Sol Meliá, the Spanish hotel and resort chain, has taken charge of the hotel portfolio of investment fund Sigma Capital. The hotels were previously branded by Kempinski, Iberostar and IFA. The partners have set up a joint venture, Sol Meliá Bulgaria, where Sigma Capital is a 40% shareholder. Sol Meliá Bulgaria will take over on January 1, 2008 the day-to-day management of most of the hotels owned by Sigma Capital Hospitality Leisure and Tourism Holding as well as the hotels still under construction, said the investment fund. Kempinski Hotel Grand Hermitage in Varna will be renamed to Meliá Grand Hermitage; Iberostar Nesebar Palace will become Meliá Nesebar Palace; IFA Nesebar Bay will be renamed to Sol Nesebar Bay while IFA Nesebar Mare becomes Sol Nesebar Mare. Going forward, Sol Meliá Bulgaria is mandated to set foot on the hotel markets in neighboring Romania, Serbia, Greece and Macedonia. The company is aiming for a 2,700 bed capacity on the Bulgarian Black Sea coast in four- and five-star hotels. Half of the bed inventory will be delivered in 2008 and the other in 2009