In Bulgaria there are more than 170 mineral water sources with temperature ranging from cool to burning hot and various minerals content. There also is a substantial variety of healing clays, herbs and well trained medical staff. These have always been the main resources for spa tourism which made Bulgaria world famous through the years of 1980-1990. But it was not until recently that the spa centre of the biggest spa operator in Bulgaria, managed by the Bulgarian National Social Security Institute, was presented at the World Travel Market in London. This year the company and its spa products are to be promoted at the major tourist fairs in Berlin, Moscow and Kiev as part of the countries attempt to revive spa tourism in Bulgaria. Bulgarian companies can offer to foreign tourists some (about 17) well equipped spa centers which were refurbished and supplied with the most modern medical equipment in the last two years. The upgrades took 29 million Bulgarian levs (14.5 million EURO), rose via the sale of 167 obsolete and mostly ruined assets and properties. This has been made as part of a joined venture with the U.S. Euro-American Investment Corporation, involved in health care management, sports, medicine and spas.
Presently, 90% of the operating spa centers are three- and two-star hotels where foreigners are offered 45 euro packages which include a full board stay plus initial medical examination and three spa procedures. Despite these reasonable rates spa centers count mainly on Bulgarian visitors. Some 40% of the revenue is generated by individual guests and the remaining 60% comes from the rehabilitation and prophylactic programs for socially secured persons provided by the Bulgarian Social Security Institute. These programs are major revenue but the profit margin there is minimal and the execution period is mainly between mid-February and mid-November. Nevertheless the company posted core-operations profit of 1.5 million levs (0.7millionEURO) for the first nine months of 2004 and some of the money will be invested in additional upgrades at some of the hotels and the medical equipment.
