An Irish-led consortium would construct a 150 million euro ski and spa resort in Bulgaria's town of Razlog, near the famous Bansko resort, The Sunday Business Post said.

Property developer John Moriarty assembled the consortium, which consisted of his  international property development company Lansdowne Real Estate and the Bulgarian Linexa Properties, the report said.

The consortium plans to build a five-star hotel, 1000 apartments and a shopping centre on a 25 acre lot.

The site was purchased a year ago for 1.5 million euro. Currently the site costs 12 million euro.

Moriarty said that the consortium had already received planning permission for the development. “Bulgaria is Europe’s fastest growing tourism region, and Razlog will be the next big thing,” he said.

According to Moriarty the consortium was working on two structured land investments. One was on the Black Sea, the other one was a commercial site in Sofia.