Grand Hotel Bulgaria Company, which is about to turn Bulgaria Hotel into a multifunctional trade and entertainment centre, received its first class investor certificate from Bulgaria's Investment Agency on Friday, announces PropertyWise. The certificate was handed to the company's marketing manager, Desislava Kinova. More than 80 million leva will be invested in the renovation of the hotel, which is situated in the centre of the capital city of Sofia. Grand Hotel Bulgaria is one of the oldest in the city centre, had been undergoing partial renovation, and will be redeveloped into a retail and office center over the next three years. The intended use will be changed in response to the intense competition on the Sofia hotel market, which has been welcoming scores of new hotels over the past couple of years.