Orchid Developments Group Limited (Orchid) is a real estate developer, investment property owner and hotel operator in Bulgaria. The Company operates in three segments: development of office space and shopping malls (commercial property development); development and sale of apartment units (residential property development), and hotel. The hotel segment includes the development, renovation and operation of a hotel on the Black Sea coast. The development and letting out of premises for offices and shops is undertaken by the commercial property segment. The residential property segment develops and sells residential units. Orchid�s sub-sectors include Bulgarian real estate market, leisure markets and hotels with leisure facilities. As of December 31, 2011, the Company�s portfolio included Grand Mall, Orchid Hills Varna and Orchid Hills Sofia.