Spanish company Magle will invest 10 mln euro in the construction of a hotel complex in Kavarna, on the Black Sea, said city mayor Tsonko Tsonev.

The investor has already received the relevant building permit from the municipality. The project will employ a 0.7 ha land plot in the city's beachfront. Another high-profile project, a golf course sited between the villages of Bozhurets and Topola, will be issued a construction permit in early '06, said the mayor. Developers have been flocking to Bulgaria's Northern Black Sea coast, attracted by the unspoiled nature and the competitive property prices.