Ivan Zografski

Businessman Vetko Arabadzhiev is poised to become the new owner of Kempinski Hotel Zografski, also known as "the Japanese hotel", media reports suggest.

Arabadzhiev has reportedly paid off Kempinski and the purchase is expected to be formalized later on Monday, Capital Daily informs.

The price tag has not been disclosed, but previous reports suggest it is about EUR 45 B.

Three bidders have remained in the final leg of the race for the five-star Kempinski Hotel Zografski in Sofia, the Pressa daily has reported.

The bidders are Bulgarian hotel owner Vetko Arabadzhiev, owners of local Chimimport group and Lebanese entrepreneurs.

The sale of Sofia's Kempinski Hotel Zografski is about to be completed, report Bulgarian-language media.