 778,000 POMORIE

4 DITEX-DA EOOD 695,000 VELIKO TARNOVO

5 TRATONZOS EOOD 570,000 MALKO

TARNOVO

6 MARINE OOD 502,053 NESEBAR

7 SANITA VK OOD 206,000 NESEBAR

8 N P TOUR EOOD 205,000 CHEPELARE

9 MIKONOS-ALFA EOOD 188,000 KITEN

10 OTO EOOD 171,000 RAZGRAD

About 20.00% of the 10 leading companies in terms of net

profit per employee are located in NESEBAR, while 20.00%

are POMORIE-based and 10.00% are headquartered in

MALKO TARNOVO.

The average net sales revenue per employee in the

Accommodation industry amounted to BGN 56,132 in 2018,

up by 9.03% compared to 2017 and up by 15.55% compared

to 2016.

The industry's average operating revenue per employee

increased by 6.61% year-on-year in 2018 to BGN 61,726. It

increased by 14.42% compared to 2016.

The Accommodation market generated an average BGN

63,661 in total revenue per employee. In 2017 and 2016 the

figure was BGN 59,899 and BGN 57,349, respectively.

The average total revenue per company in the

Accommodation industry went up to BGN 493,265 in 2018

from BGN 466,917 in 2017. The 2016 value was BGN 438,109.

A company in the Accommodation sector made on average a

net sales revenue of BGN 434,928 in 2018, compared to BGN

401,311 in 2017 and BGN 371,115 in 2016.

The Accommodation industry made 0.75% of the overall sales

country-wide, rising its market share by 0.02 pp.

Operating profit per employee for the industry as a whole was

BGN 4,264 in 2018. For comparison in 2017 it amounted to

BGN 5,790 and BGN 5,790 in 2016.

THE TOP BY OPERATIONAL PROFIT PER EMPLOYEE IN

ACCOMMODATION

RANK COMPANY BGN

1 SPORTELIT EAD 5,393,500

2 AIDATUR AD 3,465,000

3 BALNEOHOTEL POMORIE AD 778,000

4 DITEX-DA EOOD 695,000

5 TRATONZOS EOOD 633,000

TOP 10 COMPANIES WITH HIGHEST CORRELATION OPERATING

REVENUE - NUMBER OF EMPLOYEES - EMPLOYMENT EXPENSES*

RANK COMPANY NAME CORRELATION

(BGN)

1 AIDATUR AD 15,209,000

2 I HOTEL EAD 1,693,000

3 AMBASSADOR MANAGEMENT OOD 1,550,667

4 BALNEOHOTEL POMORIE AD 1,128,800

5 DITEX-DA EOOD 1,017,000

6 WELA TOUR OOD 984,000

7 ROSS TRANS EOOD 946,000

8 BUILDING STROYGROUP OOD 937,500

9 ECO - LOZENETZ EOOD 853,000

10 YOKETA CO OOD 844,000

*The correlation is calculated by subtracting the quotient of the operating profit, and

the employment expenses to the number of employees.

AVERAGE REVENUES PER EMPLOYEE IN ACCOMMODATION IN

2018

SECTOR AVERAGE NET

SALES

REVENUE

(BGN)

AVERAGE

OPERATING

REVENUE

(BGN)

AVERAGE

TOTAL

REVENUE

(BGN)

NUMBER OF

EMPLOYEES

HOLIDAY AND OTHER SHORT-

STAY ACCOMMODATION

41,807 56,642 58,009 774

HOTELS AND SIMILAR

ACCOMMODATION

56,360 61,560 63,493 37,597

CAMPING GROUNDS,

RECREATIONAL VEHICLE PARKS

AND TRAILER PARKS

46,151 49,534 66,342 73

OTHER ACCOMMODATION 65,022 91,929 92,324 367

AVERAGE REVENUE PER COMPANY IN ACCOMMODATION IN 2018

SECTOR AVERAGE NET

SALES

REVENUE

(BGN)

AVERAGE

OPERATING

REVENUE

(BGN)

AVERAGE

TOTAL

REVENUE

(BGN)

NUMBER OF

COMPANIES

HOTELS AND SIMILAR

ACCOMMODATION

559,093 610,674 629,851 3,790

CAMPING GROUNDS,

RECREATIONAL VEHICLE PARKS

AND TRAILER PARKS

91,054 97,730 130,892 37

OTHER ACCOMMODATION 49,923 70,582 70,885 478

HOLIDAY AND OTHER SHORT-

STAY ACCOMMODATION

45,964 62,274 63,777 704

The total indebtedness of the companies in the

Accommodation industry was BGN 3,992,638,000 versus

BGN 3,608,701,000 a year ago. In 2016 the industry's

indebtedness totalled BGN 3,733,411,000.

INDUSTRY'S INDEBTEDNESS BY SECTORS (BGN)

SECTOR 2018 2017 2016

HOTELS AND SIMILAR

ACCOMMODATION

3,798,835,000 3,426,763,000 3,557,651,000

HOLIDAY AND OTHER SHORT-

STAY ACCOMMODATION

100,742,000 88,016,000 90,802,000

OTHER ACCOMMODATION 57,542,000 57,990,000 54,590,000

CAMPING GROUNDS,

RECREATIONAL VEHICLE PARKS

AND TRAILER PARKS

35,519,000 35,932,000 30,368,000

Debt-to-assets ratio of the companies in the industry is 0.49

in 2018. It was 0.48 in 2017 and 0.48 in 2016.

According to market experts, the greatest impact on the

development of the Accommodation industry has land and

buildings assets. In 2018 it stood at BGN 3,938,748,000,

8 SeeNews Industry Report

according to the financial statements of the companies in the

industry. In 2017 the figure was BGN 3,860,359,000 and BGN

3,932,669,000 in 2016.

VI. EMPLOYMENT

A total of 38,811 people were employed in the

Accommodation industry at the end of 2018, compared to

38,445 in 2017 and 37,593 in 2016.

NUMBER OF EMPLOYEES BY INDUSTRY SECTORS

SECTOR NUMBER SHARE OF

INDUSTRY

TOTAL

HOTELS AND SIMILAR ACCOMMODATION 37,597 96.87%

HOLIDAY AND OTHER SHORT-STAY ACCOMMODATION 774 1.99%

OTHER ACCOMMODATION 367 0.95%

CAMPING GROUNDS, RECREATIONAL VEHICLE PARKS AND

TRAILER PARKS

73 0.19%

ALLOCATION OF EMPLOYEES BY INDUSTRY'S SECTORS

37,597

774

367

73

Hotels and similar accommodation

Holiday and other short-stay accommodation

Other accommodation

Camping grounds, recreational vehicle parks and trailer parks

The analysis on companies' sizes by the number of

employees, shows that 2532 firms have less than 50

employees*, 185 have between 50 and 250 employees* and 9

companies employ more than 250*.

* Companies without data in the number of employees at end of the year are not

taken into consideration.

COMPANIES IN THE INDUSTRY BY SIZE IN TERMS OF NUMBER OF EMPLOYEES

200

400

600

800

1 000

1 200

1 400

1 600

1 800

2 000

2 200

2 400

2 600

Small Medium Big

2 532

185

9

The employees of the leading 10 companies in terms of

numbers make up 8.58% of the workforce in the industry in

2018.

TOP 10 COMPANIES BY SHARE IN INDUSTRY'S TOTAL NUMBER OF

EMPLOYEES

RANK COMPANY NUMBER OF

EMPLOYEES

SHARE

1 TERRA TOUR SERVICE EOOD 640 1.65%

2 FAIRPLAY PROPERTIES MANAGEMENT EOOD 394 1.02%

3 DUNI AD 379 0.98%

4 SOK KAMCHIA EAD 295 0.76%

5 FESTA HOTELS AD 285 0.73%

6 HVD HOTELS EAD 282 0.73%

7 AKADEMIKA SEA PALASCE AD 275 0.71%

8 HOTEL MANAGEMENT COMPANY EOOD 272 0.70%

9 TRADEPHARMA EOOD 265 0.68%

10 RILA - BOROVETZ AD 244 0.63%

The Accommodation industry is the 16th largest employer in

the country with 38,811 employees with the largest employer

being Retail trade, except of motor vehicles and motorcycles

with 222,070 and Extraction of crude petroleum and natural

gas at the bottom with 28 employees.

The Accommodation's share in the country's total

employment was 1.67% in 2018, 2.10% in 2017 and 1.95% in

2016.

We expect, based on the trend in the last three years, the

number of employees of the Accommodation industry to

change at a compound annual growth rate (CAGR) of 1.61% in

2019.

9 SeeNews Industry Report

The industry is represented by the

following companies

CONSUL 2001 OOD

VLADITURS EOOD

HELTH AND SPA HOLIDAYS EOOD

DIZAYN STUDIO ERIH MILENOV ET

HERMES GROUP OOD

IKONSULT BG EOOD

BORDO TURS EOOD

RITEYL FRANCHAYZ EOOD

ET MILENA-95 - MITKA MIHOVA

AN EOOD

BU 23 EOOD

AQUA PARADISE EOOD

ROSS TRANS EOOD

VIKTOR VUCHKOV EOOD

K I K BILDINVEST EOOD

MERIDIAN HOTELS BULGARIA EOOD

TOP INVESTMENT OOD

DES TREID VENDING EOOD

AIATUR KONSTANTIN BOBCHEV ET

HOTEL PLOVDIV AD

BALKAN HOSPITALITI OOD

PRETENDENT EOOD

BATOVA INVEST EOOD

WILD THYME OOD

NOYON EOOD

ADELIN MLADENOV ASHKOV

PAMPOROVO PROPARTI EOOD

ORION DOM OOD

TEAM HOLIDAY EOOD

IVTUR OOD

SOFIYA DOLEN NYU YORK EOOD

ISPOLIN OOD

ECOCOMPLEX - KLISURA EOOD

SVETI VLAS 98 EOOD

GD TRADING EOOD

NED NES EOOD

PITON TANYA PAVLOVA ET

LORIS 1 EOOD

BN HOTELS EOOD

ZENIT 2014 EOOD

TRUDOVO-PROIZVODITELNA KOOPERATSIYA

IVAN DINEV

BOROTUR OOD

KOPRINA-87 EOOD

ET RUSALKA KOSTADINOVA KAZASOVA

FRESH KITEN OOD

INTERCONTINENTAL MANAGEMENT BULGARIA

EOOD

KALIFER OOD

LUCKY NET EOOD

BRAYDEYVS EOOD

PALATSO SOFKA STOEVA ET

GRUP INVEST 88 EOOD

MANTS EOOD

VERGINIYA SIMEONOVA 2015 EOOD

KRIDI KOMERSIAL STANYU HRISTOV ET

SHABLA LUKS EOOD

ET PETRANKA TATAROVA

TUR INVEST DZZD

ET ARGIROVI - ASYA ROMANOVA

MAK DI EOOD

ISIS BG EOOD

STANISLAVA 2018 EOOD

ET ANITA - PARVOLETA MAKARIEVA

TRYAVNA-BRIENZ OOD

TRANS - KIKYOV ASEN KIKYOV ET

NIKRAS OIL OOD

SANI BILDINGS OOD

HOME CARE HOTELS OOD

SKI HOUMS BANSKO EOOD

KRYU NOIR EOOD

ESTERRA - VINI EOOD

SONATA 2001 OOD

POWERTAN - BULGARIA OOD

ET KIDI - MILYO STAMOV

ANESTES EOOD

CLASMAN ENTERPRISES OOD

RELAX TUR OOD

RELAX GREEN OOD

NAYT EOOD

POZLATENO EOOD

AVGUSTA TRAYANA TUR OOD

PERVAYA LINIYA-UKRAINA EOOD

MODEA K EOOD

DORIS-E EOOD

SANI BIYCH APARTMANTS AD

BENITO - 61 EOOD

HRANINVEST OOD

ORO 2 EOOD

STROITELNI I INERTNI MATERIALI EOOD

PERLA TOURIST AD

STRICT PROJECT EOOD

BETSIM EOOD

LYUTSIFER MARIA DONEVA ET

DEYV 17 EOOD

VINTAGE EOOD

NADEZHDA LEVSKA EOOD

DIONIS OOD

PETAR LICHEV ET

YUNIOR 2000 REDZHEP HISARSKI ET

ET KATYA MILEVA

GEOTRAVEL EAD

VILA DRAGANA EOOD

KAMELIA IVEMO EOOD

VELEKA - TURS OOD

DREAMTOUR EOOD

HRIMAR 1518 EOOD

AIDATUR AD

MAKS - 6565 EOOD

HOTEL LURD EOOD

ER & DZHEY GRUP EOOD

FERRO INVEST OOD

IMOBAYL MENIDZHMANT SARVISEZ OOD

MONCHEV GROUP OOD

SUN PROPERTIES OOD

CLIMATE HOLIDAY OOD

VI - TA 01 EOOD

AZALIA I EAD

RELAX 2012 EOOD

KUBOS EOOD

SAINT GEORGE MANAGEMENT EOOD

ET SIGMA - 21 - SOFIYA BORISOVA

VAYA TOUR EOOD

KOSTENAROVA - VASILKA IVANOVA ET

O.M. RAZVITIE EOOD

ALDO R OOD

VK KRAYNOVI EOOD

MOSKOYANI OOD

DIAMI-13 EOOD

EMAKS 91 EOOD

TODIA EOOD

WAIANDA EOOD

PIRIN ECO DENIZA CHOBANOVA ET

DIYANA BOZHINOVA EOOD

VICTORIA SOZOPOL EOOD

BOARDING BANSKO OOD

ALDEMAR ITALIYA OOD

GARDENIA - 2016 OOD

MILKA CHAYKOVA EOOD

SPORTEN COMPLEKS LAVA AD

INTELMAX OOD

ROYAL - SN EOOD

HIGHLANDER EOOD

VILNI SELISHTA BOROVETS AD

KARIK OOD

POPOV TOURS OOD

TARGET COM OOD

IVKO CONCULT EOOD

BLUE BUTTERFLY EOOD

TOPI-2002 OOD

SUNNY DREAMS 1 OOD

D& P HOTELS EOOD

SOLARIS 2000 OOD

ARKOM EOOD

ESI OOD

DEMIR - M 2018 EOOD

FATUM 2001 EOOD

ADVANCED QUALITY SERVICES EOOD

EMA 2009 EOOD

ASPEN BANSKO EOOD

ET MARINA - VELISLAVA ALEKSIEVA

PRETON MENIDZHMANT OOD

TRIOTURIST EOOD

ET HUBAVETS - TANYA GENCHEVA

VALERI SHEKEROV ET

NORT BEY OOD

CHICHIN ELENA KOEVA ET

RINERKOM RIZVAN HALIL ET

SONI 07 EOOD

PEPI EOOD

VEKTOR BETA EOOD

EUROPA RESORT EOOD

VIDEKS TS EOOD

ZORA INK EOOD

BATA-2012 EOOD

BOBI TUR 1 EOOD

HELIOS BG OOD

PASSAIA OOD

TALASAKRA 07 EOOD

CASA KIWI EOOD

EUROTOUR 2003 OOD

ET VEMONA - MILKO NANKOV

MIKS EOOD

KARKON INVEST EOOD

YORDANKA TODOROVA IVANOVA

SLANCHEV TSVYAT 1 OOD

HOT SPRINGS BANIA EOOD

RAY - G 2011 LLC EOOD

S D L INTERNESHANAL EOOD

LITAL BIG TIYM EOOD

S B OOD

VAROSHA 2007 OOD

HOTEL CENTRAL OOD

ET MELITUR - BILYANA GEORGIEVA DOTOVA

POKOLENIE EOOD

DZHIYA - BEACH OOD

BONONIA TURIST OOD

TONI 49 EOOD

AGENTSIA ZA SPA I POCHIVKI EOOD

KALINA - BOROBO EOOD

DISKRET 07 OOD

SAMOKOV-BOROVETS AD

SUON INKORPOREYTID OOD

HOTEL MANAGEMENT COMPANY EOOD

TURS STROY EOOD

G N T LODGINGS OOD

FARTUNA AM OOD

PALADIA EOOD

HRISTINA BOYANOVA ET

BENELYUKS 2013 EOOD

GALAKTIK 13 EOOD

DREAM HAUSE BG EOOD

ET EVROPA 2000 - KONSTANTIN BUDOV

ET DAYA - DAFINKA YANKULOVA

RIG- TRAVEL OOD

BULGARIAN MADJESTIK HOMES OOD

YASEN MESEC EOOD

SEVIMEKS EOOD

VIENA DV EOOD

HOTEL TRYAVNA OOD

DARIUS - 2004 EOOD

ET TOSHKO BALABANOV - KANARATA

VICTORIOUS STAR EOOD

KARACHISLC EAD

MOTEN DZZD

BP INVEST EOOD

EXACTUM OOD

PAMPOROVO RESORTS EOOD

KOMPLEX RADETSKY EOOD

ELIZABET OOD

HITAR PETAR PETAR TSAROVSKI ET

AQUA PARK AD

BUL-BRAND OOD

IVAYLO KALOYANOV G ET

KALINKA PETKOVA HRISTOVA

ZHANINI EOOD

10 SeeNews Industry Report

Z. H. YANITSA EOOD

ZELENO BADESHTE ZA VAS EOOD

RENIM EOOD

MEKI EOOD

EY DZHI EM BILDING OOD

ODAYA EOOD

KONDOR OOD

ET MALI - PAVEL TSANEV

SVETI NIKOLA OOD

ORION 2007 EOOD

VICTORIA TOUR AD

JUSSI EOOD

RADKA SMORCHOVSKA VARAMA ET

TICHA 2012 EOOD

EMILIA BORISOVA ZODIAK ET

MEDIK LYUBOMIR MARINOV ET

HOTEL VIKTORIYA PALAS EOOD

DEMA KONSULT EOOD

SUNRISE CLUBLTD EOOD

GALYA 81 GALUNA VELKOVA ET

VICTORIA 8 EOOD

DERBI 2018 EOOD

CHERNOMORSKA VAKANTSIYA EOOD

DIANA 2402 EOOD

SVI - BULGARIA OOD

KVANT MANAGEMENT EOOD

PIRINSKA TURISTICHESKA KOMPANIYA AD

VIEL VASIL BUDEV ET

SEBUR 2015 EOOD

GLENVAL OOD

EVROTEKS TREYD EOOD

KATIKA - KATERINA GONDOVA - IVANOVA ET

DOBALKANA EOOD

TUR - EKSPRES - SERVIS OOD

GRIYN SPORT TSENTAR - MEZEK EOOD

DIAR 08 EOOD

AYVAZ RUMEN AYVAZOV ET

URUMOVI OOD

BERBENKOV I SIN EOOD

ET MARS 99 - ANASTAS NEDEV

APHRODITA HOTELS OOD

MIRAZH 111 EOOD

ATANAS MITKOV ET

RUBICON - 70 EOOD

BOROINVEST AD

MAKSIM 67 EOOD

ET AIN - NIKOLAY ALEKSANDROV

VLADI 72 EOOD

EM PRAYS EOOD

EVRONET OOD

BG TUR OOD

STONEL - 2015 EOOD

PANDA 01 EOOD

SANEZAR EOOD

VIEM INVEST EOOD

PANORAMA REZORT EOOD

MARIA NEVENA NEVENA DENEVA ET

V M C PIRIN OOD

SPORTEN KOMPLEKS BANYA AD

DI MARE 2 OOD

MARTI ANA LUKANOVA ET

SABAZIY - AG EOOD

EMILIA LUKOVA ET

BOIANA DEVELOPERS OOD

RELAKS SHOP OOD

SAGA ER OOD

ASTORIA GROUP EOOD

ZLATEV I SIE OOD

ET DELCHO GEORGIEV

IZMIRA SPA STRANDZHA OOD

ET TSETSKA - TSETSKA DIMITROVA

BALAKCHIEVI OOD

KODZHAPASHI OOD

ORCO EOOD

PCHELIN EAD

VESTEL - 76S EOOD

HEMUS 2005 EOOD

FIRST POINT INVESTMENTS EOOD

DIANA ANDREVA ANDREVA

GALAKSI LP OOD

AVITOS OOD

KRIM 2002 OOD

ET TODOR DARAKCHIEV - DOBI

GRAND ROYALE EOOD

BRIZ 1 - S EOOD

KRISTIAN ESTEYTS - BULGARIA EOOD

ET ''MARIYANA KUZMOVA''

TERRA TOUR SERVICE EOOD

VALENTINO PGM EOOD

ET N.M.TURIZAM - NAZMIE MEHMED

KALINA IT 96 OOD

TERRA-SKY EOOD

BOHEMY BG OOD

ROLAND 1969 EOOD

LUBLIANA OOD

ELENA EL EOOD

LALA - LALKA ARIZANOVA ET

C& D CORRECT EOOD

RX 5 EOOD

G U COMPANY EOOD

MIG-04 OOD

AL MAX OOD

APM SPORT EOOD

VDV TRAVEL EOOD

HS PROPARTI MENIDZHMANT EOOD

HAPPYDERM EOOD

FIESTA I SIESTA OOD

HOTELSKI KOMPLEKS MONTESITO EAD

TOP-TRAVEL EOOD

MAKSINFORM OOD

HADZHIPASEV EOOD

COMPLEX APOLON EOOD

TAFO INTERNATSIONAL EOOD

BRATYA TSANKOVI EOOD

BOBI TUR OOD

IZI TUR OOD

OMEGA JG EOOD

SIDNEY OOD

TRADE ENERGY-2009 EOOD

ET MODUL - 90 - DIMO DIMOV

HEMUSHOTELS J S C AD

METALIK INTERKOMERSIAL EOOD

KRISBO 2000 OOD

SANARA BULFEST 97 EOOD

BRS EOOD

ARIS GB EOOD

DZHORDANI - 2005 OOD

ASO-11 EOOD

KAZABLANKA KOMPLEKS EOOD

ENICA-99 OOD

HOLIDAYINVEST 2009 EOOD

ET TASHKO IVANOV SLAVKOV - TIS 95

MARIO KIREV-FREI ET

ALIPI MLADENOV TSENOV

KASHTATA S ELATA EOOD

FLORA APART EOOD

KALEV KOREKT EOOD

MARBERY EOOD

UNIVERSE KEY EOOD

ZDRAVETS-TUR OOD

VICTORIA TOURIST SO-LTD EOOD

ET TSVETA USHEVA - KOSTADIN USHEV

KOM-EMINE ZD EOOD

UPI - TI OOD

HEBROS OLD TOWN EOOD

PRESLAV - BG EOOD

CHAR-2000 OOD

ET TORA - TODOR YAMAKOV

DIVA TURS 12 OOD

ZORNICA DID EOOD

ALIS - 2005 EOOD

DIMITAR MUMDZHIDIS EOOD

G S-HOTELS - GERGANA SIMOVA ET

SIT 97 OOD

AZALIA 2015 EOOD

LENA KART - 90 EOOD

DIVEDA TUR OOD

ET STREZOV INTERNESHANAL - MARIANA

DZHIDROVA NILSEN

APPLEBEE SHALETS OOD

ET TOPO - ATANASKA KIREVA

YAEV OOD

DMT 96 EOOD

MUSALA-2011 EOOD

RIBEK EOOD

ET IV-KOMERS - IVANKA MIHALEVA

DOLOMITES OOD

CHART 1 PROPARTIS OOD

ET FOGA - DIMITAR DIMITROV

BULFLEX EOOD

RUD INVEST EOOD

PERUN - DIMITAR CHUCHEV ET

STEFI - PANAIOTOV EOOD

VISITO OOD

V ART STROY EOOD

GAUDI DIZAYN EOOD

KITEN BEACH HOLIDAY OOD

VIGO 2012 EOOD

ES111 EOOD

LOTOS MANAGEMENT EOOD

VALENTINO EOOD

89 SERVICIS EOOD

TRENDAFIL KOSTADINOV ET

KRISTIAN 67 EOOD

ALBENA 16 EOOD

SLAVEX 02 EOOD

SIGMA SKI OOD

MURA BOROVETS AD

DRIM G G OOD

VAI GROUP OOD

REDIANS OOD

NATIONAL RUSE EOOD

SPA CENTRE - BALCHIK AD

MERI AD

ET MARIYA DRAGNEVA

HEDES OOD

NERPINA EOOD

AEMEL OOD

RARD-77 EOOD

ENEVI HOTELS EOOD

POLIKOMERS SG EOOD

OLYMP HOLIDAYS EOOD

MAKSI TSENTAR 2007 EOOD

FORUM HOLIDAY EOOD

HEPI TUR 3 EOOD

BILIANTSI OOD

KI PROPARTIS OOD

CHERNO MORE HOTEL MENIDZHMANT AD

ANDZHELI OOD

ET VIT-53 - MARIELA DONCHEVA

GEST RUUMS EDELVAYS EOOD

BORA 2005 OOD

A YA OOD

ALDEKS OOD

IZOLA PARADISE EOOD

RONEL OOD

SIRIUS B EOOD

ORTO PROEKT EOOD

GOLDEN SANDS CONSULT OOD

SUPERMAR O EOOD

ANTODES SP EOOD

CHERNOMORSKI AYSBERG EAD

BON BON HOLIDEY EOOD

KALIOPA EOOD

UNI PROPERTI MENAGEMENT EOOD

EKO TUR 15 EOOD

ET AKTINIDIYA-IVANKA PAPUKCHIEVA

RBK EOOD

ET SONITA - SONYA HRISTOVA

NADE EOOD

V END D TUR EOOD

ELIKA-ELITSA GAVAZOVA ET

HOTEL SPORT AD

AKTSENT OOD

SOLID OOD

HAUS TOP 2018 EOOD

VYAGOS OOD

ET REYNA - REYHAN CHOLAKOVA

V G S 2010 EOOD

LONGOZ AD

ELINA-99-GEORGI HADHIEV ET

ET MARIETA KOPANAROVA - 2011

DZZD FIORD

KUNDOLINI EOOD

BEINIT EOOD

HORIZON DEVELOPMENTS SLTD EOOD

GU - TRAKI AD

RIVIERA AD

PREYS INTERNATIONAL OOD

REAL ADVANCE OOD

VIVA MIKS EOOD

AURA TRADING EOOD

ELENA TOSHEVA 80 ET

BLU ORINDZH EOOD

INDUSTRIAL INFRASTRUKTURA EOOD

AMARIS TUR OOD

HOLIDEY ON AD

M END M BODUROVI EOOD

ARIESTOUR OOD

ET YORDANKA SHUMENOVA

ISA ENGINEERING EOOD

EDELVAYS BUTIK HOTEL OOD

11 SeeNews Industry Report

OOD KARADJA 007

AVON POWER EOOD

ZORNITSA 2001 OOD

ET VALENTIN STOYANOV - VALMAR

DIMITAR MARLYOV ET

VIKTORIYA REST EOOD

ELIDA EOOD

PLAMEN AND TANIA ZELIAZKOVI EOOD

RONY HOLIDAY EOOD

CONECTIONS OOD

HALA GROUP OOD

ALGESA EOOD

VILSEY 1 OOD

IVILEND EOOD

BALCHIK PLAZA OOD

HOTEL TCAR ASEN-ANTONIA GAVRILOVA ET

DANAYA TUR EOOD

HOTEL CORAL EOOD

NATALI KUIN EOOD

TIDA - PRODUKT OOD

NIYLANDHOUMS EOOD

PREMIUM BRANDS BULGARIA OOD

ANY DESTINATION OOD

AFRODITI-1 EOOD

IRIS - 2017 GD EOOD

ORPHEUS HOTEL AD

INZHENERINGOVA MODULNA KASHTA BOYCHEV

I SIE SD

RADIKA 1 OOD

DESPOTIS EPE EOOD

ET DESI - NADEZHDA STOYKOVA

HOLIDEY INVEST 03 OOD

DIANA - 2001 EOOD

KINI 2001 OOD

MOTOSAPIENS OOD

VASHINGTON KB OOD

VILA MEZEK EOOD

VAIA EOOD

WALTON ASSOCIATES SOFIA OOD

IHOT@L MANAGEMENT EAD

V VEICHUK EOOD

EM SMILE EOOD

KONKORD - 2003 OOD

ET EVRO STIL - PENKA IVANOVA

INES TRADING EOOD

DOFI OOD

COLOR M OOD

FASHION KIDS - VG OOD

TEIS EOOD

TUR TRANS EOOD

SLAVI YULIA EOOD

FOREST STAR 2008 OOD

V S LOZENETS EOOD

AMG ENGINEERING EOOD

DRAGANOV KONSULT EOOD

ELEGANT OOD

STRANDZHA 12 OOD

CONTINENT EOOD

ARIVA 6 EOOD

MGN EOOD

RIVAL 5 EOOD

MD INVEST 2009 OOD

VILIYANA-VI EOOD

FIDKOM OOD

ALBA PROPARTIS OOD

ROVET ENGINEERING OOD

MSS 3 OOD

GANASHEVI OOD

DZHEY PI EF SARVISIS EOOD

DEYA - DIMO PETKOV ET

ET VANINATA KASHTA - VANYA PETKOVA

SHALE 63 EOOD

SEMEEN HOTEL ZA SKI I SPA S BANYA EOOD

KASTRAKLI EOOD

DOMENIKO - 71 EOOD

ET ANMARI-51 - ANGEL ANGELOV

PRESHAS EOOD

TERES KM OOD

CENTRAL OK EOOD

MARIANA ALEKSIEVA - DIMI ET

TIA MARIYA OOD

TARSAVA EOOD

KAPIZIYNA KASHTA OOD

APRILTSI HOLIDEYS 2015 EOOD

SALAMANDAR 08 OOD

ELIDAN M EOOD

EPRINT ABV EOOD

OVCHAROVSKI PLAZH AD

DESPOT EOOD

TSVETKO PENKOV GEORGIEV

DETELINA 2007 EOOD

KALINKA INSIDE EOOD

PERLA M2 EOOD

SANI-ART OOD

BORISLAV RANOV ET

MARI D OOD

NUMA EOOD

SREDETS OYL EOOD

SANI TOURS OOD

NIKI MAR 76 OOD

EMIL DIMITROV 70 EOOD

ET VIAMA - ATANAS ATANASOV

NEBESA EOOD

A B INVESTMENT EOOD

VIYOR 97 OOD

SD MDG - APOLONIYA - TURIST - KOLEVI SIE

VIBA ALEKSANROVI I S IE SD

DJUMALIEV & CO OOD

PELTEKOVI EOOD

SAT - MG EOOD

AVA COMERSIAL EOOD

KIOSKO OOD

VARNEKS-95 EOOD

GEOTEM.BG EOOD

ET DARINA - KRASIMIRA GEORGIEVA

TONINA S EOOD

RADA NRA EOOD

SI SAYD TURS OOD

D I D RIZORT OOD

DIRECT HOTEL SERVICES OOD

Z CORPORATION OOD

KOSTOVI EOOD

AGRAHAUS RADOSTINA MITOVA ET

STEFANY 13 - STEFKA NEDEVA ET

DRIYM FOREST AD

ANGELCHEV EOOD

ITSOFF EOOD

ABUDANTIA 78 OOD

PERINA MAUNTIYN EOOD

HEFES - AILIN BAIRAM ET

ETNO EOOD

MONI H EOOD

VAROSHA 2018 EOOD

BALKANDZHIYSKA OOD

KINGS VALEY EOOD

GLOGINO BV OOD

LACH 2010 EOOD

ET POLINA - YORDANKA TODOROVA

KA END EM STUDIO EOOD

GOBI DI OOD

AVRORA 22 EOOD

ET GINKA STEFANOVA - RUTO

SANRAYS BLU LAGUN OOD

SBM BULTURCONSULT OOD

DIK OOD

KOSOVSKI KASHTI OOD

BETULA EOOD

AVRIVES EOOD

ET ETI 59 - SVETLANA NAYDENOVA

ET SATORI - NADYA SAVEVA

OASIS TOUR AD

ASTREA 2015 CORP. EAD

RUSTIKA M EOOD

STOYAN VARDALIEV EOOD

AKTIVA PRIVAT EOOD

IK IMOTI EOOD

OBSTESTVENO HRANENE EOOD

TEBCOM EOOD

GENADIY PETKOV ET

SKENDER HOLIDEY EOOD

VANINI MIK EOOD

SV RESOURCE EOOD

PALMA OAZIS EOOD

BELLE EPOQUE MANAGEMENT OOD

EXPRESS- DONTCHEV OOD

DEDA-1973 EOOD

KANTILENA 2 EOOD

A+N PRESTIZH OOD

VIVA M EOOD

GRIYN HIL BILDING EOOD

RILAPAS OOD

ELPON OOD

BALKAN HOLIDAYS GRUP EOOD

MIRANI 2010 EOOD

TSAM RIZORTS EOOD

NANSI-KOM EOOD

GIAS 2 EOOD

SONY AGRO EOOD

MARKZVET - ILIEVI S-IE SD

DAGA HOLIDEY EOOD

SILVANA PATOVA ET

PRO TREVAL OOD

KEMPFAYAR BG EOOD

VPN EOOD

GALAKSI-MIRKOV EOOD

PRIVILEG TUR EOOD

PM2 EOOD

VENDIS-SS OOD

SNEJANKA 8 EOOD

ET ROMANS - IRENA ANDREEVA

FI EOOD

ET PETRANKA BAYREVA

IMMOSOFIA OOD

BELVYU ZLATNI PYASATSI OOD

OVAR TREYD EOOD

GOLDEN EOOD

EMERALD HOSPITALITY OOD

DZZD FIORD LODZHING

DIROSSI SERVICES OOD

FELICIA-IMPULS 2009 EOOD

HELIKA - K EOOD

SIKRET GARDAN RURAL TURIZM OOD

TOPLIKOS OOD

TOPSTROY EOOD

ET IV - PENKA ZAPRYANOVA

KOLORIT 2018 EOOD

MEYSA EOOD

TEMPO 9 OOD

MIHAIL HRISTOV AGOPOV

ANA VAL EOOD

HAOS - 7 OOD

PRO CARE 1 EOOD

PETAR GELOV 007 EOOD

KOOPTURIST STRANDZHA EOOD

BALKANTOURIST TRAKIA AD

BULGARO AMERIKANSKA TURISTICHESKA

KOMPANIA OOD

KASS STROY EOOD

PAPAYA INVESTMENTS BULGARIA EOOD

MORAVA TUR EOOD

IVATUR EOOD

ARKADIYA EOOD

IVO 95 OOD

CHIPLAKOFF OOD

TOTAL MILUOL EOOD

ET RAY - IVAN TERZIEV

STABILNI EOOD

PESHTERA TURIST OOD

VIP TURS 2017 EOOD

KOMPEKS OOD

ELIKO-7 OOD

MAK TURS OOD

AKVA FRESH EOOD

UYUT SOFIA EOOD

BRIZ-2003 EOOD

LANDMINSTER EOOD

AVENUE OOD

17 SIRAKOVI EAD

MAVRIS ST EOOD

ZORA-82 EOOD

ENCHO NIKOLOV NIKOLOV

MITIDA INVEST EOOD

TREN 2016 EOOD

ELITE HOTELS EOOD

KOMFORT 98 TI EM EOOD

MECHO TUR EOOD

X & X EOOD

SARNITE-SINEVA BEACH AD

VALESTO EOOD

J A A M EOOD

GENADA OOD

TURSTROY 53 EOOD

EURO LINK OOD

KRASIVA MARITZA AD

BORINO HOLIDEYZ EOOD

KRASIMIR KOSTADINOV M 1 EOOD

DRUMEVI - 2018 EOOD

MICE BULGARIA EOOD

AKAPELA EOOD

ROMANTIKA EAD

KAPRA SPORT OOD

HAMA EOOD

12 SeeNews Industry Report

RUMINIKA EOOD

NIRVANA HOLIDAIZ EOOD

NEOSTIL OOD

ET TATYANA NACHEVA

GRAMOFON OOD

OLD BRDO OOD

MELNIK VIEW OOD

KASHTA ZA GOSTI NIYA EOOD

ET PEMANITA - PETAR ATANASOV

EDALIK-2010 EOOD

MOUNTAIN MM EOOD

TRINITI PROPARTIS 2000 OOD

AMD RUS OOD

GRADISTE-LT OOD

HOTEL INTERNATIONAL 2017 EAD

RAYCHEVI KO EOOD

KRAYMORSKI BRYAG OOD

ROZETLIV - 92 OOD

ATM - TSENTAR 2015 EOOD

TORNADO 16 EOOD

HOTEL RUSKOVETS EOOD

ET GOSPODINOV - NEDKO GOSPODINOV

VARVARA TURIST EOOD

IVIO OOD

RODI 2007 EOOD

SAMAKS KOMERS OOD

VALENTIS EOOD

RALICA

KATRAFILOV EOOD

VEST EOOD

STUDENETS EKOTUR EOOD

RELAX - COOP EOOD

REPUBLIKAKONSERV AD

ET SOLARIS - VLADIMIR SOLAKOV - MICHO

SOLAKOV

ALEKS TUR OOD

NIKI GROUP 2000 OOD

NOY OAZIS OOD

IZVOR - MV OOD

MARIA LISEVA ET

ET TSVETELINA - EMIL GEORGIEV

SINAY KOMERS EOOD

GLUCKSSTERN BULGARIA EOOD

GBS TOURS EAD

VESTA OOD

ET MM - MARIO VALKOV

FERIE 1 - MANAGEMENT AND TRAVEL EOOD

STEFAN STOEV 2012 EOOD

UNISONIK EOOD

HOTEL EOOD

MEGA - R EOOD

BKS 2003 EOOD

SI ES PRODZHEKT EOOD

COOP CENTRAL EOOD

PROPELOR EOOD

KRIS DEVIN EOOD

PAULINA - H CONSULT OOD

ET DINS-53-SLAVCHO KITENOV

MARIA RABOTOVA ET

RIKARD HOUM OOD

LOIALTYGROUP EOOD

SA 2011 EOOD

GRIGO-N EOOD

ET BLAGOY KICHUKOV

ARABADZHIEV I SINOVE OOD

GEIE ROSA BIANKA EUIE EEIG

VITA DZHI EOOD

DELYANA ZLATINOVA ILCHEVA ET

MARITSA IZTOK KOMERS OOD

DINAMIKA TUR 2015 EOOD

N 12 NINA ELENKOVA ET

DAR-SOF EOOD

FISHMASTER OOD

WELLNESS DESIGNERS OOD

ALPINA V5 EOOD

VEGA OREOS OOD

SETA 2014 EOOD

ANIMEKS 77 EOOD

ER SOFIA OOD

BILYANA SUN TRAVEL EOOD

RADINAS WAY EOOD

ROKO-ARDA OOD

ASSPA EOOD

ET POLARIS - NIKOLAY NIKOLOV

NADKA MANOLEVA EOOD

POTREBITELNA KOOPERATSIA DEVNENSKI IZVORI

KOOP

PRB BG EOOD

SOLARKS EOOD

PS ST NIKOLA OOD

ET MORSKA SINEVA - BOZHIDAR PASKOV

INVENTO ASETS EAD

NIKODIA EOOD

ET ZLATAN VALCHEV

KAYA 1996 EOOD

SIGNAL IVELINA STEFANOVA ET

ET GEORGI DIMITROV

VIEN OOD

UNIPRAID EOOD

EDELVAIS TRAVEL OOD

MISTRAL HOLIDAYS OOD

VACATION REAL ESTATE EOOD

TRADE COMPANY ANDI - ANGEL BOGIDAROV ET

SD RUMIYANI - HRISTOV, ATANASOV S-IE

TOURIST COMPANY EOOD

SREDNA GORA - PIRDOP AD

D I G 8881 EOOD

IVPEKS OOD

STYLE 21 OOD

ELBRUS HOLIDAYS EOOD

ROSSY STYLE EOOD

BALINOV 73 EOOD

TRANSINVEST RUSE AD

HOTEL GABY EOOD

ET UNI - BROKER - MLADEN VLADIMIROV

ETNO HOLIDEY HAUS EOOD

VITA 2 EOOD

LALEVI 79 OOD

PREMIUM TUR EOOD

VV ZORA EOOD

VIKTORIA GOLD IVAN RAYKOV ET

ET GLOMAR - MARINKA STANEVA

NEPTUN EOOD

GREENVILLE BULGARIA EOOD

KIRYAKOV OOD

LM HOLIDEYS OOD

AR-STROY EOOD

GERMANEA EOOD

VALENTIN GEORGIEV-VALENTINO EOOD

FAVORIT SOFIA EOOD

G I P C LLD EOOD

AVA PRIMAVERA EOOD

AVGUSTA TRAYANA TOUR EOOD

LAZUREN BRYAG DZZD

TOMIRIS EOOD

MERIAN 8580 EOOD

ANA TRAVEL EOOD

ANRO EOOD

BALSISTEM EOOD

SANRAYZ BEY OOD

KAYO GRUP OOD

ET ANNA-MARIYA - HINKO GECHEV

KAMBERA PARADAYZ EOOD

TVORCHESKA KASHTA PETROHAN OOD

ALIDA GRUP OOD

RUSSEVI OOD

KISI KOSTADIN KOSTADINOV ET

RYURIK GRUP EOOD

ET SVETLI-2006 - VLADIMIR ZAHARIEV

MORSKI BRYAG 2 EOOD

CHERVENKA 13 EOOD

LAV EYNDZHAL EOOD

IMPRES 2012 EOOD

STENATA PROPARTI MENIDZHMANT OOD

ANDROMEDA IN OOD

MEYK 99 EOOD

ATLANTIC HOF OOD

WELA TOURS OOD

APOROSI EOOD

ET KITEN - PETKO GEORGIEV

ROJEN-REST OOD

MIMI VPGV EOOD

STELA TOURS 2001 EOOD

ET DETELINA-L - SERYOZHA PEHLIVANOV

TURISTICH SKA KOMPANIA PREDEL AD

MIRA 1100 EOOD

AVRAMOVI TUR 2018 EOOD

ET VILA KOLOR - RADOSLAV KOVACHEV

IZRA - 10 EOOD

RANCHOTO 2012 EOOD

DZZD FIORD IN

AL REAL BEACH OOD

YU END MI-BI DZHI EOOD

DOBRI 73 DOBRI DOBREV ET

MAKSI 2013 EOOD

MERSK EOOD

KLEPTUZA LIMITID EOOD

AKVAMINERAL OOD

TUNDZA 2001 EOOD

PAPALICHEV EOOD

FINES EOOD

EKSPRES-TURS 1 EOOD

TROYAN PLAZA AD

VLADY INVEST EOOD

BISTRETS AGRO INVEST EOOD

WELCOME PLACE EOOD

HAPPY HOLIDAY 2005 EOOD

VALENA EOOD

PREMIUM BUILDING AD

ALPINA TUR OOD

VILA VERA 2012 EOOD

VALERI GERMANOV - S G ET

A 16 GRUPLTD OOD

PILEVSKI OOD

ET SUZANA GAZIEVA-SUZI 2012

MISSHA 76 EOOD

BOUTIQUE HOTELS INTERNATIONAL EOOD

ET BALKANSKI RAY - MILENA TODOROVA

DUARTE HOLIDAY EOOD

VARSHEC HOLIDAY EOOD

MGR MANAGEMENT EOOD

ET MOLDOVANA - TEMENUZHKA KAMOVA

ASI TUR EOOD

IRENOR OOD

ET BRIZ - ENCHO STOYANOV

MIG MM EOOD

KID-KATERINA CHERGANOVA EOOD

DIANA 2017 EOOD

HOTELLERIE SOFIA EOOD

SAMOKOV-TURIST EOOD

CERATECH ENGINEERING OOD

FLY INS OOD

EXTRA EOOD

KYUDI 8 OOD

BARTIMEKS KRASTEVI OOD

DIONISOPOLIS BALCHIK EOOD

BORGEO OOD

ELMANIKA EOOD

EMANUIL SHEYNIN ET

EMA HOTELS EOOD

NADEJDA 32 EOOD

KANDROVA OOD

CALYPSO VILLAS EOOD

TOP KOREKT 2000 OOD

ET EKOHAUS - ZDRAVKA USHEVA

ZEFIR 2011 OOD

RIEL 99 AD

ROYAL LAYF EOOD

TASOS E.G. EOOD

ET VIKI - VELICHKA HRISTOVA KOSTADINOVA

TOMOV HOUSE EOOD

EFVS OOD

OTO EOOD

FRIENDS VILLA EOOD

SD PANCHEV, KRASTEV I SIE

AMEYZ 2018 OOD

NEPTUN - NV - NELI GEORGIEVA ET

EL GRUP S EOOD

IRIS 69 OOD

AGRO INVEST 12 EOOD

SIM HOTEL MANAGEMENT OOD

TUNDJA TURIST 2004 AD

MAGI GRUP OOD

OPTIMAX TOUR OOD

BELVYU OOD

TI BI VI EOOD

SKALSKO TOUR EOOD

MIHAELA DINEVA VANI M ET

ET LYONI - MILENA VALOVA

ABDULLAH''S SUNNY ESTATE EOOD

CARTOON TOURISM OOD

KETMASH-TR AD

SLANTSE NIKOLAY MADZHAROV EOOD

DVE SESTRI OOD

ET VEZHEN KOMERS INZHENERING - PETAR

PETROV

YUNIVARSAL INVESTMANT PROPARTI EOOD

TOP STARS EOOD

ET BAKI - IVAN BAKARDZHIEV

ET SANIPARK - STOYANKA KARADZHOVA

KARAYSENSKI KASHTI EOOD

KENSTO EOOD

DIONIS BG EOOD

13 SeeNews Industry Report

VILI-RAD EOOD

ET DOBRINKA IVANOVA 2011

ET HAVA BUHOVA

TEA-06 EOOD

ET AVTO - DOCHO KUMANOV

EKO KOMERS OOD

BUSINESS CENTER INFORMA-INTELLECT OOD

MARMARI DESBOR EOOD

MARTINIKAA EOOD

BIOTRONIKS EOOD

CO MORENIA EOOD

B & G HOLIDAYS EOOD

FRETLY EOOD

ET NIKI DINKOV-NIKOLAY DINKOV

GAMMA SERVICES OOD

KETMASH AD

H-M HOTELS EOOD

HALKOM OOD

IOLOV CARS EOOD

SONATA TOUR EOOD

SONATA EOOD

ET RA VI - RUMYANA CHOLAKOVA

SONYA GLAVCHEVA ET

MITRANI EOOD

SANDOR GROUP EOOD

GO CAR WASH EOOD

EKO REZIDANS EOOD

VIK ARBANASI EOOD

VILLA AYA EOOD

ET SLAV-BARD - TSONKA VASILEVA

IZGREV - 2007 EOOD

N M BON EOOD

VEN OOD

KAM BURGAS EOOD

GALERIYA - 2008 OOD

BALKAN TOURS EOOD

GRAND HOTEL PLOVDIV EOOD

SOFI-2001-IVELINA KOSTOVA ET

RUM - 66 - RUMEN RADEV ET

ET ORFEY - TOSHKO RUSEV

CORNER OOD

TARSIS HOTEL OOD

ATLAS HOLIDAY EOOD

ZARRA I VESSI EOOD

AVANGARD OOD

MARIYKA IVANOVA ET

ROSITSA GABROVSKA ET

EDELWEISS TRANSLATION AGENCY EOOD

RADI VES TUR OOD

IVANKA KOLEVA PENEVA

KARADZHOV BD BORISLAV KARADZHOV ET

DIVELA 3 EOOD

STRANDZHA EKO - YOANNA ATANASOVA -

HRISTO ATANASOV ET

EVMAR 80 EOOD

GRAFIT GALLERY EOOD

VERONIKA-BG EOOD

ET KALOYAN STAMBOLIYSKI

BULGARIAN COASTAL PROPERTIES OOD

SOFIYA NUKS EOOD

AMBASADOR TUR EAD

DZHORDZH MARIA PETROVA ET

ASTRA 03 EOOD

KOTA 7 OOD

LOCAL PROPERTY RENTAL EOOD

ZAHARIEV & CO OOD

BALKAN HOSPITALITY MANAGEMENT EOOD

CREA INVESTMENT EOOD

EVEREST EOOD

EXPERIA LUX OOD

TVG INVEST OOD

HOME CARE TRAVEL EOOD

BROD TUR EOOD

HERMES TURIST EOOD

GALERIA TUR - VARNA OOD

ARTEMIDA - 2013 EOOD

ELIS VD EOOD

OTELY ALISA 2017 OOD

GLOBAL PROPARTIS MENIDZHMANT EOOD

ECO HOTEL GORA EOOD

ITALIAN HOUSE EOOD

DOST 1 OOD

ALI MYUMYUN ALI ET

FH MANAGMENT EOOD

ASHLI PRIM EOOD

ET NEDA AVRAMOVA - NEDA

MAUNT SENS OOD

BANSKI HOLIDAYS OOD

ET KATERINA TERZIEVA - KT

PREMIUM TRAVAL EOOD

HOTEL PRINCESS EOOD

BEST HOTELS EOOD

SOLAR INDASTRIS EOOD

SUNNY GARDEN EOOD

RESORTS MANAGEMENT OOD

NIKA NIKOLAY ARSENOV ET

SIMONA & CO OOD

ZORA 2009 OOD

ET NIKI - NIKOLINKA CHOLAKOVA

ELIZAVETA DYU OOD

SUNRISE HOTELS OOD

AGALINA 65 EOOD

ALFA M 18 OOD

TIVA VATEV 90 OOD

TONI-EM-11 OOD

LETA 9 EOOD

ASAI - M OOD

ORBITA RILA-2000 OOD

HILS KLUB I RIZORT EOOD

ANGEL 1 EOOD

REZIDANS OOD

SULISSE EOOD

BRIC BILD EOOD

DORA TODORKA DZHOGOLANOVA ET

ASTRA 04 EOOD

SOLAR RIDZH EOOD

IKE OOD

TRENDY-M EOOD

RDS-16 TOUR TRANS EOOD

RAISKI KAT OOD

SAVITA 2017 EOOD

EG SERVICES EOOD

ET SAD 93 IVAN ANGELOV

APOLON - TUR OOD

RAIA IMPORT AND EXPORT EOOD

M DI SI EOOD

EKO LEND INVEST OOD

RUSKO DIMITROV DIMITROV

RENI DANIEL SIRAKOV ET

IZI -2014 EOOD

BALKAN-SB EOOD

PRINCESS RESIDENCE OOD

BORA 54 OOD

DARLING EOOD

ET NIKOLA TRIFONOV 2014

S V P EOOD

OBZOR MANAGEMENT AD

PHERKAD EOOD

ISIMAKS EOOD

EREDITA OOD

BULTERA BULGARIA OOD

ORBELOS BG OOD

ISUR - RUSI STOICHEV ET

STRIMON SPA AD

BELICHANSKI KASHTI EOOD

MARS HOTEL EOOD

VOLNA IDEI OOD

PLANINSKI RAY PENCHO KOSTOVSKI ET

ET MARAYA - ILIYANA BROMOVA

YUZHNI NOSHTI 1 OOD

ANNA SPIROVA EKOTURIZAM ET

ET GLORIYA-96 - GENKA PEEVA

NORD HOLIDEY OOD

WILLIAM CASEY CO SPLTD EOOD

TATAR - GINKA JORDANOVA ET

STUDIO BG 2015 EOOD

OLIMP - 99 EOOD

R 34 EOOD

ICEBERG BOROVEC DMA EOOD

AVN TRIPS EOOD

ET FEDYA UZUNOV

ELINOR 2002 OOD

TEXTRON HOLIDAYS EOOD

HV - 2005 OOD

SAINT MISHEL EOOD

BEGOVITZA OOD

BERG TOUR EAD

AY HOTEL INVESTMANT EAD

ET SEMI - LAZAR ASEV

TOPALOVI 2012 EOOD

SOCHE OOD

TALISE SPA OOD

DIMCHEVI 2016 EOOD

BORUNA EOOD

SVETI KONSTANTIN-PESHTERA EAD

HISTORY INN OOD

HIPSTAR 2018 EOOD

SLAVET - 08 EOOD

VIKTORIA GEORGIEVA-YULIYA ET

SBMD OOD

MAHARADZHA-2004 OOD

DINASTIYA - 96 EOOD

LIGHTHOUSE BEACH EOOD

BEDENSKI BANI BG OOD

DIMARA OOD

REH GRUP EOOD

EMBO - 76 EOOD

GUEST HAUSE AT DIADO VANCHO OOD

V I V-72 EOOD

KATRINI EOOD

BLYAN OOD

VEN PS COMMERCE EOOD

GRAND MANAGEMENT EOOD

ET ANDON PISKYULEV

EN KORPOREYSHAN OOD

LIVILITA EOOD

MV MB OOD

LYO RETRO OLD TAUN EOOD

KAGIP EOOD

TEDY VARNA EOOD

CALIDUS-2011 EOOD

SANI HILS ELENA SPA EOOD

D AND E PARTNERS OOD

AYVA-GEORGI AYVAZOV ET

DID - 2016 EOOD

PALDIN KOOP EOOD

PERLA PLAYA OOD

PRESTIGE HOTELS EOOD

CONTINENTAL - 9000 OOD

GOSTOPRIEMNITSI DZHAMBAZKI EOOD

ET IVAN AMIROV

DIMAR OOD

INTERNATIONAL HOSPITALITY AND ADVISORY

SERVICES EOOD

EKZOTIK INVESTMANT EOOD

EKOTUR RODOPI OOD

BRIO SELEKT EOOD

COVEX OOD

EPOLET OOD

PALMA SB EOOD

CENTRAL PARK HOTEL SOFIA OOD

NEWARCTOUR OOD

VIVA GLOBAL EOOD

PAMPOROVO INVESTMANT GRUP EAD

DRUSTAR TOURINVEST OOD

ET SEKULOVA KASHTA-SILVIYA MITKOVA

NIKOLA ASENOV ASENOV

BRIZ 17 EOOD

VILIYA 2 OOD

TEMA OOD

CHALA TUR EOOD

DIEM HOLIDAY COMPANY EOOD

SHIPKOVO - SPA OOD

STUDIO APARTMENT INVEST EOOD

ROJEN TURS OOD

PAK 1871 EOOD

ESKI ZAARA OOD

MIRO 08 OOD

EICH EOOD

OSAM INVEST KONSULT OOD

IQ - VISION EOOD

VINORAMA EOOD

HOSTEL AVOCADO OOD

NIKOLA PETROV STROJ EOOD

MEMENTO MORI EOOD

LEBESHKOVSKA-93 EOOD

VASILEVS BRATYA VASILEVI OOD

ZLATNA DUNA OOD

VARNATA EOOD

HELP PEPA CHERNEVA ET

SPLENDID AD

UNITEH STROY OOD

G I R EOOD

RIMSKA BANYA OOD

GARANT 95 STOYAN TSONEV ET

BULGARIAN ADVERTISING AND IMPRESARIO

AGENCY AD

BOLIARKA - MELNIK OOD

ELINOR AD

KARDEA OOD

AQUA KONSULT 2008 EOOD

ORB EOOD

14 SeeNews Industry Report

ZEDA TOUR JSCO. AD

VAG INVESTMANT AD

ET BONCHO BOYCHEV

MARINER 2006 EOOD

YUROPROPERTIS BG EOOD

AKSEL DINCHER HADZHIEV ET

LAMBOV 69 OOD

ETON AD

LOTOS ROSI EOOD

BM HOTELS EOOD

LSS - 11 EOOD

IVA 940 EOOD

TRICOM G T EOOD

ET ZHANA 49 - ZHELYAZKA DYANKOVA

KRISTAL G P EOOD

LAGUNA TURS OOD

SPORTGROUP SERVICES EOOD

SLANCHEVA POLYANA EOOD

ET SPARTAK - RUMYANA RUSEVA

MANTS 3 EOOD

VARBOV MOST EOOD

BANSKO 2017 DZZD

GAMA ENERDZHI EOOD

TREVINA EOOD

I HOTEL EAD

YUPITER KOMERS EOOD

AVTOKOMPLEKS IRIDA - EOOD EOOD

ELITSA PETROVA ET

ZLATNA ZVEZDA SOZOPOL OOD

MON AMI APART EOOD

HASTINGS EOOD

PETAR ATANASOV ET

VIKTORIAS HAUS VIKTORIA GOVEDARSKA ET

EMDI 98 EOOD

SMART PROPERTYS INVESTMENTS OOD

KB GROUP OOD

ET GEORGI BOZHILOV-57

DIANA MARGINA DARIBEL ET

EKO HRANI - 2 OOD

ET DANI-82 - PETAR PENCHEV

BULUZ INVEST OOD

MALKA PERLA EOOD

ET K-TIVA - VASILKA KUSEVA

DZHEY DABAL YU PROPARTI OOD

UNION TUR OOD

TURMEDIKO EAD

BANGLA EOOD

GORSKI RAI 2 EOOD

BALKAN TOP HOLIDEY OOD

LIZ AVRAM TRAVELING EOOD

HOTELSKO NASTANYAVANE EOOD

ARGO - 1956 EOOD

ROYAL KING HOTEL OOD EOOD

HRISTO DIMOV - LZD EOOD

PENEVI GROUP EOOD

JULY-INVESTCONSULT OOD

REZUMOTIV EOOD

ZAHARIEV 88 OOD

ROYAL HOLIDAY EXOTIC OOD

VALAMAR EOOD

ROMANTIKA GALINKA MARINOVA ET

FAKTORINGOVA KOMPANIA EOOD

VALEKS V V EOOD

SPLENDID VILLAGE OOD

ELIMEGAN OOD

EMALI 2006 EOOD

BULGARIEN DIREKT REISEN EOOD

DOBRIN NEDYALKOV ABRASHEV

DEVALD OOD

DZHIP SAFARI AD

KALCHEVATA KASHTA EOOD

LILIA MI OOD

AGROVIZHAN 70 EOOD

OLIMP 2010 OOD

ET ELTEPE-MIHAIL ZLATEV

PIRIN 2017 NT EOOD

M A V 13 EOOD

DP TRANSPORTNO STROITELSTVO I

VAZSTANOVYAVANE - HOTEL ROSA

DOBRETIS EOOD

KONDOR - 66 EOOD

BULGARIA HOLIDAY TRAVEL EAD

DRAKITE 2017 EOOD

ET TSACHEV-33 - KINA TSACHEVA

ET DIYAN DIMOV - DEM I YANI

ES DZHI GRUP BG EOOD

DYLAV EOOD

ZLATICA DIMITROVA EOOD

MARI OOD

TOP 99 DDG OOD

VIOLETOV OGAN EOOD

NORMA OOD

SANI TRAVAL OOD

ORHIDERIA-IORDANKA MITOVA EOOD

PEGASUS BG OOD

TEIS HOLIDAYS OOD

OTVES OOD

BOLKAN DZHUAL MENIDZHMANT EOOD

SELECTBG.NET EOOD

BRATIA TIHOLOVI OOD

ET BORDO - MILANKA MIHALEVA

DEZINTEGRATOR-CO EOOD

VALENTINA VPM 2010 EOOD

PROSPECTOR BG EOOD

DEMEKS GRUP END SPA REZORTS OOD

PRI ZHUZHU ANASTASIA TREPECHOVA ET

LOVNA REZIDENTSIYA PARAMUN OOD

ROZA END HAIV LEND OOD

GERGANA TUDJAROVA EOOD

SPLENDIDA VM EOOD

KEREMEDCHIEVI OOD

FILLAND EOOD

SILVI- SILVI ZAREVA ET

DENICA - STIL EOOD

ET SPARK - TUR - SAIT BOZOV

VASIMA EOOD

GEBRAY OOD

KRASI - KRASIMIRA KITANOVA ET

PIRINTOURIST 2002 EOOD

INWICTA - 1 EOOD

YANTRA SHARLOPOV HOTELS EOOD

ET KIRIL MANOV

STARLEND ENTARPRAYZ EOOD

ET LES-KOMPAS - IVAN LESOV

SANITA VK OOD

ET IVAN UZUNOV - KOMERSIAL VALENTIN

UZUNOV

MH - 2011 OOD

ALEKSIMAR OOD

HOTEL LIPITELTD EOOD

AGROINVEST 84 GEORGI TOMOV ET

VILA YAVOR EOOD

LOPUSHANSKI MOST OOD

KRYCY 09 OOD

SENATOR HOLIDEIS EOOD

M TRADE 21 EOOD

VILI RENT EOOD

ARTE HOTEL EOOD

ZOGRAF EOOD

ITALYCOM EOOD

ARFA TURS OOD

GARBISHTE EKOTUR OOD

SAROS BG EOOD

BORO TOURS DIRECT OOD

GRAND HAUS RADOSTINA ZDRAVKOVA ET

TAM 2006 EOOD

DIANA ATANAS MARINOV ET

DIREKT GRUP EOOD

BASHLI TOURS EOOD

ASPICOR OOD

STAS - 2008 EOOD

AGONCEV OOD

MODEA DZZD

MAKOSH EOOD

FISH 1 EOOD

ET NASH DOM - DOBRINKA IVANOVA

TRADEPHARMA EOOD

ISIS 888 EOOD

ES DZHI BULGARIA 2013 EOOD

ET LILIYA-V - VALKA MIHAYLOVA

BALAK INVE GROUP OOD

SK TRADE GROUP EOOD

KALI KALINA BOZHKOVA ET

NYUANSI M EOOD

STIL I UYUT EOOD

VD RIZORT OOD

ERMA 2014 EOOD

MARINE OOD

SHCOLA MASTEROV OOD

GALINA SOFKOVA ET

DEMIDA EOOD

TRV CONSTRUCTION OOD

DESHKA-2018 OOD

ROS ROSEN HRISTOZOV ET

ET MIHAIL KOSTADINOV - STRAKOV

ECOPARK ELENA OOD

KILIMITE OOD

VICHE - VESELIN VLADIMIROV ET

ZORA 13 EOOD

DAYANITSA OOD

ACTIVE TOUR OOD

RUSANOV GRUP EOOD

ADVENCHARBG EOOD

ART ECO LAND OOD

ALDURAL EOOD

DUMBOV I FAMILIA EOOD

WALHALA EOOD

DESPINA GEORGIEVA GEORGIEVA

BITS MENADA KRUL KRAEVSKI KRAEVSKI SD

AMB - M EOOD

ASTOMI STOYCHO GEORGIEV ET

KRAMAR KRASIMIR CHERNEV ET

HASALT - BG EOOD

CHERVENATA SHAPCHITSA EOOD

ILI NIKAYA EOOD

TRON KOMPLEKS OOD

KIA HOLIDAY LETINGS OOD

BALI & AVM EOOD

GORSKI PAT EOOD

MARS APARTAMENTI EOOD

TRAYANA 1108 EOOD

UNIKA TRYAVNA EOOD

EXPLORE BANSKO HOLIDAYS OOD

RUM 57 EOOD

DOVERIE 2013 OOD

AVATAR SPORT EOOD

TI VI BI TUR OOD

ET ANGELOVI-48 - GEORGI ANGELOV

MARVEN EOOD

ET PARADAYS - DANIELA MANCHEVA

TEDI-MS EOOD

BULGARIA HOTEL MANAGEMENT AD

ARENA HOTELS EOOD

SKORPIO 18 EOOD

ELDIGA EOOD

KASHTITE NA SLAVEYCHETO EOOD

MONIDES OOD

KATERINA SPASOVA-K I S EOOD

ZAEDNO EN - 777 OOD

BEDROOM PLACE EOOD

VERONA MILENIUM EOOD

HOTEL ZOO SOFIA LLC OOD

BOR EOOD

IDA TOURS OOD

MONIK - M EOOD

GOSTUL OOD

ALLA KORZH EOOD

SUZANA SARIEVA ET

ROYAL COVE EOOD

VET TUR OOD

ET PLAMENA-2004-TSVETANKA ATANASOVA

YAKOVLEV AND CO OOD

PANORAMA - DOSPAT LLC OOD

BUSINESSCONSULT OOD

VICTORY-DANIELA PETROVA-PILAFOVA ET

STEFKA LYUBENOVA DEMOS S ET

SALENA PRIM EOOD

PERELIK PALAS OOD

STANITA TOURS- STANISLAV TABOV ET

KINERET EOOD

PETROV 2003 EOOD

SUNDAY HOTELS OOD

GERMETO OOD

EM VI RIZORT EOOD

EVROZEMEDELIE EOOD

ET VELICHKA BELOKAPOVA

LEFTEROVA FSO EOOD

SLANCHEVI LIVADI OOD

ROSGROUP 1 EOOD

MEGAS BEACH OOD

TUR SPORT INVEST EOOD

IVELINA - MARIYA DIMITROVA ET

ET PETRANA SHUKOVA

SPA HOTEL PLANINATA EOOD

VALENTINA VLADIMIROVA KOYCHEVA

TROY OOD

FLORES GRUP TSS EOOD

GOLDEN DUNES PRIMORSKO OOD

YULI YA 65 EOOD

RELAX POMORIE IZTOK D EOOD

BULGARIYA M EOOD

SHARLOPOV GROUP EAD

15 SeeNews Industry Report

INFO TURIST OFIS EOOD EOOD

EMIL YANKOV KOZAROV EOOD

BURGAS REPUBLIK EOOD

SKYLINE TUR OOD

CHUCHULEV OOD

TRAFFIC TEHNOLOGIES OOD

VG TURS EOOD

ET EDINIL - SNEZHA NIKOLOVA

ET IVELIYA - FARIE KURTEVA

MAK OOD

LORA AM EOOD

EVROTUR 7 EOOD

MD VARBANOVI OOD

PI EM HOLIDEY EOOD

BRISTOL BG OOD

ANELIA - VM OOD

PANCHUKOV AND SON OOD

TREP EOOD

ELI & ISHO EOOD

EMO 99 - EMIL SPASOV ET

MONIKA 91 EOOD

BUL BIOESET JSCO. AD

SID 2018 BURGAS EOOD

SKILEV EOOD

ET IZGREV HAUS-STEFANIYA BARDAROVA

EKOTUR TRAVEL OOD

KOPRIVLEN SOLAR VENETA STOYCHEVA ET

CENTRAL - PIRDOP VENTCHESLAV MOMTCHILOV

ET

SITI HOTEL PLOVDIV OOD

ECO HILLS OOD

DANA DIAN MARINOV ET

KAZA ZDRAVA EOOD

ANDZHELA SKI I GOLF HOLIDEYS OOD

IVA IV 2014 EOOD

TOMA DESPOLOV ET

ARGRUP RODOPI EOOD

ILCHO BORISLAVOV ILIEV

KOSMOS 2011 EOOD

GOLD OOD

MAKS TREYDING 85 OOD

ET RALITSA - 2012 - EVGENI DOYCHEV

SEASIDE HOTEL MANAGEMENT OOD

ARSENI HADZHIEV ET

GALACTIC TOUR EOOD

PEMAR - 2013 EOOD

LOGATERO M EOOD

COOPTOURIST - KITEN EOOD

ET YO 91 - YOSIF ANGELOV

ET BOBI KOM - BOGDAN GEORGIEV

GLADE HOUSE TOURISM EOOD

GOLDAN KRIS EOOD

SUNNY TRAVEL EOOD

EFROSINIY EOOD

VELICHKA KOKALANOVA ET

ROMANTICA FOREST AD

ALEKSANDAR 007 EOOD

ANIMAH EOOD

AHRIDA AM EOOD

PRIM TEAM OOD

STELA MARIS EOOD

STIVAN 5 IVAN DIMOV ET

PROFESIONALEN SPORTEN KLUB LEDENI ANGELI

PLOVDIV AD

ET ATANAS PONCHEV GROZEV

DYOR17 EOOD

MIGEVA OOD

ATILI EOOD

DILYANA MARKOVA ET

MANAGE RISK ASSETS M.R.A. OOD

VEKINGENERING OOD

AIDEN 1 OOD

ES PI VI - SARAFOVO EOOD

DALIA-08 OOD

EUROGRADE BG EOOD

MARAYA TRAVEL EOOD

VICTORIA STONE OOD

MARINA SANDS OOD

MARTIN MD DOTSOV EOOD

VIDINSCI - 79 EOOD

D - IVA 2011 EOOD

PETSI PENKA TODOROVA ET

POS IDON - 71 OOD

PROFILAKTIKA, REHABILITATSIYA I OTDIH- KLON

BURGAS

LAKI STROY EOOD

AMBASSADOR MANAGEMENT OOD

PRESTIGE HOUSE OOD

EUROPE AUCTION EOOD

ANDI RENT COMPANY OOD

ID KUOLITI TIIM OOD

STELM OOD

GLOBUS 2000 - SAMOKOV OOD

RUNALI EOOD

ALEKSANDYR YARYMOV EOOD

RODNA ZEMIA BG EOOD

ET ANTRAKT-ROSITSA TALEVA

MIKONOS-ALFA EOOD

RENA-BV OOD

CENTRAL RELAX EOOD

VENIS 15 EOOD

AFRIKA 1 EOOD

PALACE OOD

KAMI TRANS OOD

MALINKA IVANOVA VALENTINA ET

HABI EOOD

RTA INTEL EOOD

GT EVROPA TRANSPORT EOOD

DEKO OOD

SINHRON 21 OOD

VALENS VALENTIN SPASOV ET

INTERBUILD EOOD

FINE MANAGEMENT EOOD

AY DZHI DI TUR OOD

ET MANDZHURIYA - GANKO GANKOV

SOFIYA DEN EOOD

TH RUSALKA HOLIDAYS EOOD

VM MENIDZHMANT OOD

VILA KAMCHIYA OOD

IVANI 2008 EOOD

BELMEKEN DZHEMILE HAYROLA ET

FARMA MUNDO OOD

VIDIN STARIAT GRAD EOOD

MONARCH OOD

EL END DI OOD

BIRS OOD

KITA 2015 OOD

DEMETRA 86 OOD

KOOP TSENTRAL DZZD

EFMAR EOOD

LIRA EOOD

AERIS EOOD

ILMIDA OOD

IV-GROUP OOD

SOLD OOD

RILA TURS 2010 EOOD

ET HOTEL POPOVO-IVANKA MARINOVA

CITY BUILD MANAGEMENT EOOD

VIYA 84 EOOD

EZERETZ EOOD

VITAMED PLUS 1 EOOD

ZEYNEP MOLLOVA ET

TATYANA KIPROVA LOVEN I SELSKI TURIZAM ET

ET ZORA-DIMITAR TERZIEV

PERI-PALAS EOOD

VITAL TUR OOD

PARIS 6 OOD

KONSEY-69 EOOD

KIARA HOTELS EOOD

HOTEL - HOLDING 2 OOD

LUCKY FAMILY BILDING EOOD

MIKI-KRISTINA IATZINSKA ET

DUTCH ROCKS INVESTMENTS EOOD

NINA VIDEVA 75 EOOD

DRUM OOD

CHERNOMORETS ENCHO ZHEKOV ET

MARAYA HOLIDAY EOOD

ABRIT OOD

DUNAY-1946 EOOD

PANCHOVI INVEST EOOD

AVSTRALIA OOD

DELFIN - 61 - RAVDA EOOD

ADDE 2014 OOD

ASPITUR OOD

OKP I KO EOOD

MANASTIRA SVISHTOV OOD

PARSEK SERVIS EOOD

PLAMO PM EOOD

TRADISHANAL BALGERIAN KOTIDZHES OOD

ITT - 2011 OOD

TENIDA 1982 OOD

IVEL OOD

CANAPE EOOD

PIRS - ZLATAN GOSHEV ET

HOTEL LILIA OOD

MIG KATYA KYOSEVA ET

KACARIKAS EOOD

MONI 2010 MILEN MILANOV ET

BERBEROVA HISAR EOOD

HOLIDAY HOUSE EOOD

FAMILIA 2017 EOOD

MIDAS M EOOD

BR MANAGEMENT EOOD

KARVIS BALGERIA EOOD

LUBOMIRA DELCHEVA - 2011 ET

FRIY GARDAN EOOD

YOANA STOEVA ET

MAGIC LIFE OOD

BULGARIA UAYN OOD

MIRAJ V D EOOD

BEYSKATA KASHTA OOD

FOREGO PROPERTY MANAGEMENT EOOD

ADI RENTAL OOD

USOETO EOOD

SIYANIE - 22 EOOD

EDI DZZD

INTERHOTEL - POMORIE SC. AD

VIVA TUR OOD

OPTICAL STORAGE AD

KONTINENTAL 99 EOOD

COOL MANAGEMENT EOOD

VER MAR OOD

TANIN EOOD

ENERGA OOD

DIANA LYUBENOVA LYUBENOVA

BALNEOLOGICHEN TSENTAR KAMENA EAD

MARTONI 2012 EOOD

TABAK TRADING PARTNER EOOD

SUPER PLAM-EL-ELENA ANGOVA ET

VANELI SPA EOOD

ET AGROTREYD - ANA DIMITROVA

REGATA EOOD

IT COMPANY EOOD

NITSA 2012 EOOD

VIKI 96 EOOD

YUBI SLAEVI EOOD

DANIEL HOUSE EOOD

SINEVA OOD

SLANCHEVI PYASATSI SARAFOVO EOOD

EKOGRUP EOOD

SI-MI OOD

GLORIA 17 OOD

LEROS OOD

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APOLONIA RESORT OOD

EVROKONTAKT-MARIN PETKOV ET

NIK-PALAS EOOD

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FLORA N EOOD

OLIMPIK - HOLIDEYZ EOOD

AMB 2000 EOOD

STANIMIRA MARCOVA ET

ILIAS STUDIOS EOOD

RENA PASTUHOVA ET

PROFIT AD

ET DUARKA - DARINA GANCHEVA

BUKOR SHTEPI EOOD

MANOLI TOUR EOOD

ELIT-95 OOD

BLACK SEA HOTELS MANAGEMENT GROUP AD

HOME HOUSE SOFIA EOOD

SOLVEX TURINVEST EOOD

ASTERA PYRVA BANSKO EAD

EMILI - FEMILY HOUSE EOOD

ET LASHOV - GEORGI LASHOV

BRIZ OOD

GERGINA SVETOSLAV SLAVOV ET

VITO - GABA OOD

REA M EOOD

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GLOBAL GAME GROUP OOD

PIRIN SHARLOPOV HOTELS OOD

EVROTEYMP OOD

ANATOLIY YANAKIEV - KLON AHTOPOL

ANHEA EOOD

OSOGOVO EKO PRODZHEKT OOD

TANYA RAYKOVA 2011 ET

INGLOBO EOOD

DZHUDI EOOD

ET DOKSI - DELCHO KAMBUROV

ERBENEBE EOOD

KRISBO HOLIDAYS - ZHIVKA GENCHEVA ET

SANDROSE HOLIDAYS EOOD

16 SeeNews Industry Report

BUDGAKA EOOD

QUALITA OOD

PLATINIUM INVESTMENT OOD

TSVETNA GRADINA 19 EOOD

LEGATO EOOD

ET BOBI - BOYKO DOBREV

SILIVRAK OOD

KRISOLINA OOD

ASPIHOLIDEIS OOD

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ET HIL-IVAN IVANOV

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IVJ CONSULT EOOD

NATURA DIVINA EOOD

ET MESTA - AYSHE BUNTSEVA

VEGA TURIST 91 EOOD

TOPOLINO-64 - GEORGI SLANCHEV ET

BORDER HOME EOOD

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ET VESELINA - FILIP FILIPOV

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ET TODORA HRISTOVA 36

APRILTSI 2008 EOOD

HARMONIA USPEH EOOD

CHERI OOD

MARI KO EOOD

PRESTIGE HOLIDAYS AD

SEVASTOPOL 17 EOOD

DANAIL HALVADZHIEV ET

VEDA - TK EOOD

STRANDJA TOURISM OOD

KUKEN HRISTO KUKENSKI ET

ET ANI - ANKA PESHEVA

MUTSI DIMO PRODANOV ET

MEGI - M - 2012 EOOD

MARIYANA DANCHEVA EOOD

VIRZHINIA TURS EOOD

EM 12 OOD

YAGODA 88 RAYNA ALEKSANDROVA ET

IVA COMMERCE EOOD

ALBI TOUR EOOD

VALITA - 07 EOOD

NEDELINA-2011 EOOD

IZMIRA SPA 3 OOD

ET DIKI - YANI IVANOV

ADP 2013 EOOD

PROFIT - N EOOD

MEGA TRANS AD

SUMREST OOD

AMAR HOLIDAY OOD

DUNEKS EOOD

DELFIN - 3 - 2002 OOD

SIGMA TUR EOOD

KRASIMIR GEORGIEV RALEV

STEDAKO EOOD

MISTRAL TUR OOD

TONIKO OOD

ERTIOS EOOD

VELIZARA - P EOOD

BELLA VISTA EAD

TOURS EOOD

JEKOVI TUR EOOD

AMBRA 2012 EOOD

PANORAMA 3D - ALEKSANDRA CHAVDAROVA ET

CAMPANELLA HOLIDAYS SERVICES EOOD

KORTEX TRADING AD

RE L - 54 OOD

BADIMEX - DIMOV I SIE OOD

SAINT GEORGE PALACE OOD

IVI 2002 NIKOLAY NIKOLOV ET

SK VETREN EOOD

PLANITA AT EOOD

DI MARE 1 OOD

MADARA MENIDZHMANT OOD

BLACK CAT THE ORIGINAL OOD

P AND I GROUP OOD

HOT-BG EOOD

ET MANADZHUK - DIMCHO DIMOV

STANMARI OOD

EKOTUR VELEKA KATYA DAMYANOVA ET

SULTANA - TANYA KOPANAROVA ET

ET KATINA - KATYA MARINOVA

HAPPY TOUR EOOD

BRAVIS OOD

KENTAVAR 2 OOD

BLUE DREAM INC EOOD

ET ELINZHENERING - VELIKO VELIKOV

ZERO CENTER EOOD

G Y G OOD

VALVES FUUD OOD

IVA SHELDON ET

PI EM DZHEY EOOD

AVRORA INN OOD

YURTI-MAUNTEYN EOOD

K&P PROPERTY MANAGEMENT OOD

KAPRI 1 OOD

SOLERS-M EOOD

DETELINA 69 OOD

ROYAL ASTORIA EOOD

ET GRANIT-90 - KOSTADIN DIMBAREV

ET IZGREV - TODOR TERZIEV

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NERA 1022 OOD

PERIFANOV EOOD

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ET INTRO-DIMITAR MIHAYLOV

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E HOTEL AD

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SPOMAR TOUR OOD

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INEST OOD

ET 6 H 6 - DIMITRINKA STEFANOVA

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WHITE LAGOON EAD

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IVATO EOOD

NOYA OOD

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ET DAGA - VLADIMIR PAVLOV

ALPIN HOLIDEY - SIM EOOD

TRAVAL SOLYUSHANS BULGARIA EOOD

VIZITO BG OOD

PRINTSES VT EOOD

NLMD EOOD

VIKTOR-1-2011 EOOD

LOT BG EOOD

ET VASILENA - RUMYANA VASILEVA

ET KIKAR MENIDZHMANT-KIRIL KARPACHKI

MARTIN 85 IRIN PASHALIEV ET

ADEONA OOD

INTERVAL -INVEST OOD

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ET MAGURA-VIKTORIYA STEFANOVA

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AMORA BG EOOD

ET RUSANKA MITREVA

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MOBIL EXPRESS OOD

VICTORIA INDUSTRY OOD

STREV TYR AD

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TEDI-82 EOOD

IGLIKA BULGARIA OOD

VITA INTERNESHNAL 2002 OOD

MEDICA NARECHENSKI BANI EOOD

GOLDEN SPORT TOUR OOD

ET PIRIN 2012 - ANASTASIYA CHOBANOVA

ET KRUM KRUMOV 2009 TANYA LAZOVA

BOOMERANG VT OOD

ELPIDA GI EOOD

DIMOKA EOOD

E-CONSULT GROUP EOOD

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VILLA SINTICA AD

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BTV - GRUP OOD

BILIANA HMT OOD

GREENFORD BULGARIA OOD

LOPUSHNA TRAVEL TEODORA NIKOLOVA ET

MD INVEST BULGARIA EOOD

BOSNEK EOOD

GUGLEVTSI EOOD

EURO INVEST COMPANY EOOD

MOIRA OOD

DAGA-RAINBOW EOOD

M-S-T OOD

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ET KALINA SEKULOVA-PROGRES

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ELEROX MANAGEMENT EOOD

VENECIA - SEG EOOD

PAI-HOST EOOD

GALIN KOLEV ET

KATRIN KATERINA BUDINA ET

REMO TRAVEL OOD

RENT A HOST EOOD

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VIS TIM EOOD

HOTEL PREZIDIUM PALAS EOOD

ASPEKTTRAVEL EOOD

BLYAK SIY TUR EOOD

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BALGERIYA PROPARTI SARVISIZ EOOD

- SPA OOD

MIROSLAV MIRCHEV MIRO ET

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ANSI 2008 VIDIN EOOD

TWINHEAD OOD

SIRAYA GROUP OOD

MEGI - 2005 EOOD

KONTRASTI BG EOOD

ZORA OOD

INTERHOTEL SANDANSKI BULGARIA AD

KUATRO M EOOD

BALKANSKI TSENTAR DIPLOMAT OOD

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AMAZING EOOD

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SELENA 2004 EOOD

HOTEL RELAKS EOOD

POSOKI BULGARIA EOOD

ANASTASIA KARAYANEVA ET

HADZHIANKOVI EOOD

GRIYN KYUB OOD

AGIT-14 EOOD

RUSKOVI 2006 OOD

ZYUDHAUSTEHNIK EOOD

FANTAZIA EOOD

K HOLIDAY EOOD

MARBRO RESORTS EOOD

ABRIEKSIA EOOD

KOSTADIN YORDANOV YORDANOV

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BGADVANCE EOOD

KUM 2016 EOOD

DESTINY HOLIDAYS EOOD

PREDELA INVEST EOOD

MIX - VIDIN EOOD

ATOS - HOTELS OOD

KIRIL GEORGIEV TABAKOV

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BILDKOM EOOD

E END S IMOTI OOD

FLORIAN 78 EOOD

KANTMED OOD

DANI SAT OOD

ET MAGI-M - MARIYA PISHTALOVA

NT PLAM HOLIDAYS EOOD

SANI HOLIDEY - 2011 EOOD

HOLIDEY INVEST S I S OOD

BANKYA PALACE OOD

LARISA 2003 EOOD

ULPIA TOURIST EOOD

GEORGI TSVETKOV ET

HEMDOS HRISTINA VALKOVA ET

ET BASHAKOV - IVAN BASHAKOV

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IDEYA KONSULT EOOD

SVETLOZAR - MARIETA SIMEONOVA ET

KAMARAYA EOOD

DIABED EOOD

BRG POMORIE EOOD

ASENOVA KASHTA EOOD

PRIMA AT EOOD

DIEL FEMILI EOOD

ULTRAMAR HILLS EOOD

SHAI HOUSES 1 OOD

GOKOTEL - PROGRAM EOOD

17 SeeNews Industry Report

ER AY DZHI GERGANA POPOVA ET

TROYA 999 OOD

TRAKIA 2016 OOD

SAZA TOUR EOOD

MARKOS CONSUL L 01 EOOD

INTERSTORM - TSVETELINA DIMITROVA ET

EM DZHI INVEST VARNA EOOD

DIJIES OOD

KADA RESURS EOOD

LIGHTHOUSE GOLF AND SPA HOTEL AD

BOBI - BSD EOOD

CITY BOUTIQUE OOD

ADO 2014 EOOD

DI-VA-MA EOOD

ET YANKA DINEVA - 68

BORISLAV ILIEV 1973 ET

VIVA TRANSFERT EOOD

GREEN CLEAN HOME EOOD

DINS - 53 EOOD

ZARA OOD

FORTUNA - ANTOANETA IVANOVA ET

KAVALER 2000 EOOD

CASCADAS RESORT & SPA EOOD

PKM-2000 OOD

SNEJANA TOUR AD

ET KIRIL KOLACHEV

GRIYN LAYN EOOD

PARADISE TOUR INVEST OOD

BALNEOHOTEL POMORIE AD

UNISON EOOD

6 SPLTD EOOD

ET AHMED ZABITEV

YONIDA-17 EOOD

KEY SITI EOOD

ET NIKOLINKA NACHEVA

VENSIM OOD

RODOPSKI KONAK EOOD

SKY INVEST 2 OOD

ELMAR TRAVEL - MALINA DONKOVA ET

CENTRAL 52 EOOD

AT - KOMERS EOOD

ALEKSANDROVI 2014 EOOD

MAX & CO AD

KAT RINO SPA AD

SUNSHINE HOLIDAYS EAD

BOOMERANG MANAGEMENT EOOD

ADS - TRAVAL OOD

SILVAR OOD

PRIMA IMOT 2018 OOD

VYAG 68 EOOD

VIENTOS EOOD

VERDI LOGISTICS EOOD

HOTEL SANTANA OOD

KRAUN FLAUARS EOOD

MANTAR - 2012 EOOD

IVAL EOOD

SINAGRO OOD

MLM-CONSULT EOOD

DESTIMA OOD

ROSCOM 63 EOOD

AGITA EOOD

ONOFFTUR EOOD

GEO TOUR 66 EOOD

DIMI RAIZ EOOD

ET NIKOLAY CHAKALOV

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BUCH GROUP OOD

SNOWFLAKE CHALETS OOD

ES DZHI ES HAUS EOOD

COMERS-1 - IVAN MARKOVSKI ET

TEOPOLIS TOUR OOD

ALEKO SHTASTLIVETSA OOD

KRISTANI EOOD

JAVA - JANKO ATANASOV ET

N P TOUR EOOD

EKZ RENTALS EOOD

IRIS 717 EOOD

HOTEL BOR EOOD

MERIDIAN TOURS OOD

ET ANGEL PAUNOV

SPS SVETLINA EOOD

ALMEDA AD

SS 2001 AD

HOSTEL GROUP EOOD

SUNNY TRAVEL CLUB EOOD

ET RASHEL - N - NIKOLAY RASHEV

S AND G - N OOD

TOP INVEST EOOD

K END M OOD

BOROVETS SERVICE EOOD

KAM-PAT OOD

PPS STROY OOD

ROSTOV AD

ELENI 2 EOOD

ROKAMAR EOOD

INTENSO OOD

ARKAN OOD

HADZHIEVI 2013 EOOD

RADINA 2003 EOOD

BOZHKOV I KO EOOD

ODESSOS HOTELS AD

PANDION UAYLD TURS EOOD

ET AMATIEL - TSVETELINA BONEVA

EFIR EOOD

MEGAFRUIT-2000 OOD

ROYAL BANSKO PROPERTY MANAGEMENT OOD

ET GEROVA - ELENKA KOSTADINOVA

SUN RESIDENCE EOOD

YONEDA EOOD

TRAYKO 54 EOOD

STIVEST EOOD

M - POWER - XL EOOD

OLIVAR OOD

BOR INVEST 1 OOD

E UND A OOD

NIKOLAY LYUBOMIROV IVANOV ET

MAGNOLIA-2000 EOOD

ASTIME EOOD

ELLA-91 EOOD

ET ANGELOV - TSVETOMIR ANGELOV

LOZENEC IN OOD

ELTIES EOOD

FLAGMAN POMORIE EOOD

EL PARAYSO EOOD

BRAND HOTELS EOOD

OBZORI EOOD

DALLAS - BUSINESS CLUB EOOD

ALINA 2016 EOOD

HRIS 50 EOOD

APOLIS OOD

MDNN EOOD

AVV TURS EOOD

KALINA 08 EOOD

RADA LEFTEROVA SYAKOLOVA

DIKAVEDI DIANA ZASHKEVA ET

ELIA EOOD

MOKA TURS OOD

TOURTRANS 64 EOOD

LUBTCHO ATANASOV ET

KAMI 2000 OOD

VENIS 2015 EOOD

NATALI NIKOLAY IVANOV ET

STOIMEN GECHEV ET

HVD HOTELS EAD

MITKO DOYCHEV DOYCHEV

VITOSHA PARK REZIDANS EOOD

ZONITSA EOOD

KEMP SPOT OOD

TSENTRAL LYUBENOV EOOD

SANLAYT HOLIDEYS AD

ELENA OOD

GARANT TOURIST S.I.V. EOOD

ANI 18 EOOD

BILDEX EOOD

STOLICHANI DANIELA GERGOVA ET

I GEORGIEVA EOOD

ET STOYAN VITANOV - VITO

SPAS KRASTEV BISA ET

GERI - M EOOD

LIMO GR UP OOD

TAYFUN 777 OOD

KUMBA MAKUMBA 87 OOD

TRAKIYA OOD

GALABITSA MAVRODIEVA ET

N S NADEZHDA SABEVA ET

DUNI AD

TATRA EOOD

TILEVA 2016 EOOD

STARA REKA 2017 EOOD

TSENTRAL - PLOVDIV AD

ET NIKOLA GEORGIEV KASHTI BOLYAROVO

IVAN PETROV - TURIZAM ET

KORSAR - 64 EOOD

DIVAYN-RR OOD

ZAARA TOUR OOD

SHOPOV EOOD

RADIMA 7 EOOD

ET KORONA - PETAR KALAPISH

ET DICHKA GEORGIEVA

ATAN 07 EOOD

LYUTVI MYUMYUN MYUMYUN

FORI 69 S BOROVO EOOD

GARVANEC OOD

BRIAG SOFIA EOOD

RUGEST SOLE EOOD

D SITI EOOD

BYURO ZA MLADEZHKI TURIZAM HORIZONTI

OOD

MARITSVETA SEVDALINA DIMITROVA ET

RINO-44 EOOD

WORLD RESERVATIONS BG EOOD

TRIUMF-91 EOOD

ET DIANA IVANOVA

EXPLORE BANSKO SERVICES OOD

NA I BO 69 EOOD

EDIT KONSTANTINOVA EOOD

MODUS PLOVDIV OOD

BALEVUROV OOD

REZVAYA MS EOOD

MITKOVI OOD

ET STEDI - PENKA MINCHEVA

KRASITED EOOD

PETKO I IRA EOOD

CALIPSO BLUE EOOD

ET KOSTADIN ZHELEV VANINA KOMERS 55

MENELAO PETAR MENCHEV ET

MIG BURGAS EOOD

ROSS TRANS TOUR EOOD

TROKA EOOD

FULSTOP SISTARS OOD

V I T 2017 EOOD

ZHITEN KLAS - NIKI EOOD

ET LYUSI - SLAVCHO CHITAKOV

KUNCHO KOICHEV EOOD

CONTESSA 2000 OOD

TIANNA - ANELIYA STOYANOVA ET

KONVENTA 7 EOOD

VLIV EOOD

ALEXANDRINA ENTERTAINMENT EAD

BONEVI 2017 EOOD

SKORPIO-61 E EOOD

ELENA INVEST OOD

HAY SARVIS OOD

VELIKA 2009 OOD

TOCHEVA 2017 EOOD

KOOPTUR EOOD

ES KEY PI OOD

DIABORA EOOD

RING 66 EOOD

KOMFORT DELUKS OOD

BETWEEN EOOD

KA EM-VARNA OOD

POLYKOM - SLAVEY DIMOV ET

ELISA KONSULT EOOD

VILNA ZONA EOOD

ET SIVEN - VENTSISLAV VENTSISLAVOV

ALFA 13 EOOD

ES ES YU EOOD

ET MAK - PERI -PETAR TSAROV

LIANI OOD

ALPINE & CO OOD

YONEL EOOD

NOVA SMART EOOD

SLAVCHEVI-BD OOD

ORLOVO GNEZDO 1902 EOOD

RANOVI 2010 OOD

NAYK ES GEORGI DIMITROV ET

TSENTAR AZ MOGA EOOD

ET GEORGI TSVETANOV - YORGO

ECO SMART INVEST EOOD

MARIYANA HRISTOVA HRISTOVA

SEVERIAN-BALATON OOD

GEORGI RADOSLAVOV - PRESLAV ET

ZIGEN OOD

PESHTERSKI EOOD

ASPA OOD

VIGI GEORGI ANDONOV ET

HANT POIBAR OOD

PLAMARSKI EOOD

ABEL EOOD

ET RIVA - IVAN GEOREV

NAIDI M EOOD

18 SeeNews Industry Report

TONI CHOCHEVA ET

POLINEL INVEST OOD

LUXOR COMPLEX EOOD

DI EY AR OOD

SISKO 13 EOOD

BON BON HOTELS OOD

INTER TRAVEL OOD

TSVETE-TSVETANKA BOJIDAROVA ET

ET BILYANA 2005 - BYANKA DIMOVA

STOYAN SARIEV STOYANSTROY ET

MELIV EOOD

ET DOBRINA SARIEVA

TOMMY TOURS OOD

TEDMAN EOOD

MORE - 09 EOOD

VILA BELISIMA EOOD

SOFIA GALLERY SUITES EOOD

GERRI 2015 EOOD

SUNSHINE 22 EOOD

ENAYTURS EOOD

FERMAND OOD

HASHOVE TURS EOOD

PASEB OOD

PB ORLINO EOOD

MARIZHANI OOD

NATURA 2000 EOOD

SIMEONOV APARTMENTS EOOD

GEOSTEF OOD

IV 73 OOD

KRALSKO SELO EOOD

GRAND FIESTA EOOD

E-MARKETING OOD

BORUNOV EOOD

TSETSILIA 37 EOOD

GEORGI DEVEDZHIEV EKSPRES ET

VEDAVI OOD

IRIV EOOD

GRADINI - KARAIVANOV EOOD

ET LYUBEN ANGELOV

AGRO OBZOR EOOD

VIDUNIYA EOOD

ECO 2012 VULKO NIKOLOV ET

KORABA ARAPYA EOOD

ET VENTSISLAV AYVAZOV - MARIYKA AYVAZOVA

VANALEKS OOD

EPOS OOD

ET EMDZHI - 2014 - TSVETANA ARSENOVA

PERLA 2013 GALINA LYUBOMIROVA ET

SEASIDE SERVICE OOD

ET DIMITAR RAYCHEV

MORENI TUR OOD

VILLA KALIAKRA EOOD

KATI YANKA HRISTOFOROVA ET

SANTI - 73 EOOD

ET DIKRAS - KRASIMIR DIMITROV

AMBELITZ SOFIA EOOD

MAYUKO EOOD

STARTAYM-R EOOD

ET RENETA VIDELOVA

SUNNY LAND 2012 EOOD

CON TOURS LIMITED OOD

STRANDZHATA 79 EOOD

VIKTRON 7 - IVAILO IVANOV ET

KATIA DAFOVSKA EOOD

GLORIA - DIMITAR STOIMENOV ET

VINARIA EOOD

T S HOLIDEYS EOOD

FRIENDS 2016 EOOD

ZENITH ECO EOOD

EN EL PARTNERS OOD

TRANS CONSORTIUM LOGISTIC OOD

BULCAR EOOD

NEAPOLIS 1 EOOD

TOURIST EOOD

VIKEYA VILLAGE EOOD

ER DZHEY GRUP EOOD

TIGRIDA EOOD

ET MAGIYA-54 - DIMITAR MARINOV

TITANUS EOOD

RUMAR EOOD

INTERSTROY EOOD

ILIYAN ENCHEV SOLAKOV

VILISTROY 1 EOOD

PIRIN HOTEL MANAGEMENT OOD

MIROSEM EOOD

ET ZDRAVETS-ZDRAVKO MARINOV - NADEZHDA

MARINOVA

ALBATROS TURIST SERVICE OOD

ADVENTURE TRAVEL EOOD

ET KATERINI-62-KATYA STOYANOVA

KIBOO 2015 EOOD

ET ENERDZHI - MIROSLAV NEDKOV

RICH FOOD EOOD

FUUD INSPAYAR EOOD

VS APARTMENTS OOD

MONDI KOREKT OOD

RUEN TURIST EOOD

GLORIA-N OOD

BOKORODO OOD

GANZ REAL ESTATE SERVICES EOOD

TURIST EOOD

MIOLA OOD

NUR TUR AYNUR MEHMEDALI ET

NEXUS ESTATES EOOD

MAK TURS AD

ET DANI-24 - IVAN UCHKUNOV

PETRANKA ANGELOVA 2012 ET

ZDRAVEC OOD

TUZARI 1 L.T.D. OOD

ACKTION OOD

MIZA TOUR OOD

GALINA 85 K OOD

SIMPEH - DANIELA VUTKOVA ET

RUSIYANA - RUSI RUSEV ET

CAREVEC RENT EOOD

ET MILENA-TURIST - MILENA YURUKOVA

MARIA VALENTINOVA 92 ET

INFINITY RESIDENCE EOOD

HM HOTELS AD

SANTA MARINA - T OOD

VIG - VELISLAVA PILCHEVA ET

FISHMEN OOD

ET INRA-2001 - ILIYAN YOVCHEV

ET RODHAD-B-BORAN HADZHIEV - ROSENA

HADZHIEVA

SOFIA HOTELS MANAGEMENT EOOD

PEPINO TUR EOOD

ET RAY - STANKA ANDONOVA

HOLIDAY VILLAGE AQUA NEVIS AD

MG HOLIDAY 2016 OOD

STAFIDKOVI OOD

POLYA KRASIMIROVA KOLEVA

KOREKT DERELIEVI EOOD

GK INPEKS OOD

MZ - 82 EOOD

SHTASTLIV IZGREV EOOD

LOZENETS BIYCH PARK EOOD

ET LOVEN RAY - DAFINA KERELOVA

BAIRATUR EOOD

HAPPY TOGETHER OOD

IKORTO OOD

BELINTASH - 2012 EOOD

VEKILOV 2012 EOOD

RADIMA 52 EOOD

HOTEL MURSALITSA EAD

ROYAL HOLIDAY EOOD

GOLDI 85 EOOD

ANGLICHANKA EOOD

DTM TRAVEL OOD

ECOLUXVILL EOOD

ASEN KUKUNDZHIEV ET

STL-INK OOD

TYAPTI MIRAZH EOOD

DANIKO BG OOD

BHM SERVICE EOOD

MAK OOD

CONSUL 2017 EOOD

TTRUST ASSET MANAGEMENT OOD

GOLDEN TOURS EOOD

NEPAR EOOD

ET SHANS - KRASIMIR VELCHEV

FAEMA ZLATINA PENCHEVA ET

ET KRASIMIR KRASENOV - TIHIYA KAT 91

DON MARO EOOD

HOTEL COMPLEX MANASTIRA EOOD

TROYA 97 EOOD

PETKO GRUDOV EOOD

VG AD

TASHI ZDRAVKA DIMCHEVA ET

AR NUVO OOD

MIRAD OOD

HIT-HOME EOOD

DUNAV PLAZA OOD

KOPEKS TRAVEL OOD

DANIELI GROUP - 2018 EOOD

PLAMI 04 OOD

CORRECT 2004 EOOD

SHURELOV MIROSLAV SHURELOV ET

SENSEME OOD

OMEGA BULGARIA EOOD

RADIANSTUR OOD

ELENKOVI 2018 OOD

STANTUR EOOD

ET VALENTIN ADAMOV - ADAMESK

TRAN OOD

AKVA VITA VELINGRAD OOD

KAMEA VYU EOOD

LAVAR 2015 EOOD

VILINA HRISTOVA EOOD

ZEMLYANI EOOD

VEGA EUROSTYLE EOOD

ET DIAS - VELICHKA DIONISOVA

HOUMLAYK OOD

NIS OOD

DANEV I DANEV EOOD

YAVOR ZLATNI PIASACI EAD

MAXITOUR AD

REGINA - P85 EOOD

FULL SAIL A EOOD

KEK-KOSTOVI EOOD

ELIEZER-CD EOOD

TRIO INVEST EOOD

PIRENYA EOOD

ARISTAS EOOD

FIORD GRUP DZZD

IVANOVI 2010 EOOD

ET TSANKA HRISTOVA

ET TAMBOS - ALEKSANDAR ZIKOVSKI

ZHIMAR VELIKO KUTSAROV ET

BRIGANTINA SN EOOD

TI END SI-HOLIDAY EOOD

MILDKIDS EOOD

REYNBOU ENTARPRAYZES OOD

APOLON BH EOOD

KANTRI BI DZHI EOOD

MATEV EOOD

HOSTEL 44 OOD

STSENATA EOOD

ZORTEV MD MIHAIL ZORTEV ET

SD BRATYA MOSKOYANOVI - BYALA SAN SENDS I

SI-E

KOOP -1 EOOD

SATTVA EOOD

SLANCHEVO ALBI EOOD

VYATARNA MELNITSA EOOD

ROSITSA 2013 EOOD

EMBARS OOD

PERLA TOURIST INVEST EAD

DRT 2013 EOOD

ZELEN SVIAT - 2003 EOOD

PAMUKOV 64 EOOD

ET KOPNEZH - ROSITSA DINEVA

IANG - 87 EOOD

DAMERA HOTELS OOD

MAGI FOTI EOOD

LION HOTELS EOOD

DZZD FEBA

ET STELIYANA PANAYOTOVA

BIZNES KONSULT OOD

SKORPION GRUP OOD

AMI VET ST OOD

ZVEGA EOOD

DELIST EOOD

VESELA KASHTA EOOD

TOPALOVI HOLIDAYS OOD

AKUM AD

NORDEXA EOOD

VARNA RENTAL OOD

MODEA S EOOD

BALNEOLOZHKI KOMPLEKS HISAR AD

GALYA VESELINOVA NAYDENOVA

EM SMILE GROUP EOOD

BOROSTROY EOOD

FENIKS 2004 OOD

TREYSI LINK EOOD

HORLOG OOD

LAKI RIZORT EOOD

RID - 57 EOOD

MOTEKS 2017 EOOD

TANDEM TRAVEL EOOD

TOTAL KOMERS OOD

ET VALERI KOSTADINOV - EKSPRES-65

19 SeeNews Industry Report

BALNEOLECHENIE REHABILITACIYA I OTDIH OOD

TORLATSITE ILIA DIMITROV ET

UNITURS AD

BOLKAN REZIDANS EOOD

PREDEL HUT EOOD

ET IVALENA 48 ELENKA BARAKOVA

ET POLAH OT MINALOTO - HRISTO NENOV-2006

N N UTI SPORT - NADIA MANCHEVA ET

AKSINIA 79 EOOD

DEMI - KAMELIA BORISOVA ET

BILD - KVK 2008 EOOD

YUNPO OOD

ZSK-POSEEDON EAD

MEZHDUNARODEN TURISTICHESKI TSENTAR

SVETI IVAN EAD

VIAN KOMERS EOOD

ET EMKO-EMILIYAN ENEV

SHANTAL 77 ZHANINA STANISLAVOVA ET

SAFI - 8005 - STIVAN VAZOV - ISKRA VAZOVA ET

MELSA - COOP EOOD

ET SARA-M - TANYO MARKOV

SHARKOV TURS EOOD

SINETRON EOOD

DELOVA SEDMITSA MEDIA OOD

NADEZHDA PEYCHEVA ET

ASPA TUR EOOD

SIMONA I S EOOD

SIEMA EOOD

SEDEVCHO VARADINOV RIS ET

ARON HOLIDEYS EOOD

VEGA EM OOD

ET IVAN HADZHIPOPOV

HHM EOOD

REY BI AS GARANTSTROY EOOD

KALISTO - ATANAS NIKOLOV SP ET

RED FEHU EOOD

BOJANOVO 2003 EOOD

YOANA OOD

MC INVEST EOOD

TSENTAR - 61 EOOD

SPARTACUS VIP SERVISES OOD

KIPARIS HOLIDEY OOD

EKOSTRYAHA OOD

RUNIK EOOD

ARSHINKOV I DEMIROV 2 OOD

HOUP 07 EOOD

VITORA EOOD

9 EOOD

EUROHOTELS EAD

RIANON EOOD

DOYCHEV HOLIDEY EOOD

ZORA 2000 OOD

SOFIA ESSEN E EOOD

KOTIDZH-BG EOOD

ZEMEDELIE SEVER OOD

KAMELIA - BATAK EOOD

HOTEL ZARYA EOOD

KIPARIS AM OOD

SIDI GRUP 76 OOD

PROMPROEKT OOD

VINPALAS-2005 AD

MARCHELA GEORGIEVA NINOVA

IVALIVETI EOOD

BETA P OOD

ET FORESTVIL - SAID DZHAMBAZOV

GINS TURIST OOD

USTIKS OOD

ANEL - 07 EOOD

VESLETS 37 LLC OOD

USTRA - TOUR EOOD

DGV ZLATNI PYASATSI OOD

DANI 1212 EOOD

VELIMAR VELIKO VASILEV ET

CASA COTON EOOD

ET KARAVIDA-94 - GEORGI KARAVIDOV

SILI TUR A OOD

METALIKA IVAN ALEKSANDROV ET

ASTERA I EAD

GENI I ANTOAN EOOD

YARAMOV 2014 EOOD

TERA INVESTMENT OOD

IVORY TOWER EOOD

KITNAL EOOD

FAMILY TOUR STELIA OOD

DIA TRAVEL OOD

CONCEPT BULGARIA OOD

VILA LIVIA EOOD

NATAL MM EOOD

BISTRA I GALINA 2007 EOOD

ET TONI - ANTON IVANOV 2008

ZLATNA RIBKA - BLAG OOD

ARGANA PLYUS OOD

SOUTH BEACH - KITEN OOD

YUNIVARSAL BILDINGS EOOD

INTER SANI HOLIDEYS EOOD

ILKA - KATRAFILOV OOD

KASHTA ZA GOSTI SOFIA TSENTAR DZZD

ET NAZMI - YULIYA ASENOVA

STEFANOVI KASHTI EOOD

SELECT TOURISM EOOD

KOLOR EOOD

GREGS EOOD

ALPI EOOD

KOJ EOOD

ARSIS OOD

COMPLEX BOJILOVO OOD

DAVITA OOD

BLVD OOD

DESHKA EOOD

VILMARTOUR EOOD

ET GYORCHE - STOYANKA DIMITROVA

YOR DANIEL 2002 EOOD

ET STEFAN ZLATANOV - SZ

ALIBI - 99 EOOD

APART EOOD

RUMIKA - 90 EOOD

DEKADA 2008 OOD

ILIYA MATEV EOOD

ARIMA EOOD

KLEYCH EOOD

LUCKY LIGHT EOOD

SVOBODA ZLATKOVA ET

ICEBERG BOROVEC OOD

EVROBULGRI DIVELOPMANT EOOD

GRAND HOTEL HEBAR EOOD

RADOST 59 EOOD

EDIA EOOD

KVIRINAL OOD

SILK ROAD OOD

HIT PLAST BG EOOD

PANORAMA STOYKITE HOLIDEY EOOD

ARIRANG 2 OOD

TRAVEL LIGHT EOOD

MY HOLIDAY - DIMITRINA TRAYKOVA ET

PANORAMA OOD

VARNA TURISMO 9 EOOD

STROYALIANCE EOOD

PARK MARKOVO EOOD

MARG OOD

GANOZLIYATA OOD

ET RAMSHTAYN - IVAYLO SICHANOV

BUILDING COMPANY DIAMANT OOD

BORIKA - CHEPELARE AD

LOPS-LUBEN EVTIMOV ET

ET PENKA DELIKOSTOVA

ET PERA - PETAR PETROV

BI ANA EOOD

BX-90-ANGELOVI AND SIE SD

PANDION HOLIDEYS EOOD

ET SASHO MIRCHEV

TRIGLAV TAZHA EOOD

RICE - PENKA VLAHOVA ET

VILI LIDIYA EOOD

PS GRUP AD

HERMES-1 EOOD

PLANINSKI RAY EOOD

LIKOM - K OOD

SIMEONOV INVEST 2017 EOOD

REAL EXPERIENCE OOD

BOLKAN TRADE OOD

ET DIMOVA KOMERS - DIMITRA DIMOVA

NIKI TA TUR EOOD

ES PROPARTIS SVETOSLAV SIMEONOV ET

KRASI M OOD

ET DIKADI - KATYA DONCHEVA

RAYA TUR - 2016 EOOD

IONIKO TERMAL EOOD

KRANEVO BIYCH OOD

BENDIDA VILLAGE OOD

ZNDK - BANSKO OOD

PETRA KAMENOVA ET

DYUN - 98 OOD

ET EMILIYA KULEVA-BRATYA KULEVI - IVO KULEV-

FORTE 2000

ESE - 96 EOOD

SAGA DR EOOD

EKOTUR CHM OOD

ET FLAM PA - MIMI PANTEVA

EKO INVEST - 2009 OOD

PETROKS OOD

DOM RIBAKOVIH OOD

KA EM INZHENERING EOOD

DROOM OOD

KAMKROM OOD

ET SVETLINA PRASKOVA - SEVAST

PRAVETS BOLKAN RIZORTS EOOD

PERUN EOOD

ROSE VALLEY APARTMENTS OOD

EVRIDIKA 1 EOOD

LIMART EOOD

PARADISE 7 EOOD

ALEKS IL 99 EOOD

ET LIRA-RADKA DIMANOVA

DETAYL SEVIM AHMED ET

ET GERGINA-A - STEFAN GERGINOV

NADIN POMORIE OOD

DZZD BANSKO 2014

OKIBG EOOD

T SPRINGS TANIA STANKOVA ET

BALKAN HOLIDAYS SERVICES EOOD

AIMA 97 EOOD

MHQ EOOD

SILVIA LEVUNLIEVA- 2008 EOOD

METSOV EOOD

MARIANA APARTMENT EOOD

ELIZAVETA67 OOD

BACH BACHVAROVI EOOD

GENCHEVI 73 EOOD

GALANT LAVAR OOD

ICON - BOROVETS EOOD

ET TERA - KRASIMIRA VASILEVA

VILAST EOOD

ALBERTO 2004 OOD

PETYA ILIEVA KOSTADINOVA

OSIKOVATA INTERNESHANAL OOD

VLADIMIR PETKOV PETKOV

FENIKS GOLD OOD

NADYA GYUROVA 66 ET

IVA HRISTOVA HRISTOVA

FIORD KONTROL DZZD

PIRINA TURS OOD

KATARA 2016 OOD

FAU OOD

SREDETS BG EOOD

AVENYU EOOD

GRETIELI OOD

DZHEY AR BANSKO YU KEY OOD

DIGS - T T EOOD

SUMMER PROPERTY EOOD

TSAREVETS RESIDENCE EOOD

SILVIA ZOROVA ET

KAVARNA EOOD

GIA HOLLIDAYS EOOD

PLANET INVESTMENT GROUP AD

MALAK ISKAR AD

SOLE - BULGARIA EOOD

VALCHEVI- LV OOD

MDL GRUP EOOD

KAMELIA DIANA VALKANOVA ET

ADONIS OOD

METANOYA EOOD

ALPHA-M-59 EOOD

MARRINELLA APARMENTS EOOD

NORTIKOTOUR OOD

CHAPEL MARKETING INVESTMENT OOD

TURBOTRAVEL EOOD

NIKOM 2002 EOOD

VODENICHAROVI - KS OOD

IV-KOMERS EOOD

MIROMEX EOOD

ELORA 09 OOD

ET ZHERUNA - VALENTIN VALKOV

MUSALA 2014 OOD

RENT HOME EOOD

TORNADO TK EOOD

BESATUR AD

MODEA - 21

TURISTI OOD

SEM 2001 OOD

RILA DREAMS HOTELS 1989 EOOD

TALIANA RESIDENCE EAD

RIVEL EOOD

DIA STROY INVEST EOOD

20 SeeNews Industry Report

DORA-AM- EOOD

TSEZAR 81 EOOD

DILOV HOTELS OOD

BEACH INVEST EOOD

UPA EOOD

ELPI 12 OOD

ATI TURINVEST EOOD

VINARA EOOD

ET KESTEN - PETAR MATEEV

BULREISEN EOOD

KOLYO HRISTOV HRISTOV

GLOBUS VIVA - ANITA VOYNIKOVA EOOD

VSELENA-STAVREVI EOOD

ELENDA EOOD

ET KRIS - LYUBOMIR PENEV

ADAMO EOOD

MOLARI EOOD

LAIV-21 EOOD

PANICHISHTE LM EOOD

MY HOME 1 OOD

DIMITAR GLINDJURSKI - DIDI ET

FAIRPLAY PROPERTIES MANAGEMENT EOOD

LIMS-KOMERS EOOD

ROSI ALBERTO EOOD

ABUNDANCIA 777 EOOD

PAVEL ZHELYAZKOV PAVLOV

PAN 2017 EOOD

STAIK - M - GROUP OOD

FRANCHESCO SOLA 1 CONSULTING EOOD

ET IZGREV - NADEZHDA STANOEVA

ET STEFANI-RADOSLAV BILYARSKI

BARKUT OOD

TRAKIETZ 12 EOOD

FINANS TURS OOD

BU RIUSA 2 EOOD

HOTEL INVESTMENT OOD

TENEKS EOOD

HRIGED EOOD

ELENA 89 EOOD

PAVLOV I KO EOOD

ET CHAKAROV - TODOR CHAKAROV

CAMPUS 81 EOOD

RELAKS PROPARTI GRUP OOD

TONI STORM AKSAKOVO EOOD

PRIRODA EOOD

TEDIBO - 70 EOOD

VEBO 11 OOD

VODOKANALPROEKT YUG EOOD

ET ELENA STOYKOVA - 26

EL HOTELS EOOD

ET ILAZ - IVAN IVANOV

PALAS OOD

STOKROTKA OOD

VALENTINO PMGV OOD

SENECO EOOD

S.B.M.D.-FINANS OOD

GRIFID HOLI EOOD

KLASIK AB EOOD

UZUNOV 08 OOD

STAN 3 OOD

AI - FI - 10 EOOD

DIA TOUR OOD

STROY INVEST EOOD

ES DJI EM TUR EOOD

TODOR KURTEV 12 ET

BULGARIA SUPER TRAVAL EOOD

AGOS EOOD

BONONIA TRAVEL EOOD

KRISTIN - HRISTINA BELEMEZOVA ET

HEPI TUR BULGARIA EOOD

K-K IKO KANTARDJIEV EOOD

ALEKS 5 EOOD

AGENT 67 EOOD

MEJDUNARODEN CENTAR AMBASSADOR OOD

HISAR - SH EOOD

PURE ENERGY EOOD

LA PLEYS EOOD

VICTORIA - TSVETELINA IVANOVA ET

OPAL 74 EOOD

DI EM ZHI 72 EOOD

SLAVIANSKA VT OOD

ET KAMELIYA - KALYA PERGELOVA

S B ROYAL HOTELS EOOD

EKO ZHERAVNA M EOOD

EUROGROUP INTERNATIONAL EOOD

LAZAR 90 EOOD

HERMES-PL.STANCHEV EOOD

SECHKOVI OOD

HOTEL ORBITA EAD

Y D I - 1 EOOD

AKSA INVEST OOD

DIMANA BILD OOD

ET MARIYA POPOVA - MASIR

KIS 06 EOOD

SPCH INTERNASIONAL EOOD

REH EOOD

HOTEL EVMOLPIA EOOD

NVT OOD

ET PLAMI DN - DIMITAR NIKOLOV

APART HOTEL TSAREVO EOOD

INKRIS-9199 EOOD

KRISTO 2008 EOOD

LOZTUR EOOD

SEA SENSE OOD

MARIA - ANTOANETA INVESTMENT OOD

TINKOVI STS EOOD

ET PENKA DIMOVA

SUNNY DAY AD

GALINA TURS - 83 OOD

IKIT - IVAN TASHEV ET

INVESTIMPEX-INTERNATIONAL OOD

LIDIA 2012 EOOD

BOROVETS MANAGMENT EOOD

VT HOTELS END RILEYTID SARVISIZ EOOD

S E I EOOD

UKRABUL-MC EOOD

SARNITE AD

MAMMA MIA TRANS OOD

S-SALIH FEIZICHAUSH-67 EKO TUR AINUR ADIL ET

SUPERELEKTRA STEFANKA IVANOVA ET

VITA RAMA OOD

EUROHOTELS AD

LIFT EOOD

SIMEX TOUR EOOD

SUNNY SKY AD

KLASIKA TRAVAL OOD

ELINOR 1963 EOOD

PRIMASTYLE EOOD

ET SEKVOYA - MALIN YURUKOV - GALINA

YURUKOVA

LIDERMARK EOOD

THRACIAN HOTELIERS EOOD

BELLA &AMP MIA EOOD

LALOV EGREK MANAGEMENT EOOD

D I D I D OOD

ARTEMIDA - 2016 EOOD

STE MAK STEFAN STOYKOV ET

TERMO KONSULT OOD

PANORAMA SERVICES OOD

ABONDANS 2013 OOD

SHALE EOOD

MARKITA 2 OOD

PILCHEVI EOOD

EKSPERT MARINOV EOOD

ES - ES GRUP EOOD

STAYKOV 2 EOOD

CAPITAL CITY CENTER OOD

AGV -ZAPRYAN ZAPRYANOV ET

HRIS 27 EOOD

IVALDI OOD

GASTHAUS EOOD

MONKEY PAZEL EOOD

SOZOPOLI HILS V 8 EOOD

UNI PROPARTIS MENIDZHMANT EOOD

MARKONY N EOOD

NEVOR OOD

KAZA REAL PROPERTIES EOOD

PISANITSA 2008 EAD

CHAKMAKOVATA KASHTA EOOD

PLA-MI EOOD

NIKOLAY TACHEV EOOD

TRAKIYSKI KLAS BOGDANOVI OOD

ET G I M - MIROSLAVA VESELINOVA

DEVIN BMZ EOOD

R S A INVESTMANT GRUP OOD

DIDA BUNARA EOOD

ANASTASIA OOD

MARKONI MDS EOOD

AHTOPOL BIYCH EOOD

INTECH-12 EOOD

ET OHARA - ANASTASIYA STAYKOVA

APOLONIYA BIYCH EOOD

TEYLARD PROPARTIS OOD

DURHAN H EOOD

ASHIKLAR EKO OOD

YORGANA PETAR PETROV ET

ZMEYOVA NEVESTA EOOD

ELENA - EKOTUR OOD

DIMANA CONSULT EOOD

SIERA 90 EOOD

PLOVDIV 2019 EOOD

HOTEL MEDITE EOOD

LIPCHEVI OOD

IM TOPUZOVI - MOMCHILOVTSI OOD

HART - PROPARTIS EOOD

HOSTAL OOD

TRITON EOOD

ILCHO GEORGIEV MITKOV

SOLE EOOD

MORSKOTO OOD

ET DESISLAVA LYUBOMIROVA

HOTEL RIVA EOOD

ARACHIEV M MIHAIL HRISTOV YOVKA HRISTOVA

ET

DINA KOMERS ET

TERA VES EOOD

D & S HOTELS EOOD

SITI GRUP AD

HOTEL RAI EOOD

MARTINE-2017 EOOD

TEODORA IVANOVA MACHKOVA ET

ALBITSIA EOOD

BULGARIA HOLIDAYS EOOD

MILENA BOTEVA ET

VORIYA EOOD

TOBO - HOTELI OOD

PREMIUM LR OOD

EVRIDIKA 2000 AD

MD GRUP INVEST - LOMBARDI EOOD

G V V AD

IRINA NIKOLAEVNA GRIGORENKO

PROLET 12 EOOD

ET NADEZHDA - TSONKA TOPALOVA

MARKONI OOD

ATMADJOVI OOD

IREL ADVICER S HOUSE EOOD

VIKONT INTER EOOD

ET ROSI - IVAN DOBREV IVANOV

LION BURGAS EOOD

DESISLAVA SLAVEYKOVA ET

MINERAL VILLAGE EOOD

SALYU E OOD

VIP HOLIDAY EOOD

EMBERLI MANAGEMENT EOOD

PARADISE GROUP EOOD

LILYA 2010 EOOD

NIKOL VD EOOD

ET STEFANI -ELIT-STT - STEFKA MIHOVA

3MP GROUP EOOD

BILIANA 016 EOOD

MERIDIAN BOLYARSKI EOOD

EKOFARM NIKOLA NIKOLAEV ET

MARTIN SI IVANOVI SIE SD

EDAN DEVELOPMENTS AD

NKN EOOD

POLI-BD OOD

KRIKSIS EOOD

ET ELENKA - ELENA KOSTOVA

ET GOSPODIN TODOROV KAZLAROV

SKAKLYA - PONOR EOOD

ET VLADIMIR KOTIRKOV - MISHEL

NADYA-VALKO VALKOV ET

TRIMONTIUM PRINCESS HOTEL AD

T ASSOS PROPERTIES AND RENTALS EOOD

MAGIS-M EOOD

NIKOLAY NENOV NENOV

SELEKT INVESTMANT EOOD

NIKOLAY KULOV EOOD

RACHEV EOOD

SPEKTAR A EOOD

KEM - MARIANA KIROVA ET

BALKAN SEVER AD

ROSITSA NIKOLOVA KOTAKOVA

ODEON OOD

FORUMINVEST EOOD

BUNTOVNA EOOD

INDEVAR SKAY EOOD

EL KA EOOD

SINHRO OOD

DILO 2008 OOD

GRIYN AGRO 2014 EOOD

SIRIUS - RUSKA ANDREEVA ET

21 SeeNews Industry Report

HOTEL SPS OOD

VES TUR EOOD

TSEZAR 74 EOOD

MILANOV 79 EOOD

SLAV-2002 EOOD

HELIOS MMC PRIMORSKO EOOD

INTERGRUP EOOD

SKY HOTEL EOOD

VILA DABOVETS EOOD

DECHKONI EOOD

RODEGARD EOOD

INVESTINZHENERING AV ATANAS VELIKOV ET

ET HOTEL YANEVA - ILIANA YANEVA

INKONA EOOD

BULGARKA 2008 EOOD

DAKIL MGM EOOD

ENI BOZHILOVA ET

DIM 98 EOOD

TSEZAR 06 OOD

LINA 2013 EOOD

STEISY TRAVEL EOOD

TARA 2008 EOOD

VALE NELLI NINOVA EOOD

ET RUMI 2002 - RUMYANA BEBEVA

IMPERIAL 88 OOD

ET TSVETAN STOYCHEV

DENISLAVA 09 2016 EOOD

KOOPERATSIYA PCHELINSKA VODA

AMFORA EOOD

SOFIA OBZOR EOOD

EVRO OIL BULGARIA OOD

MAUNTIN HOT SPRINGS EOOD

ET IV - IVAN DECHEV

SUNRISE HOME OOD

TERRA-VITA EOOD

GANT-KOMERS OOD

ASTORIYA BIYCH OOD

ET HRISSID - SIDER KABAIVANOV

RELAKS 2000 EOOD

YOKETA CO OOD

VARDEV 57 OOD

LIDER KORP EOOD

BOSEV I PARTNYORI OOD

MYUZHGYAN AHMED KADIR

KALOFER ECO TOUR OOD

ROPOTAMO SHANS OOD

HOTEL PIKA OOD

OGNYANOVO SPA RESORT 2012 ET

PP MANAGEMENT EOOD

NIKOLAY MANOLOV EOOD

TOURIST PREMIUM INVESTMENT EOOD

SPEKTROTREYD EOOD

KO EOOD

PENELOPA BUILDING EOOD

GARDENIYA 4 EOOD

ET PERFEKT - DANKA CHAKALOVA

KALOYANA 2004 EOOD

FOR DAYREKSHANS EOOD

MENDI EOOD

VESSELA SIMEONOVA - 2012 ET

BUSINESS HOTEL VARNA EOOD

DZHORDZH TOMAS PROPERTIS EOOD

AKRIMA INVEST OOD

RACHEV I RACHEV OOD

IVASI OOD

REYNBOU HOLIDEYZ EOOD

FENIX MANAGEMENT EOOD

ABV TOURS OOD

SIRENA 93 EOOD

PRESTIJ 2000 OOD

KASTROY YANAKIEV OOD

HOTEL SERVICES EOOD

MELANG KARLOVO EOOD

M G PROPERTY MANAGEMENT EOOD

TREBOR INVESTMENTS EOOD

RANCHO MOMCHIL ZHELYAZKOV ET

ET KONTIR - IVANKA CHANEVA

SOK KAMCHIA EAD

SELEST OOD

EMA 09 OOD

DELTA EPSILON EAD

HRISTO STOEV ZHELYAZKOV

ASTREA 2014 OOD

SKAUTSKI LAGER EOOD

VIDIMA-2008 EOOD

ECO LEIK EOOD

ATLANT-2017 EOOD

ROYAL BOROVETS 2018 EOOD

LE RENDEZVOUS EOOD

HOROS TREYD OOD

ELIBUL - STIL EOOD

IVAN MATSUREV TAIM 99 ET

EVRO-INVEST 999 EOOD

SOLIDIS EOOD

ET YANKOV TREYD-MILKA YANKOVA -

TSVETOLYUB YANKOV

BULIMPEX AD

H& M BULGARIA OOD

HOLIDEY AD

G& V GROUPS EOOD

AND D MANAGMENT OOD

UNIVERSITETSKA TVORCHESKA BAZA PAISIY

HILENDARSKI EOOD

ET ELISAVETA ASENOVA 91

KRIPTIK OOD

MEGA TOUR 2005 EOOD

IVAN V. LACHEV EOOD

DENIT EOOD

CHERVENKOVA VODENITSA EOOD

PARADISE BEACH EAD

SVETOSLAV ANDREEV - SVETLI ET

HADZHIKOLEV EOOD

KOPESTA 5 GERDZHIKOV GERDZHIKOVA I S IE SD

SHATO DE BERZHE OOD

INTERTUR TREYDING OOD

MODINKOV 61 STOYU TRIFONOV ET

ROSINA END KO EOOD

ELEGIA TURS EOOD

OGRAJDEN HOUSE EOOD

DUNAV TOUR EOOD

BYALA SAN SENDS EOOD

ET DANI - YORDAN TODOROV

KRASIMIRA DUKINOVA ET

BIG STAR TREYD AD

EFFECT 3 HOLIDAYS EOOD

HOTEL-MAXIM OOD

APV KOMERS EOOD

BUILDING STROYGROUP OOD

B R D OOD

ET SIMON-2009-SAMET ARIF

ALBERGI OOD

NASTASI END ALEKS 2003 OOD

SOFIA HOTEL BALKAN AD

VALBOR EOOD

KOMAROVI I TSENOV OOD

DJORDJIA - 2010 EOOD

ET PAYN STOUN - SONYA DIMITROVA

AM TUINS EOOD

THE FEARNS EOOD

BRAIN COMMERCE EOOD

MD-INZHENERING EOOD

EREMIYA TURIST EOOD

ELPIKOM EOOD

MORSKI DAR EOOD

ET BULTOMI - KOSTADIN TOMOV - 73

ET RACHKO RACHEV

IVIS 1 EOOD

TUR INVESTMANT OOD

DIDESOTS EOOD

BRATYA IVANOVI OOD

KIRIL POMETKOV ET

NIKANTO HOLIDEYZ OOD

ZORA 2003 EOOD

AGLIKA HOLIDEY OOD

HLEBOPROIZVODSTVO OOD

FIVE ROOMS OOD

M I P INTERNATIONAL BULGARIA EOOD

KASHTA TSUTSOVI - DOBRINKA TSUTSOVA ET

MIR 7578 EOOD

IGID EOOD

MELNIK BG EOOD

PRIMA TRAVEL EOOD

HOTEL ORBEL EOOD

SUMER DREAMS EOOD

ET VIKTOR MIHAYLOV

SVEGA OOD

GLORIA PALAS OOD

VESELIN KOSTOV ET

ET KREYZI HOLIDEY-SPAS LYAPCHEV -

MIROSLAVA LYAPCHEVA

SILVER EOOD

ET SISI - SILVIYA TSONEVA

MIMOZA EOOD

EVE - GENCHEV EOOD

MATYO KOSTOV MATEV

D N M EOOD

YUKON SOFIA EOOD

ELEMENTY 7 EOOD

DIBINVEST OOD

NESEBAR IN OOD

DIMIANA ALEKSANDAR MILANOV ET

BULGANED OOD

YULIA 2003 EOOD

ET EVRUS - EVDOKIYA NIKOLOVA

PAPI OOD

ET KONSTANTIN STAMATOV

SAPIENTSA EOOD

ECO - LOZENETZ EOOD

VAMI KO AD

KASAL INVEST EOOD

DANI-86-2008 EOOD

HARIGETUR EOOD

KANATEYA OOD

GOLDEN ROKS OOD

RADANI - 88 EOOD

ISTREYD OOD

VARNENSKI BRYAG AD

UYUT 10 EOOD

EKO TUR ROSITSA MITEVA ET

YULK EOOD

VILA GERANIUM EOOD

MILENETS EOOD

SEVATUR EOOD

G AND D TRAVEL EOOD

EY.SI.AY. EOOD

TIN - 88 EOOD

ELIKA EK EOOD

NIKOLAY NEDYALKOV MILUSHEV

TRAKIA INVEST 2008 EOOD

ET ORION - MARIANA SHEYTANOVA

ROYAL CLUB EOOD

BALKANETTE EOOD

NIKO YANKO YANEV ET

JOIS 99 EOOD

SITI HOTEL VT EOOD

RELAKS OOD

VILISLAVA OOD

PALMA LIFE AD

ARAPIA SUN RESORT EAD

KALUCA SERVICE EOOD

BURATA DIMITAR DIMITROV ET

FG MANAGEMENT AND TRAVEL OOD

J AND B OOD

PASHA GLOBAL BULGARIA AD EAD

RABISHA-SILVIQ HARALAMPIEVA ET

REMO TRADE OOD

HOTEL COSMOPOLITAN AD

KRALINA 59 TACHKOVI S IE SD

ROYAL BEACH EOOD

DIMITAR STANCHEV DIS EOOD

NOVA SAN EOOD

N G S OOD

RACHICH EOOD

ELITE PROPERTY BG CO EOOD

ET VEZHEN - ILIYAN GEORGIEV

DIANA SOLAR EOOD

RICH - 2003 EOOD

SIMONA TOURS EOOD

TEODORA IVANOVA STOYCHEVA

SOLE TRADER VIOLETA ATANASOV -TOUR ET

DZZD GRAZHDANSKO DRUZHESTVO KITEN-

PAZARDZHIK

ET DEVA-90 - TODOR PARASHKEVOV

SAMO EL EOOD

MEDET MARIA NIKOLOVA ET

DIVNA VELINGRAD OOD

TERMOPOLIS BURGAS AD

MIRAGE PROPERTY MANAGEMENT OOD

NIKI 77 EOOD

MELNIK HOTELS EOOD

POLIMAR BG EOOD

ET OGNYAN VATASHKI

FINKOSID EOOD

VIP KOM 94 EOOD

MITYOVA KASHTA OOD

VIKI GK EOOD

MINDEV KOMERS EOOD

POL 2000 EAD

DEMETRA BELLA EOOD

TOTEK EOOD

ZYUDRIYM EOOD

ONYX HOTELS EOOD

VENTURA 2013 EOOD

22 SeeNews Industry Report

PARADIZO 2018 OOD

SUNNY BLUE OOD

KAMELIA MANAGEMENT OOD

ET HRISTO MARKOV - 80 - GEORGI MARKOV -

MARIYA MARKOVA

DIUAYT EOOD

HOMECARE BULGARIA EOOD

VITOSHA PRODZHEKT EOOD

ADVENTOUR WORLD 21 EOOD

ET ZDRAVETS-91 - SLAVCHO IVANOV

NENO MAVROV ET

SOKOLETS - BOROVETS AD

SUN SAIL BG EOOD

AVIG EOOD

IVAN PENCHEV ET

PRIME PROPERTY AND ASSETS OOD

STANKOFF OOD

T HOTELS EOOD

OSMARSKI KUSHTI EOOD

VITOSHA PROPERTIES EOOD

RNK GAZ EKSPORT EOOD

WINDING WALL EOOD

KOKOPELI OOD

PIT COMPANY OOD

MIK KAR EOOD

PARK HOTEL MOSKVA AD

ALEXANDER EXPORT IMPORT DOBRINOV & SIE

SD

MIRENA SYSTEMS OOD

STEGAL 1 OOD

6ATO HOTEL EOOD

TONIK ANTON KYOSEV ET

KALOYAN TREYD EOOD

ET RILA TUR -IVELINA GAVRILOVA

KOTETEROV-INVEST EOOD

EKOTUR AD

SVETI GEORGE - NESSEBAR EOOD

BLU DANYUB EOOD

CORAL PARADISE EOOD

NEOSTIL 2015 EOOD

LEGITIM S OOD

IVANELI - DENEVI EOOD

DZHUN ANGEL DZHUNINSKI ET

SILISTAR 2009 OOD

NATI OOD

TANAL EOOD

KAMENNO SELO EOOD

GENERALOV - 71 EOOD

ET KOYO 2 96

ZI ZONA EOOD

ET DANIELA TSVETANOVA

SOTIROV RENTALS EOOD

PERLA VALI EOOD

ARMENKOV - BOZHIDAR ARMENKOV ET

EKO BADEVTSI EOOD

VASILEVI SCHETOVODSTVO I ODIT OOD

DENIGA EOOD

ZEA HOLIDEY EOOD

SNOUFLEYK PROPARTIS OOD

IRKO-81-LTD EOOD

NPS MANAGEMENT EOOD

LECTI ADVENTURE EOOD

DRIYMS GLOBAL PROPARTI OOD

BILTA EAD

ZHITENKA EOOD

GERIKA VARNA OOD

ET BREZA-VP - VASIL PANKOV

ET PAULINA-76 - PAVLINA DIMITROVA

SHIK EOOD

STOEVA GROUP OOD

ALEKS 71 OOD

AURORA EAD

BELMONT HOLIDAY OOD

HAJIYATA OOD

GALERIA TUR OOD

TOPI - 2008 OOD

ET PANDORA - NEDYALKA POPOVA

SIN GARDEN EOOD

INTERTUR OOD

SUNRISE HOLIDAYS AD

DAMYAN - 1985 EOOD

AGROPLOD OOD

ELENA P EOOD

INTELLECT COOP EOOD

GRANITI EOOD

VEGA TEXTIL EOOD

M AND M AGENCY EOOD

AMAGI EOOD

ET RADKA DERELIEVA

TASURINCHI OOD

ARA MENIDZHMANT EOOD

ET NEDA SPASOVA - 2008

VIZHANS PENKA KIRYAKOVA ET

AY DZHI PI 2013 EOOD

DEMA NOVA OOD

SALKOV EOOD

DZZD ISS-2010

DETI 23 EOOD

EZERO OOD

VAIVEST OOD

REZIA EOOD

DZHIEL KONSULTANTS END PERSONAL

REKRYUTMANTS, HOTELS END RESTORANTS

OOD

LYUBOMIR DIMITROV PANAYOTOV

REAL - SARAFOVO EOOD

MALINA 92 EOOD

EVROBAU IMOTI EOOD

MIMAKO EOOD

GOGI EOOD

YAMBOL TUR OOD

ET DENIS M - MITKO SHTILIYANOV

EMIL KOLEV-DORIDA ET

DARAM EOOD

DES MANAGEMENT OOD

V I P COMMERCE OOD

MARS-DOM OOD

BAUTECH BULGARIA OOD

BELVEDERE REZORT OOD

EMONA 2001 OOD

BI EN DZHEY PARTNERS OOD

TANYA 49 STOYANKA TODOROVA ET

MINI MOD KOLEKSHAN EOOD

ENCHEVI 4 EOOD

YUNONA PETROVI SD

HOLIDAY SITY EOOD

NENKO ATANASOV GEORGIEV ET

GANZ REAL ESTATE EOOD

DONYA PERFEKTA OOD

HERMES BUL OOD

VARSHETS TURS EOOD

ZULFIE 63-ZULFIE TRAMPOVA ET

ARIYA -YA OOD

HIZHA PLEVEN EOOD

GEHARD EOOD

SHIPKA EOOD

ARKO TUR EOOD

VEKO INGENERING EOOD

PAT-KAM OOD

VAVA TUR EOOD

KIPA-68-KIRIL PANCHUKOV ET

GIONATA EOOD

MIRA SOL EOOD

TIH-2008 EOOD

MM PANDUKOV EOOD

VIKTORIA ZH EOOD

ET M 3113- PETYA SREDKOVA

ELODI HOLIDEYS OOD

MINA REZIDENS EOOD

SANTANA OOD

EURO GROUP-012 EOOD

BLAGOVESTA VASILIEVA ET

OLGA 1 OOD

ALTID BULGARIEN OOD

ET PLOVDIV ELIT - ZLATKO GEORGIEV

KLANAYT EOOD

VAKANS EOOD

SVEZH VYATAR EOOD

BODUROV GRUP EOOD

MICEV I SIN-MM EOOD

TEDDY 2001 OOD

ET IVDING-46-69 - IVAN GARBACHEV

TIPERARY TEMPLE OOD

HOTEL AMOR EOOD

BLAGO 2000 EOOD

RALITSA - GELA PETROVA ET

ALIKANTE MUSTAFA ALIKANOV ATIDZHE

ALIKANOVA ET

MARIA SPASOVA NIKOLOVA

A-N MOSKOIANI EOOD

DRIYMS 07 EOOD

GEORGI DIMITROV DIMITROV

OPAL 2004 OOD

GILE OOD

DANILO EOOD

NIKO L EOOD

ZAHARIEV OOD

BESTA GD EOOD

SARA EOOD

KAPITAL INVEST EOOD

DZHI BI ES INZHENERING EOOD

BALTO OOD

ET HADZHIRUSKOV-DIMITAR RUSKOV

WALTON ASSOCIATES BULGARIA OOD

STROYTRANS EOOD

GLEN 2010 EOOD

CHOCOLINA MARE EOOD

FENIKS 99 OOD

GSI DESIGN EOOD

ET M I S BUROV - ELI BUROVA

ET VALET - SVETLA YONEVA

ILVEIA EOOD

RELAKS-VARNA EOOD

BIOZEM-LORA STOYANOVA ET

HADJI HRISTOVATA KUSHTA EOOD

DREAM ADVENTURE EOOD

IZOLSTROY EOOD

SLAVKOVI - MILENA I TSVETAN EOOD

PE GE HOLIDAY EOOD

GREEN COAST RESORTS EOOD

DAPCHEVI EOOD

BUTURE 64 OOD

EURO BOLKAN EOOD

NIKEN INVEST EOOD

YOVKOV I YOVKOV OOD

STUDIO C-4 EOOD

ELPIDA POMORIE EOOD

ALEKSA TRAVEL EOOD

VELMA TUR EOOD

PIND TODORKA PETROVA ET

KONSTANTINA ZAHARIEVA MILENKOVA ET

DEVI EOOD

M G S FINANCIAL EOOD

ELIT-M 2014 EOOD

MACK ESTIMA EOOD

EVROVIT ENGINEERING EOOD

KA EM TREYD EOOD

GOLDEN SANDS AD

PERUN 2017 EOOD

SONYA PETKOVA 2012 ET

KRASI - ANDON OOD

K GROUP TRADING EOOD

20-TH NOVEMBER OOD

DVE MOLEKULI EOOD

SANTA MARINA-M OOD

VOYEGA EOOD

OSTROVA OOD

POLISIMO TRAVEL EOOD

VVS LUKS 1 OOD

ET DAYORA-DANIELA RAYKOVA

BELLEVILLE EOOD

HOLIDAY RENTALS OOD

VALCHKOVI OOD

ABC PROPERTIES OOD

MALYOVITSA ISTEYT EOOD

KITKA PEPA GEORGIEVA ET

ET RALITSA ILIEVA 2010

RUMEN YAREV 2011 EOOD

LILIA EOOD

MILEN BELOV ET

SUN VIW BUILDING EOOD

OMITURS EOOD

ASEN CHOLAKOV-BANKO CHOLAKOV ET

HRISTIAN 2006 EOOD

ZHELEV TURS EOOD

HOTEL CHAMISHKI EOOD

SOZOPOLO OOD

NEVADA 2000 EOOD

LYUDO 1 EOOD

BALGARSKO TURISTICHESKO DRUZHESTVO

GLOBAL TURS AD

KAPITOL EOOD

GALAXY INVESTMENT GROUP OOD

IF FAVORIT OOD

ALMARK 2000 OOD

LA DOLCHE VITA EOOD

JORA ACTIVITIES OOD

MEZEKO EOOD

PAMPOROVO VILLAGE MANAGEMENT OOD

DEVA - DANIELA GEORGIEVA ET

DESIEM OOD

AMON RA TURS OOD

ROJENA 08 EOOD

MEDZHIK FUDS EOOD

23 SeeNews Industry Report

- EOOD

ALRA- KAMPANI EOOD

FAIN 2004 OOD

VIGA INVEST EOOD

HOTELS MANAGEMENT 2003 HOLDING AD

ELITSA TUR EOOD

VILA BIANKA EOOD

CHALA INVEST OOD

M- MIGLENA RAYKOVSKA ET

EWROTEKS-W OOD

SAPPHIRA OOD

HOTEL MARTA EOOD

ET TEODOR ZIRKOV - LAKI

MIHAELA - LYUBKA TANEVA ET

HELA KH OOD

DP TSV - HOTEL DRYANOVO

ENERGIA TECHNOINVEST EOOD

UNIVERSAL YU EOOD

MERCURY DEVELOPMENTS EOOD

INTERNATIONAL GROUP OOD

GARMEN HILLS EURL EOOD

POMORIE TURINVEST EAD

STILDOM 7 EOOD

NM HOTEL MANAGEMENT EOOD

REAL-222 EOOD

SPORTTOUR EOOD

KING MANSHAN RIZORT EOOD

PHARMA COMMERCE EOOD

ALEGRA ELINA TODOROVA ET

NORT 22 EOOD

DYANKOV-2013 EOOD

FN TUR EOOD

AY DZHI BIZNES EOOD

RAJ - 81 EOOD

SVETLA RAYKOVA 73 OOD

WEST KARGO EOOD

ARGO IZRAEL OOD

GOLDI INVEST EOOD

ALEKS MM 11 EOOD

ET AS 66 - ASEN BUKOV

VICTORI PROPARTI MENADJMANT OOD

VILA AMBROZIA EAD

KARDINAL 1 EOOD

VKK-TUR EOOD

EKO INZHENERING S OOD

HOLIDEY IN BULGARIA EOOD

TARA EOOD

LUKS 2000 OOD

YONOV EOOD

PLAM - MAR EOOD

RISTO 2015 EOOD

HAUSHOLD BEEH EOOD

ET DANI-2000 - DANIELA STAYKOVA

DEVA 20 EOOD

PARK VELIKA OOD

SIRIUS 49 EOOD

BUZIDIS HOLIDAY EOOD

KRISTINA IZHBEHOVA ET

AJAX BOUTIQUE APART HOTEL EOOD

VECHIL 1 OOD

TITA EOOD

AGRODIA EOOD

ET ANASTASIYA - ANASTAS KASHEROV

HELAND-CHAKAROVA I SIE OOD

MANIA BUILD OOD

DALIS - S OOD

NEDYALKA MAVRODIEVA NEL PROPARTI ET

DIMIVAL OOD

PRESTIJ-DD EOOD

RAM - 61 EOOD

ET ELENA BORISOVA - EKOTUR

SLAVYANSKI OOD

KEDAR SPA END UELNES EOOD

NIP INVEST OOD

CAMPING VELIKO TARNOVO OOD

DOMINANT-NIKOLAY NENOV ET

ECOPRODUCT BG EOOD

BARI TRAVEL EOOD

BALKANOTPUSK EOOD

BRAND MANAGEMENT EOOD

ESPERANSA N EOOD

G M CONSULT 13 OOD

ADAKTA KORAL OOD

STATEVIEW HOLIDAYS OOD

EVROKONSULT INVESTMANT EOOD

KRISIMILK OOD

YANEV I YANEV OOD

ONLAYN RESHENIYA EOOD

EDELWAIS EOOD

MORENI - BP EOOD

VES - INVEST OOD

BOROVETS HILLS EOOD

STAYKOV EOOD

IVEL OOD

VIP - MEGLENA ALEKSOVA ET

INSAYD INVEST EOOD

AGREGAT-3

EMGEMI EOOD

FANTAZIA ELENA ILIEVA ET

SHOPOV TREID EOOD

SREBARNA BARDING OOD

TORA BORA VILLAGE EOOD

GALERI EOOD

ET ANTONIY - TATYANA DONCHEVA

DZHUMA EOOD

NVP OOD

RED GOLD OOD

NAZMIE MYUMYUN ISKENDER ET

AYRA 86 EOOD

SARALIEV EOOD

OGI 65 OOD

PARNAS 2000 EOOD

PROFESIONALIST-99-GALABOVO AD

MY HOUSE ON JOLIOT CURIE EOOD

EUROCAR - VM OOD

DIMI 737 OOD

DIMITAR ZORTEV ET

PROFONDO EOOD

GALATI 1 EOOD

RAYSKI KAT K G EOOD

KOVACHEVITSA ISTEYTS 1 OOD

TSE EM HIKS EOOD

ROSA - RUSKA MINCHEVA ET

L. DA VINCHI EOOD

PCHEL 60 - VASIL IVANOV ET

DEA-2004 EOOD

NEVI TUR OOD

SONYA MARIA 2009 EOOD

AKTSENT 3N EOOD

NATALIYA NIKOLOVA - 89 OOD

KEDARA 05 EOOD

AUTO-GRUP OOD

LESHTENSKA IDILIA EOOD

VIDIMA TUR AD

IVELIYA RIZORT OOD

REDJEP FEIZICHAUSH-80 ET

VIP EVROSTROY EOOD

KEMA - 02 OOD

DMV PARADAYZ EOOD

BILD INVEST CORP AD

SEA VIEW 55 EOOD

BILKARSKATA KASHA EOOD

NP GRUP OOD

ZELENA GARA OOD

EVANS I EVANS OOD

KRISTOFAR INVEST EOOD

MIGIBEL EOOD

VIG STROY OOD

SUN WAY EOOD

ATANAS I NONA EOOD

ET STEFAN CHEKICHEV

ET ZLATEN ROG - DIMITAR DIMITROV

ET VALENTINA PAVLOVA - VM

MADRID 99 OOD

MIG INZHENERING MITKO GORCHOV ET

BELVEDERE MANAGEMENT EOOD

DIA TUR - 09 EOOD

TOMA 4 OOD

KOVACHEVI OOD

BIOKOMERS INVEST EOOD

STANCHEV-RUSSE EOOD

APARTIS EOOD

ALTEA BG OOD

EY DZHEY KANSALTING EOOD

KRES - BALKANSKI OOD

ZAHARIEV 1981 EOOD

HOTELSKI KOMPLEKS KARA EOOD

KALISTORA EOOD

COMVERS EOOD

SNOMADS OOD

GRAND OOD

RIVAS TOUR EOOD

BONBON - A EOOD

MORAVSKO SELO EOOD

VEREYA TOUR AD

D KONTROL EOOD

PRESTIGE 2018 EOOD

AKADEMIKA SEA PALASCE AD

VERONIKA O1 OOD

WALTON ASSOCIATES-ECO EOOD

J F INVEST EOOD

HES-7 OOD

SHEMESH EOOD

NIKOLOV I SADRUZNICI 2009 OOD

DEVA 07 EOOD

MATOKO EOOD

KARETA MK MILCHO KARADZHOV VIOLETA

KARADZHOVA ET

WELA TOUR OOD

DIONIS OOD

REYTAN AD

KATERINA - MK EOOD

BIZNES GRUP INVEST EOOD

VAV 2006 EOOD

DZHI EM AY PLEYS EOOD

BG LIATO EOOD

TAB TUR EOOD

DAMYANOV EOOD

BELCHINSKI IZVOR OOD

MAYA IVANOVA KRASTEVA

BG ACCOMMODATIONS EOOD

KRIMSAN BEY EOOD

NIKI-99-NIKOLAY YURGANCHEV ET

ET DANI- GOSHO GEORGIEV

DYNAMIC DEVELOPMENT EOOD

ET KITEKS - SONYA DONCHEVA

RENTA GRUP ECO HOTEL ZDRAVETZ EOOD

EOD OOD

BOYANKA GAMISHEVA ET

ET ELIS-V VALENTIN IVANOV

BGMON EOOD

REVERANS 2018 EOOD

VULKAN EOOD

IANIS - SULTANA IANJEVA ET

NICONSULT EOOD

BULTAB OOD

ET V.V. - VALCHO VALCHEV

KEPITAL FAND AD

IGLIKA 2015 OOD

TSEBO INVESTMANT EOOD

SUSSI - KARDJALI OOD

ET DERO - MILKO MILKOV

TD SREDNI KOLIBI EOOD

PALMA HOTELI OOD

TITO TRI EOOD

HERMES - L.L. EOOD

VE NOTEL EOOD

FAVORIT OOD

ET MILA ANTONIEVA

DANIEL - X2 EOOD

GARANT TRADING-71''''- EOOD

PLAM - 98 - PLAMEN NIKOLOV ET

GROZDAN EOOD

PETKOV 82 EOOD

LYAVA REKA OOD

MILLENIUM 2006 EOOD

V I V INTERNACIONAL OOD

ADELINA RAKOVSKA LOPYAN TUR ET

HOTEL-HOLDING OOD

ABAS OOD

KM PROPERTY MANAGEMENT OOD

KORNER 1 EOOD

GABI 1984 OOD

EYDZHIYANVIU EOOD

ET PETYA - PETAR RAKOVSKI

RODOPA TUR OOD

ET LYULIN - LATINKA PAUNSKA

VERONIKA KATSILOVA ET

PETAR PETMEZOV ET

PERLA 2005 EOOD

HIIM EOOD

INVESTKOM OOD

PERLA - 46 - KIROV I SIE SD

LACHI 03 EOOD

DIMGAL 12 EOOD

LONG TRANS OOD

SISI - 96 ASPARUHOVO OOD

BREVTOUR EOOD

VASERO SPORT VASILKA MILKOVA ET

MARKELA - KIROVA I SIE SD

ET ASI - IVAYLO ASENOV

ET VENITA - VENETA GOCHEVA

24 SeeNews Industry Report

GLOBAL GROUP INVESTMENTS OOD

AGRO MPD EOOD

MARIA RADILOVSKA 2012 ET

TEMA 2 OOD

PRIMAVERA - 2 PRIMORSKO EOOD

ANDONI I SIE OOD

DIMANS OOD

NADEZHDA BOZHILOVA ET

EIK-95 OOD

BULTRAK BALCHIK EOOD

VELI SPA EOOD

RILA - BOROVETZ AD

INTER 77 OOD

KINT - ES EOOD

ARBANASSI PALACE OOD

SALVI OOD

CHERNIAT SHTARKEL OOD

PATENDSANO OOD

ALFA VITA MARINOVI SIE SD

SANTA MARIA 2012 EOOD

LAGUNA TRAVEL EOOD

GORPROM STRANDJA BURGAS OOD

ORINDZH SITI OOD

STOEV REZORTS EOOD

DALI - BG OOD

BULTUR AD

DZHAPAN KARS 2 EOOD

ET STOIMEN STOYKOV

CITY CONSTRUCTION OOD

BULCAR BG OOD

VAN - CAR - MIRCHEVI OOD

ET RADOSTINA-STOYAN VASILEV

ILI & HOLIDAY OOD

HAI - 08 OOD

STUDENTSKI STOLOVE I OBSHTEZHTIYA EAD

ASTRA 2006 EOOD

BOBI BOYAN KRUMOV ET

EOS - S EOOD

MARKEN EOOD

NIKI-AV OOD

ET DEMI - DIAN LATUNOV

P INVEST EOOD

NOVEMBER DELTA EOOD

ATIKUS EOOD

TWINS 2011 OOD

ET DESI - DONKA BANKOVA

TIARA 82 EOOD

EVROTIM OOD

TRAVAL UEY OOD

VIDIN - SEYFTI - 2009 EOOD

VERMONA TURS EOOD

TRATONZOS EOOD

LOGOS - 2002 OOD

MAI AGRO INVEST EOOD

BAKALOV 2002 EOOD

A AND D 1 EOOD

MINKOVI OOD

MARTEN 7 EOOD

SOFIA GREEN HOTELS EOOD

M & M TOURS EOOD

PETROV COMMERCE EOOD

KINI OOD

PEYCHEV - 2017 EOOD

IVIKOMM EOOD

DESNA-IVANKA NENOVA ET

EVRO FENIKS OOD

FABIANA INVEST EOOD

SOLARIS TURS BG EOOD

FABER PT ROSITSA SERAFIMOVA PETROVA ET

HOTEL RODOPI OOD

GMK INVESTMENT SLTD EOOD

VICTORIA TOURISTIC AD

GOLF RESORT MANAGEMENT EAD

KOSTA VASILEV ET

ET BAROV-MARKO GEORGIEV

ET LENA - GENO GENOV

TRANSCABLE OOD

KARKOPTRANS EOOD

CAMP SOUTH BEACH EOOD

REDIKS 2008 OOD

VENERA - AKC OOD

GALINA VASILEVA IVANOVA

RYUGEN OOD

DENICA DIMITRINKA KASHEROVA EOOD

REAL BLACK SEA GROUP EOOD

ISKREYA AD

REZVAYA 54 EOOD

ET BORADO - BOBE DOROSIEV

UCHENICHESKI OTDIH I SPORT EAD

AVACO EOOD

DANILTO-2012 EOOD

SILVAR GOUST REZIDENSHAL EOOD

YUGOINVEST EOOD

ET DANIEL VASILEV - 93

UCHENICHESKI STOLOVE EOOD

ELTRANS EOOD

SEYL STATUS EOOD

KUSHTA ZA GOSTI KOLESHEVI EOOD

TILSMOR BG EOOD

VICTORIA HEALTH PHARM EOOD

SNAD 55 EAD

ESKKO OOD

ALCIONA BEACH EOOD

KULTURA-VERONIKA YORDANOVA ET

VANMA-GAZ EOOD

SI 2003 OOD

MAKS MAKSIM GEORGIEV ET

SUPERNOVA SERVICE EOOD

ET ZELENIYA ZAMAK - DENITSA ILIEVA

BELLA BELLISSIMA OOD

NIKOLAI BUKOV EOOD

AIDA OOD

SLAVI-BILIANA IVANOVA ET

GRAND HOTEL SOFIA AD

MANCORP EOOD

EL MI TO EOOD

SVETA AGALINA OOD

RAMIRA KYUSTENDIL OOD

DIAMANTI OOD

ET VIKTORIYA 2015 - VASIL RAZHEV

VIKTORIA YORDANKA STANCHEVA ET

DIMITAR KOSTOV 2011 EOOD

ET AL END MAR - ALEKSANDAR SALUTSKI

VICHONTI EOOD

BILD KONSULT MENIDZHMANT OOD

BUNKERA AD

BUMERANG R ZH EOOD

S& D AVTO EOOD

ORIENT K 14 EOOD

EV BI OOD

POLOMIETO EOOD

ZDRAVETS ZAMFIROVI GEORGI IVANOV ET

ES BI TERME OOD

NAVI TUR EOOD

TABS EOOD

NOVISSIMA OOD

HOTEL MONI EOOD

ORENDA TOUR EOOD

ET GEORGI KRASTEV - ROL

GEORGIEVI 2014 OOD

DIMITAR DUMANOV ET

VENTOS - EL EOOD

ALEKS PALAS EOOD

TANDOV EOOD

KALIFORNIYA-2014 EOOD

SITI RENTALS PLOVDIV 2 EOOD

ET IVANA HRISTOVA - IZNENADA - DI - 65

VASOS-KU EOOD

ELENA PM EOOD

ALEKSANDRA SURCHEVA 85 ET

MARTEN RESORT EOOD

LESO - EXPORT - IMPORT OOD

HOTEL FINLANDIA AD

JASMIN 2001 OOD

SHIGEN OOD

MIRAJ VILI KURTOVA ET

APHRODITA VARNA EOOD

BORA CONSULT 2002 OOD

PLISKA-1 EOOD

EVARGRIYN TURS EOOD

P AND P MOUNTAIN EAD

VESSYTA - VESKA CHUCHUGANOVA ET

KATE SPECIAL EOOD

ET NIKO - NIKOLA PANCHOVSKI

TRAYANOVA KASHTA EOOD

LEVAL YAT EOOD

TAVRO OOD

LUXURY APARTMENTS EOOD

HOTEL COSMOS EOOD

BUL FIX AGRO EOOD

DZZD PROSVESHTENIE

TANFIELD ESTATES EOOD

YASIEN OOD

SUNSOLAR EOOD

KARINA PARK EOOD

ALEKS V A OOD

PARE OOD

LOZANA 05 94 OOD

STARINNITE KASHTI -KOPRIVSHTITSA EAD

S-HOLIDEY EOOD

IV VASILEVI 73 EOOD

STELA YANEVA POLIMENOVA

ANNDESIGN 17 OOD

VE TRADING EOOD

SHTERION MULADZHIKOV ET

NIKOLOVI OOD

KATARZHINA HOTEL EOOD

IVA 2000 OOD

SBH PROPERTY EOOD

SPORT HIKS BG EOOD

INTOURS OOD

ET HARIS-DONKA HARALAMPIEVA

ATIVA OOD

CB EOOD

KOLEVA GRUP EOOD

NYU PLOVDIV OOD

ZHERAVNA HOLIDEY EOOD

SVETA GORA VELIKO TARNOVO OOD

KRISTAL - MIROSLAV SARIEV ET

AUGUSTA 91 AD

LAGOON CAMP EOOD

MONELO OOD

COMINVEST AD

FRENDHOTEL EOOD

ET DETELINA HADZHIYSKA

GOLF VYU 2012 EAD

IVOMEKS - 5 EOOD

CONSULT TOUR 59 EOOD

KALINKOVI OOD

VENIS 2017 OOD

SATELLITE HOTELS EOOD

MORAVA EOOD

IVET 2014-23 EOOD

PATRON TRANS EOOD

RODOPI-SOUTH EOOD

ASTRA 1 OOD

VASILENA TRYAVNA EOOD

MALIBU -2 OOD

SLANTSE 2002 EOOD

AKERA EOOD

FACTORY OF SUCCESS EOOD

PIGIP OOD

DELYU DELEV RAGAD ET

KARE-PLAST OOD

BERA 2018 OOD

D- ROTMANS EOOD

SILISTAR 2008 EOOD

S I R EOOD

TOMAS PALAS EOOD

AHELOY PRODZHEKT OOD

MEL STROY 1 OOD

SAVOVA END VM EOOD

ET VILA BANYA - OGNYAN OGNYANOV

ARGOS VS 2017 EOOD

ET ELENKA YORDANOVA - ANTONI IVANOV

HOGAST EOOD

SPA ENERDZHI EOOD

BAZIS 2004 OOD

SUNNY DREAM EOOD

STEFANOV OOD

TREGER OOD

MILIANI OOD

ET DISKRET - IVANKA IVANOVA

ET BAY GENCHO - GENCHO ORASHAKOV

RADOST-TUR EOOD

LIVING RICH EOOD

ROYAL HOLIDEYZ OOD

SECULI EOOD

RPV OOD

BALKANA HOTEL OOD

THE FAMILY PROPERTY MANAGEMENT EOOD

IYA OOD

DIT HOTELI OOD

INCOGNITO OOD

ET NANI - ATANAS STOEV

GM TRAVEL OOD

BON BON TSENTRAL EOOD

HARDBRAD EOOD

INTERHOTELI 90 OOD

METALCO OOD

LONGOZ BETA AD

RED CASTLE EOOD

25 SeeNews Industry Report

EKO POYNT EOOD

PERSEY - LIBELA EOOD

KONSORTSIUM KAZA DEL MARE DZZD

BANSKO CHALETS EOOD

TI VI HOTEL OOD

GARANT 2002 OOD

EUROPLAST 2005 OOD

SHIK EOOD

TRIEF EOOD

ET INKOMERS - DIMITAR HARBALIEV

VARHOVRAH EOOD

FMG RENTAL EOOD

GLION EOOD

EKOEL HOLIDEYS EOOD

YANITSA AGRO EOOD

DIZAYN 09 OOD

IRJI OOD

BAYA EOOD

ET RUMEN ATANASOV 62

DANIMAR MENIDZHMANT EOOD

ECOTOUR EOOD

BULTURS GRUP EOOD

HRISTOV LAMBUH EOOD

REGNUM SERVICE MANAGEMENT EOOD

VILNO SELISHTE BUKOVO OOD

DITO M OOD

MILKANA VB VASIL YORDANOV ET

INERHOTELI VELIKO TARNOVO EOOD

SANTA MARINA - E OOD

ET ALEKSNDROVI-12 - VENELIN ALEKSANDROV

PILIGRIM 18 EOOD

CHATOV IVANOV OOD

IRMA END KO EOOD

TEDA TUR EOOD

ALBA 2017 EOOD

S A D 98 EOOD

GIGA OOD

SPORT PALACE - PRIMORSKO EOOD

ZAINEP HODJA ET

AVTOSVYAT ZHIVKO VALCHANOV ET

VARBISHKI PROHOD - 66 EOOD

ELENA 4 OOD

RENTSELL INVEST EOOD

VARNA KAMP EOOD

BRIGANTINA-N EOOD

BORDIMS 14 D OOD

MONOV 2016 OOD

GEORGI MAVRODIEV 73 ET

DESKO 2011 EOOD

BATKO 69 I FAMILIYA EOOD

ARGOTUR 2012 EOOD

EKSPRES AUTO EOOD

SVILENGRAD PRINCESS HOTEL AD

VELINA AD

ET MIRAZH - TODOR ANGELOV

NIKOLOVI I KOMPANIA OOD

EMONA 99 EOOD

E&E ENTERPRICESLTD EOOD

KALIAKRIA PROPERTY MANAGEMENT EOOD

SUNDAY TOURS EOOD

LADIMEKS L OOD

ANIMARTOUR EOOD

FAKTOR MTS EOOD

KLUB DIVA OOD

ZARA PRIM EOOD

LILI TOURS EOOD

NIKO 50 EOOD

VODIKOM EOOD

BURGAS 2003 EOOD

EKOLAYF BULGARIA EOOD

ET GEAS 94 - GEORGI VELICHKOV

MARKETING I FINANSI APOLONIS EOOD

GINEVI OOD

BIZEV EOOD

ARACHIEVI 2012 EOOD

SILVECS OOD

HEGEMON 1 EOOD

RADEIA OOD

SUNNY RENT HOMES EOOD

HADJIVELINOV HAN EOOD

EKSTRIYM DEVIN EOOD

TORLATSITE EOOD

ALKORN - YORDAN IVANCHEV ET

KAZAKOVI 42 EOOD

IGAL VALI EOOD

PREMIUM HOTELS EOOD

GRODI OOD

SUNSET RESORT MANAGEMENT EOOD

EMILY 2009 OOD

STESHO STANIMIR IVANOV IVANOV ET

PRESPA HOLIDAY EOOD

TSAREVETS 56 EOOD

EAD PROFILAKTIKA, REHABILITATSIYA I OTDIH -

KLON PAVEL BANYA

ET RADKA NESHEVA

AUTOCOMMERCE OOD

KONOV EOOD

MIRA OOD

SCIENCE INVEST EOOD

STAMBOMIRA EOOD

SPARTAK-TURS AD

SIRENA I DELFIN OOD

NIKOLAY DRAMCHEV ET

IKON-60 EOOD

ET KARINA - NIKOLA YALNAZOV

ET NINA IVANOVA-86

ET INTEGRAL - 99 - ANA KULOVA

TINA 71 EOOD

DOMUS APARTMENTS EOOD

ORION AYSHE CHAUSH ET

CITY BILDING 1 EOOD

TANGRA 3 EOOD

VIBO 2 EOOD

GALARIS BG OOD

MICRA 01 OOD

DIMANO OOD

KAMELIA ARNAUDOVA ELI ET

SIMADA EOOD

ORANGE FLOWER HOTELS EOOD

MURGAVETZ - SHARLOPOV HOTELS EOOD

DOBRINA GLOBAL GRUP OOD

RIV 63 EOOD

PERLA HOLIDEYZ AD

VIKO KONSULT EOOD

DKM 09 EOOD

KOMPLEKS RAY EOOD

EKOLOGIYA NA CHOVEKA OOD

GALYA TOTEVSKA LAVEGA DIA ET

PRI MARIO OOD

HIPNOTIK HOLIDEY OOD

DANI - 1982 EOOD

LOVOS OOD

EOS OOD

DETELINA PARK HOTEL VARNA OOD

FERI EOOD

PAM-2000- ET

RELAKS R OOD

HOTEL RILA AD

HOT BEL - BG EOOD

KATARINO SPA HOTEL EAD

CHOCHO TREKING 77 EOOD

BISSER EOOD

KOMERSIAL-DH EOOD

BULGARIAN SUN EOOD

DM INTERNESHANAL OOD

EKOTUR EOOD

KASHTA ZA GOSTI SVETA PETKA OOD

GRAMADA 1 EOOD

ET MARVIK- HRISTO BAHTARLIEV

YANA 23 YANA BOGYA ET

ABM SI 2014 EOOD

VVS LUKS EOOD

SUNNY VLAS OOD

MADARA NF OOD

MKM COMPANY EOOD

ET PRESTIYAN - PENKA IVANOVA

VANYA - IVAN TODOROV ET

RENESA OOD

FORTIS AD

RESIDENT PROPERTY OOD

CHENIRA EOOD

KANTON OOD

DOLCE VITA 2007 AD

ET IVANKA ANGELOVA

HOLLIDAY 117 EOOD

TSARYANA LAZAROV I S IE SD

JORDAN 90 OOD

BON BON INVEST EOOD

MANAGEMENT HOTELS OOD

A-D KONSULT OOD

GRADEV GROUP OOD

TAF PROPARTIZ EOOD

LUNA 20 EAD AD

HOBIT SVIAT-DIANA MARINOVA MARINOVA ET

CORSIKA MENAGEMENT EOOD

ADONIS 45 OOD

DAKO 15 EOOD

OSKAR 2017 EOOD

AN - DEY EOOD

OMD OOD

VACHA TREID EOOD

AY EL BILD OOD

V - 05 OOD

GALATEA OBZOR RESORT MANAGEMENT EOOD

VASILENA - VG EOOD

NIKI TUR-99 EOOD

DRUMEX - AUTO OOD

EX LEGE 2003 EOOD

DOBI DOBROMIR ZHELYAZKOV ET

MONI - MAKS OOD

KONSTANTIN YANEV KOKO HILS ET

RUSALIITE EOOD

ALEKSANDRA GIZDAS EOOD

GRAND KOMERS INTERNESHANAL OOD

SOKOLITSA OOD

LIANA KRISTINA PETROVA ET

TONITA-TONKA PETROVA ET

PROFI GROUP EOOD

KARABADZHAKOV ATANAS ATANASOV ET

PARALAX GRUP OOD

SUNSHAINE HOLIDAY EOOD

PRIATELI - MIRENA YANKOVA OOD

LONGOZ ALFA AD

PERFECT 79 EOOD

WRC MANAGMENT EOOD

SUNNY SAND EAD

YASEN AD

BORIS GEORGIEV KARNEV

HELIOS EOOD

ANTOANETA 11 EOOD

LULIN 10 OOD

ZOEV HOUSE EOOD

AURHEPIAPARTMENTS EOOD

YANIK 2015 EOOD

DON HOTELS EOOD

HOTLEND EOOD

RODOPI RISE OOD

MEGIATUR OOD

SIMONA - ATANAS ATANASOV ET

SIVITE IBISI OOD

LOSENEC IN OOD

ELENA 83 EOOD

SVETI STEFAN EOOD

SMAYLI PITSA EOOD

ET STEFANITO - STEFKA MILANOVA

INTER RUM RAZGRAD RUMEN MARINOV ET

TOTJU OOD

NIKON OOD

ET NELI-45 - NEDYALKA VALKOVA

GRIYNBUL EOOD

VALDEMOSA EOOD

DAN ESTEYT EOOD

INTENATIONAL INDUSTRIAL INVESTMENTS EOOD

GRAND TRAVEL EOOD

SOFIA ACCOMMODATIONS EOOD

KASIDI MANAGEMENT EOOD

COMMERCE TONI 91 EOOD

LAGUNA TRAVEL OOD

SINEMORETS 8279 EOOD

ALBENA-AP-IVAN NALCHADJISKI ET

ISKRA TURS EOOD

OGNIAN 48-GROUP EOOD

VALDI-2015 EOOD

AP MANAGEMENT GROUP OOD

R+L-ROMAN STOYANOV ET

NIKI - NEK EOOD

PLANINSKI EDELVAYS EOOD

BOZHANOV-DEVELOPMENTS OOD

SIMONA 92 EOOD

VENI M OOD

TITI 2 EOOD

YAKUB MAXMUDOGLY - AMERIKA EOOD

GLOBUS 2000 OOD

CITY RENTALS PLOVDIV SOLE OWNED EOOD

MISHONI - 1 EOOD

HOSTELVARNA OOD

EMIL TUNEV 07 EOOD

MIKA 101 EOOD

VILA BATAK OOD

IVELINA MARINOVA ET

BILI TURS EOOD

EVELIN R - BULGARIA EOOD

26 SeeNews Industry Report

ECOBIO DM EOOD

ACTIVE EVENTS EOOD

ITAVA OOD

EVRO STIL 2005 EOOD

PIER-989 EOOD

WALD TOUR EOOD

BLYANKA EOOD

DEDI DISTRIBUSHAN OOD

ALEGRA 2004 OOD

IVA 75 BG EOOD

NIKOLAY BOYADZHIEV ET

BEYL BEHEER BG OOD

- 64 SVGR - KRASIMIR PANAYOTOV ET

DIKAS OOD

HETODON EOOD

PAVLINA TODOROVA TODOROVA

ZVANIKA GEORGI STOYANOV ET

ALFA LONG BEACH OOD

ESI EM GRUP OOD

ILIEVI I SINOVE EOOD

KVEL EOOD

GALERIA HOTELS OOD

MADI TRANS OOD

ZLATNA ORESHA EOOD

KOLIZEUM I TS EOOD

KIYRAN OOD

VODIKOMS EOOD

SHABLA EOOD

JAK OOD

AUTO TIHE EOOD

VALENTINA HEIGHTS EOOD

ORLOVO GNEZDO HIZI BELI ISKAR SPLTD OOD

ERACLEA PONTICA EMONA EOOD

VIALLI DURO OOD

ENERDZHY DELTA EOOD

GETO A EOOD

MON AMI APARTMENTS EOOD

VARVARSKI MINERALNI BANI EOOD

SIM - TUR OOD

FEARS BAKET EOOD

RENT RIVENDELL EOOD

IZIDENT OOD

ELENA PERVA OOD

EGROLES - LYUBOMIRA DIKINA ET

VESELIE IN OOD

VIP - Y EOOD

ET ROSANA HAUS - RUSANKA ZHABOVA

MORSKA ZVEZDA 2014 EOOD

TANAGO ATANAS PETROV ET

ORIENT GARDEN OOD

KENTAVAR-SM EOOD

FAVORIT GRUP OOD

STARA RIBARITSA EOOD

BB ELINA OOD

MEHDZHAREL EOOD

DIANA 1206 EOOD

MDC- OOD

PLOVDIV APARTMANTS EOOD

BELLA TERRA EOOD

BIG GEIZER EOOD

PERSI-PERSIG CHILINGIROVA ET

ZLATNATA RIBKA-94 EOOD

IVIAN 2013 EOOD

DESISLAVA ANDREEVA - DESI 87 ET

GALOR 17 EOOD

BIZNES GRUP PLOVDIV EOOD

TONI 09 EOOD

KASHTA ZA GOSTI VARBEN EOOD

REDVIL EOOD

EFOS OOD

CHARLINO ET

AM TOUR EOOD

NEDYALKO KOSTADINOV HRISTOV

ART-M EOOD

YOGA LIFE - JULIA SAVOVA ET

ET ILIYA MAVRODIEV

DZHANI-99 OOD

IZVORA INVEST EOOD

ET RED-2 - RADKA ANDREEVA

IVAN MAKRELOV ET

FINCH BE GE PROPARTI EOOD

HOTEL ELITE PALACE EOOD

APARTMANT SOFIA EOOD

ADENINA EOOD

GEORGI KADEV - JIK EOOD

P PAVLOV EOOD

ALEKS HOLIDEY GRUP EOOD

ATIKA-2015 EOOD

IVI BONI EOOD

MIPS INVESTMENT AD

STAROSEL TOURS EOOD

SUNNY BEECH HOTEL HOLDINGS AD

KRAPETS HOLIDAY OOD

ELSTROY INVEST EOOD

A B INVEST EOOD

GRAND 61 EOOD

CKLAND EOOD

PANORAMA VRABEVO EOOD

ET VESELIN YANEV PRODANOV

IGUASU EOOD

KONKORD OOD

BIO RELAX EOOD

SALKOV D EOOD

EVROKONSULT DP EOOD

KEY DZHI TREYDING OOD

APRILSKI DAR OOD

PROFILAKTIKA, REHABILITATSIYA I OTDIH- KLON

GABROVO

VALCHANOVATA KASHTA EOOD

MILEV-2000 EOOD

KAREKS 2003 AD

EDRA EOOD

MELSABRIYA EOOD

DZZD KONSORTSIUM ELIT

BOTANIJA EOOD

KALINA MALINA EOOD

SABOTINKOV LI - SIN EOOD

NEPTUN OOD

DANI - IVAN BARYAKOV EOOD

DIAMANDIEVA EOOD

LILIA APART EOOD

TEXTRON EOOD

RUSETUR EOOD

ME TUR OOD

ET KRASIMIR LAZOV - KI VE

FAKTOR 2005 EOOD

EXPO HOTEL EOOD

VIP U EOOD

BOBI 83 EOOD

ZARGAN EOOD

RV PROPARTI EOOD

KAPRIELA OOD

BIANCA MM EOOD

STIGNI 1 OOD

PETROV AND PETERS OOD

ET MERI - MARIYA MIHOVSKA

SUNNYMAR 1127 EOOD

HOTEL MIRAZH EOOD

KIM 50 EOOD

SELIN GROUP OOD

PCHELINA 2011 OOD

ET VETI - VETKA SLAVCHEVA

BULDEFENS OOD

ET NIKI - DANIELA IVANOVA

DEVIN GROUP OOD

SKINART EOOD

VESTA 49 EOOD

MERIYAN - MSS EOOD

K I K KATYA TSEKOVA ET

VALERA YA EOOD

ET DENITSA 49 - TONKA DINEVA

LOTOS - TUR EOOD

TOP TOURS OOD

EDNO VREME EOOD

MTUR OOD

MARITSA TURS EOOD

EKOTURS 7 OOD

GALINA KREKMANOVA ET

SHISHMANIDI OOD

IVAN KONSTANTINOV EOOD

GEORGI ZHELYAZKOV KASHTA ZA GOSTI

BYALATA KASHTA EOOD

VATAS EOOD

MPM HOTELS OOD

TODOROFF PROPERTY MANAGEMENT EOOD

MIRAL EOOD

HOTEL 4 ZONA OOD

TORO TOURS EOOD

PALMIRA.RU EOOD

SITI HOTEL MENIDZHMANT EAD

MARBO 2018 EOOD

ATLAS -95 OOD

KABO-2009 OOD

BAL TURIST OOD

YANA M 76 EOOD

HIZHA DOBRILA EOOD

DIPS 2 STOYANKA NIKOLOVA ET

MARINA - STANKO IVANOV ET

PUFIS 2014 EOOD

DEYA-3 EOOD

SHELBY BULGARIA EOOD

EKSPIRIANS BALGERIA OOD

GARDENIA 2014 EOOD

MIT - 34 EOOD

SOFIA PRINCESS HOTEL AD

SELTUR 2015 EOOD

EMG 90 EOOD

TWO DREAMS OOD

ET SLAVA-ISKREN BASHOV - SLAV BASHOV

CHILINGIROVI 2018 EOOD

INI EOOD

KRASIMIR DOMUSCHIEV EOOD

PROGLED GRUP OOD

FICHOZA EOOD

MSS 1 EOOD

VIDA TOURS EOOD

ET PANAYOTKA ZHELEZOVA

VARVARA HOTEL EOOD

SARAY 87 EOOD

PARNAS ESTATE EOOD

PRIMA-S-TOURS EOOD

ET NEVA-95-NEVENKA IVANOVA

PIANO BAR EOOD

MENTOR INVEST OOD

NOEV NIKOLAY NOEV ET

SAM-15 EOOD

DUDE ENTERPRISES EOOD

ORFEY-DABRASH AD

DELTATOUR EOOD

RAVDA HOLIDAY TOURS 2000 EOOD

BRANTA - TURS EOOD

HUNEX OOD

APOLONIA 78 EOOD

ET P D T - PETAR TANEV

MILTANA PROEVA ET

SPORTELIT EAD

MARINA MK 2010 EOOD

ARALDICA BULGARIA EOOD

VILI TUR VARNA EOOD

HANOVETE EOOD

ZOGRAFOS OOD

LAVANDE OOD

KRAMUS GRUP OOD

ET ELMIS-49-DIMITAR PRAMATAROV - ELISAVETA

SARIEVA

EKOPLOD EOOD

OLIMPIA GROUP OOD

GAMIHOLIDEI EOOD

NORIS 1 EOOD

EROLIN KYICHUKOV EOOD

AMMA COMMERCE OOD

TRAKIA TURS JSCO (JONT STOSK COMPANNY) AD

DELTA PALACE PRIM EOOD

PLAMEN PENCHEV ET

BIMAKS EOOD

NA DANOTO AD

S B G EOOD

TMH AYS OOD

KRISTA-2008 EOOD

ROYAL DH EOOD

MG COMPANY VIDA OOD

ET AHED - MARIYA TSOCHEVA

ET IVAN IVANOV - DITI

HRISTO MIHAYLOV SKUDZHOV

ALIANCE TOUR OOD

MAKAO OOD

PLANINEC-2010 EOOD

PROVENTUS GROUP OOD

B S I GRUP OOD

KOMUNALNO BITOVO STOPANSTVO EOOD

DIV INVEST SLTD OOD

ADZHAR - 2010 EOOD

LIBEREKO OOD

RAYNA YANEVA ET

MARS USPEH EOOD

STEFANSON MM OOD

MEZON- 21 EOOD

SYNERGON HOTELS AD

KREMEN-N EOOD

INTERHOTEL GRAND-HOTEL SOFIA AD

PARO 44 EOOD

TRAPEZITSA AD

ET VILA ROS-ROSITSA RAKOVSKA

27 SeeNews Industry Report

ROYAL 222 EOOD

MALKATA STOPANKA EOOD

EVENT PRO EOOD

HARRY PIERRE 2017 EOOD

GROP -666 EOOD

STOYANSTROY 2009 OOD

DELIMO EOOD

ALKOR 1 EOOD

SINDBAD OOD

ET MARIYA STOYANOVA-2013

PARALEL MH GRUP OOD

SK TRAKIEC EOOD

MILEV BRAND SP EOOD

G GEORGIEV-LES EOOD

SOZOPOL RESORTS EOOD

RACHEV - SIN EOOD

BE REG OOD

RODY OOD

SAFARI OOD

M M R OOD

TRANSKOMPLEKTSTROI OOD

MAPI 2005 OOD

TONEKS GRUP EOOD

HIGITON 1 EOOD

NIKO PROPERTIES EOOD

VARADERO EOOD

DEVIN - SHARLOPOV HOTELS OOD

BALKAN TOURS EOOD

SPORT INVEST BG OOD

TRAPKOV TOURS EOOD

BRIZ- 2 AD

ROSEN 2018 EOOD

EMSEN DESIGNS AD

STRANDZHA TUR SRD OOD

DENINA EKSPRES OOD

RIKO 1 HRISTO ELCHINOV ET

YOAN ZLATOUSTIY EOOD

ADRIANA HOTELS EOOD

ET YUNG - YULIYA GENCHEVA

TOP BILD KOMERS EOOD

ET MAGNIT - KINCHO RAYKOVSKI

IVANKA RASHKOVA VELIKOVA

BUL EAR EOOD

NIKRAMA EOOD

AGRO SERVICE AT EOOD

MOZAYKA TUR EOOD

DOBRICHKI HIPODRUM EOOD

MARKATEO EOOD

HARI ALIKANS EOOD

ET POLI - PAVLINA ATANASOVA

SUZANA I VESKO SV OOD

RAY - LT EOOD

ALBA HOLIDEYS EOOD

RODOPSKI RAI - ROZOVO EOOD

SARMASHIK EOOD

SLAVITSA OOD

SPA ORENT OOD

HABITAT - BG OOD

ET KOSKO - KOSTADIN KOSTOV

HB HOLIDEY OOD

SPAS & MONI EOOD

HYUGA ART REZORT OOD

DZZD PRI MOMCHETATA

REGATA EOOD

IMOTI TRAST EOOD

SV NIKOLA 2008 EOOD

ISKRA ORAKOVA ET

TURIST INVEST BULGARIA EOOD

DIEV KONSULT EOOD

STEFANI I SIN OOD

KAMON TOURIST SERVICE EOOD

OPAL-67 EOOD

UVIEM EOOD

HITTUR 5 OOD

SKOROST N OOD

3 N OOD

ET FIBIO-BORIS OBETSANOV

V.I.T. BULGARIA EOOD

KAS PERFEKT OOD

MIROCHER EOOD

RIVAR HAUS SOFKA STOYANOVA ET

EMALI 2014 EOOD

VIKING ELEKTRONIKS EOOD

PEBOLSTROY OOD

LILIA GEMOVA ET

LM OOD

S I A KOMERS OOD

RILA EXSTRIME OOD

DIMITAR BOZHKOV PESHEV ET

ET TEVNOTO - IVAN DRANKOV

SILVIYA SLAVOVA-75 ET

MARKOS-PETROVI OOD

FELICIA-NEVI OOD

PANORAMA 2015 OOD

ELIT - 2012 S EOOD

DAD OOD

MARINOVA 2012 ZHIVKA MARINOVA ET

DZZD ALITEYA

PANTERA 72 EOOD

MASH OOD

TERRA NOSTRA INCOGNITA EOOD

VIKTORIA - 96 EOOD

VESELINA N 86 VESELINA KAMARASHKI ET

KALINA TUR 2011 EOOD

KRIS 7105 EOOD

VALEKS1 EOOD

ELIMAR 2002 OOD

ET KOZIROG - LYUBEN MADANKOV

PARK HOTEL LJULJAK OOD

TODOR NEDYALKOV MARINOV

ET RADINA - RADKA VASILEVA ALEKSIEVA

KVALIFIKATSIA KONSULT EOOD

IFRA COMMERCE EOOD

ET ROSI-94 - ROSITSA LYUTSKANOVA

BHM INVEST OOD

SLAVYANSKA BESEDA OOD

BOGORODITSA OOD

AKVA VITA SPA EOOD

BRIGADA PZ OOD

TRANS TUR KITEN EAD

TANGRA - THT EOOD

BIG BEN 96 EOOD

NOMAD TOUR EOOD

HOTELINA EOOD

KANI FINANS EOOD

FLANDRIYA HOLIDEYS OOD

TURIST BUL EOOD

HEMUSTURIST AD

HOTEL CITY SOFIA OOD

SOLDEKS EOOD

ZEFIR MENIDZHMANT OOD

DENMART 8 EOOD

MOUNTAIN MANAGEMENT OOD

TONI L 2018 EOOD

MIKOLENA 2 OOD

ELIT 2003 OOD

TRIFONOVI - 84 EOOD

FALKON PAMUKCHIEVI OOD

PROGLED BG OOD

VARNAFLATS EU EOOD

BIOLAR 88 EOOD

RAYKOV EOOD

BELMEKEN MASTERS OOD

HMA 2009 EOOD

TOYS BG EOOD

PROGLED OOD

NEVIS MANAGEMENT EOOD

TRENDI LUKS EOOD

IVKAN - ILIA KUTLEV ET

SAMOKOV-MENIDZHMANT EOOD

KROTOS OOD

VILIRIAL EOOD

RILA ECO RESORT OOD

MOUNTAIN OOD

B I D EOOD

BI DI UELSPRING EOOD

AHIL & OLYMP EOOD

ESDI 2016 EOOD

TVL - 3 - TANQ LEFTEROVA ET

TIARA TUR OOD

KONSTANTIN PETROV POROV

NIKI-NB OOD

ELENA DRECHEVA-VLADIMIROVA ET

NIKI MANAGEMENT OOD

G MAR-GROUP OOD

KOMPAKT 66 EOOD

DZHI END DZHI 90 EOOD

SKORPION - 64 EOOD

ET EVI - EVDA NIKOLOVA

RENA BEY VYU EOOD

ET DETELINA - MILKO BARGANSKI - DIMKA

BARGANSKA

AMERICOR-SOFIA EOOD

IZPAU - 1 EOOD

BOHEMY VARNA 2008 EOOD

HRISTINA STOEVA ET

NUVIH EOOD

SARA-0014 LPD EOOD

LAKI RENT EOOD

RUPCHINI HOUSESPLTD EOOD

PARK AB EOOD

HOTEL EUROPE EOOD

PLYUS TREYD BG EOOD

EDELWEISS OOD

DINAMIK TURS AD

ROSINA KAMPANI EOOD

NET MARKETING EOOD

VON KERN AD

VSELENA AD

GLOBAL TURIZMUS EOOD

AKVA BEN YANI NESTOROV ET

VAYA HOLIDAY EOOD

LOVOS REZIDANS EOOD

ALPIN EOOD

VNN-BULGARIA OOD

DARIKA 2010 OOD

HOTEL MANAGEMENT CO OOD

TEBOR EOOD

AUTOINVEST - 94 OOD

SUITE HOTEL SOFIA EOOD

KASHTA ZA GOSTI ZHORZH EOOD

ILEYN 2009 EOOD

ET HOTEL ZORA - ATANAS TRUSHANOV

NIK 2020 OOD

AQUA VIVA SPA OOD

PETYA KRAPCHEVA EOOD

VIS VELIKA OOD

VAS HOLIDEYS EOOD

ATLAS I EAD

VIO MIKS EOOD

IREL AKAUNTING SARVISIS EOOD

MANKOV VLADISLAV MANKOV ET

DOBRA ENERGIYA OOD

AYAKS HOTEL EOOD

GETAUEY HAUS EOOD

NEV EOOD

ET SREBRO ARGIROV - ZABCHETO

RAHOFF 1 EOOD

STEFRUM EOOD

RODOPSKO HANCHE 91 EOOD

DZHI EN INVESTMANT EOOD

RIBARITSA PROPARTIS OOD

DOUBLETREE VARNA EAD

DZZD MODEA - 32

VILA TOSKANA EOOD

DITEX-DA EOOD

YORD 97 OOD

ASK BULGARIA OOD

ALEMEKS BG EOOD

STANEVI - BG OOD

ELI-MM EOOD

BON BON GRUP OOD

CITY GROUP PLUS OOD

ONI MIL EOOD

FENIX INVEST 76 OOD

AYBER EOOD

ET DILTSVET - STEFKA ZMIYAROVA

YAMAKOVI EOOD

EDISAN EOOD

TIROKO EOOD

DAHLIA GARDEN OOD

RESTART TRAVEL EOOD

PANICHISHTE EOOD

ALEKSANDRA TURS EOOD

VELESHKI EOOD

HRISTOMIRA CHAKAROVA EOOD

DEBELI DAB EOOD

ZHYUI EOOD

EKS FIT KLUB EOOD

ALFARESORT THERMAL OOD

TORRO ENTARTEYMANT 1 EOOD

LORD SEVERIN PARAPANOV ET

HOTELSKI KOMPLEKS - RODINA EOOD

VALKO KOMERS OOD

KALITHEA 2006 OOD

BULKAM SEA TRADING OOD

DIALMA - PS EOOD

ET KARMA - MALINKA MALCHEVA

KAVRO - L OOD

KALIPSO M EOOD

KANAZIREVA 2014 EOOD

STOYCHO ROSENOV NIKOLOV ET

28 SeeNews Industry Report

B COMPANY OOD

INTENSO 2012 OOD

G& K - HOTELS AD

NATI 01 EOOD

TATYANA GEBREVA ET

MIRA - 1300 EOOD

MONOPOL MG OOD

BALKAN INVEST 2001 EOOD

AMON RA - PRESTIZH EOOD

PRIME DEVELOPMENTS CO EAD

ET VILA TERMA - VELIN KERKOV

VALPA - 04 EOOD

ALFA CHANS EOOD

ET ART-KOM - PAVLETA PRODANOVA

NIVEKS - 13 EOOD

CAESAR PALACE EOOD

ZORA - HRISTIYANA ILIEVA EOOD

VALKO TOUR EOOD

FOREST HAUSES EOOD

MODEL - P AD

ADAMAR OOD

EKATERINA ZDRAVJEVA EOOD

FESTA HOTELS AD

GRAND HOTEL VARNA AD

ZORA ASENKA STANISHEVA ET

NIKI 86 EOOD

BIZHU 008 OOD

RADIK 2013 OOD

PRO SERVICE OOD

ET HEMUS - ELENA TSANEVA

TREX LIMITED AD

TOURISM MANAGEMENT EOOD

BLAST INVEST EOOD

LOUN FEMILI HOUMS OOD

ANELI TRAVEL & TRADING EOOD

SANI TRAVEL OOD

ET BALDZHA-AKIF RASHIDOV

ZALOZHNA KASHTA ZLATNATA LISITSA 2016 OOD

SHTRIH - 1 OOD

HOTEL BOTEVGRAD EAD

GABI 60 EOOD

BESTREST DZHAKI OOD

NAYA 2000 EOOD

TURIST SHUUS EOOD

FINIMA OOD

PAVEL DAVULIYSKI PIAR ET

ET SEM. MARINKOVI - MITO MARINKOV

AGROINVEST ADS EOOD

ET ET VANGELIYA NURDZHIEVA- RADMARI

VISPA KOMERS OOD

ET NIKOLINA YANEVA - 76

OBEDINENIE LOGISTIKA NA MEROPRIATIA DZZD

ADORO HOLIDAYS EOOD

DANIELI 2008 OOD

SMOLYAN FILM EOOD

MALCHOV KONSULT EOOD

DIVESTA OOD

APOLONIYA ESTEYTS OOD

BIOFARM-08 OOD

ROSMERTA OOD

LYULYAK 2013 OOD

NOMADO EOOD

PERSEY OOD

AETOS FAMILY HOUSES OOD

GLOBAL PROPERTIES LIMITED (BULGARIA) EOOD

INTERNATIONAL CHILDREN CENTRE

ARKUTINOLTD EOOD

MILAN 2006 EOOD

SLANCE I MORE - 2012 EOOD

VOLTA OOD

GREEN LAKE OOD

GOLEV & GOLEV OOD

MAGNOLIYA ENTERPRAYSIS EOOD

SILVES 19 EOOD

GOSTUN 1912 EOOD

TIZ M EOOD

BANSKO TOP SERVICES OOD

POCHIVKA V PLANINATA OOD

SIYABUILD EOOD

TRANSOYL EOOD

DAKI 07 OOD

ALEKSANDRINA EVGENIEVA-GR BATAK ET

EKOLOGICA 2 EOOD

PANAMAR OOD

ET PAMI - PENA GEORGIEVA

DVATA BRIASTA EOOD

TUR INVEST BULGARIA EOOD

KRASI OOD

ELIMAT PENCHEV 60 EOOD

BALKAN KOMPANI EOOD

URUMOVO LALE EOOD

29 SeeNews Industry Report

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