Kempinski Hotels

Towering cranes dot the Havana skyline as communist-run Cuba races to build luxury hotels, amid indignation among some residents and concern that U.S. President Donald Trump might reverse a detente that fueled the tourist boom.

Cuba's first ultra luxury hotel opened its doors on May 22 in Havana, with guests paying up to $2,500 a night to stay in five-star comfort on the Communist island.

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.

The Red Bull Soapbox Race Sofia 2014, the first official soapbox car competition in Bulgaria, will take place on September 28.

The non-motorised racing event that challenges both experienced racers and amateurs alike to design and build outrageous, human-powered soapbox dream machines arrives in Bulgaria and will take place at Sofia's Cherni Vrah boulevard.

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.