Bulgaria Sees Former Communist Party Hotel Being Converted to a Digital Nomad Co-Op

A dilapidated hotel originally built in the 1980s as a luxury hideaway for elite members of the Bulgarian Communist Party could soon be transformed into a co-living hub. Entrepreneur Matthias Zeitler has a vision for the 200-unit property, nestled in the mountains in the village of Semkovo, more than two hours by car from capital Sofia. But first he needs to raise $6 million to fund its renovation. He has launched a crowdfunding campaign, offering each of the apartments for about $30,000. The funds will be used to kickstart its refurbishment and create a "co-op" to manage the establishment. However the option to buy the building from its current owner expires in June. Festival Tie-In Investors have committed about $2 million so far, as the campaign has secured backing for almost 70 apartments. Zeitler is confident he’ll reach his target in the next couple of months. He’s fortunate in that he can tap into an extensive network of digital nomads, as Zeitler also manages a co-working base in nearby Bansko and runs the town’s popular annual Nomad Fest. Last year 550 international travelers attended, while this year's event in June is expected to attract 750 people. As well as digital nomads, the entrepreneur is approaching businesses offering them the chance to buy a bundle of three to five apartments. “We want to have half corporate backers, half individuals,” he said. “Bringing these groups together will make a lot of sense. It’s a n