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hospitality Market News: Spanish Real Estate Intelligence

Beachfront Land Estate in Sitia, Crete going to auction on October 30th
The property of 250,000 sqm is located on the beach of Agia Fotia and includes semi-completed buildings, built according to the respective building permits. The land estate is classified as an even and buildable area that allows a development to each one of the individual land parcels. The land estate is owned by two companies and is going to auction at the Price of €7.5 m. The asset management potential has high possible returns on investment and a double-digit Hurdle Rate. The Gross building area in on the land is 16,000 sqm. The property can turn into a large-scale resort development with the prospective room capacity exceeding the 400 rooms, but it can also become and be sold as houses. Sitia is a fast-growing hospitality market with large scale investments in the pipeline, mainly of high luxury, and many facilities (yacht marina, golf course). The property is close to the Vitsentzos Kornaros International Airport and to the city of Sitia. See more property info HERE. Auction links HERE, HERE and HERE.
 
Kipriotis Group loans up for sale again
Piraeus Bank and Eurobank are preparing to launch a new tender for the sale of the Kipriotis group loans. The mandate will be given to Axia Ventures, which was a sales consultant also in the previous tender. The previous tender was unsuccessful went as it had to overcome many obstacles (bankruptcy of Thomas Cook, departure of interested investors and pandemic). HIG Capital, which reportedly made the best bid, withdrew its interest after the pandemic broke out. The banks decided to sell the loans after the hotel group failed to make a special loan management arrangement. Original Source: Euro2day.gr Adaptation/Summary: Kiki Athanasiadis
 
Mohegan – GEK Terna submitted an offer for the casino in Elliniko
The file with the financial offer for the hospitality complex with a casino in Elliniko was opened, and the offer by the consortium Mohegan – GEK Terna is five times higher than the price in the auction issue. Reportedly, the offer submitted by the consortium amounts to €150 m. The initial tender price was set at €30 m. According to the specifications included in the tender for the casino license, the multi-storey complex will include a 5-star hotel with a minimum area of ​​60,000 sq.m., casino facilities of at least 12,000 sq.m., conference and exhibition facilities of at least 12,000 sq.m., and an indoor arena of at least 3,000 seats. With the opening of the financial offer and the submission of the latest legalization documents, the contractor selection process is expected to be completed within October. The whole process will take a few months to be completed, same for the final text of the 30-year-old concession agreement to be confirmed between the state and the consortium. Original Source: Euro2day Adaptation/Summary: Kiki Athanasiadis