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hospitality Market News: Spanish Real Estate Intelligence

Two bids for the casino at Elliniko

Mohegan's US-based joint venture with GEK TERNA and Hard Rock both filed bids to acquire the casino license at Elliniko. The evaluation process.

The bidder is expected to be selected within the next quarter. The time to complete the bidding process depends largely on any appeals.

In the market it is argued that the winning bidder will largely be picked depending on the amount offered to obtain the casino license, although what is planned in Elliniko is more of a hospitality and entertainment complex. According to the terms of the tender, the minimum price the bidders can offer is € 30 million. The financial offer weighs 60% in the overall evaluation and therefore a small difference in the price offered may cover a greater divergence in the technical evaluation.

 
Blackstone close to purchasing the Louis Hotels in Greece

The deal is allegedly close to € 200 m. Louis Hotel will keep the management of the hotels.

The deal allegedly includes the acquisition of 5 out of 9 Louis Hotels in Greece - seven out of nine are privately owned.

Once the deal is officially confirmed, Blackstone will enter the elite of the strong players in the Greek hotel market. At the same time, it gains a presence in the most popular Greek destinations as the 11 hotels are located: 1 in Crete, 4 in Corfu, 1 in Mykonos, 2 in Rhodes and 1 in Zakynthos.

Blackstone is in the process of building a European hotel portfolio
after the acquisition by Blackstone Real Estate Partners Europe V of a Luxembourg-based holding company that controls 14 hotels with a total capacity of 3,000 rooms in Spain.

Louis Hotels is the backbone of the hospitality business run by the Cyprion Group. The group has been active in hospitality for the last 78 years and is considered a "credible player" in the Eastern Mediterranean market, where it controls a total of 26 hotel units in Cyprus and Greece.

 
Former Esperia Hotel in Athens to be renamed to Leonardo Royal Esperia Palace

The former Esperia Hotel on Stadiou Street will operate under the name Leonardo Royal Esperia Palace Hotel Athens, as revealed by the website Leonardo Hotels & Resorts.

The Leonardo Royal Esperia Palace Hotel in Athens is a central urban retreat within walking distance from the Acropolis.

Leonardo Hotels Greece is a subsidiary of Leonardo Hotels & Resorts, an international chain owned by the Israeli investment group Fattal Hotels and ISSTA Lines. Leonardo Hotels operates more than 200 hotels in 18 countries in Europe and Israel.

Τhe former Esperia Hotel belongs to EFKA, a social security fung in Greece, and it was leased to the Fattal Hotels for a 30-year period with a 10-year extension, following an international restricted tender. The investment will contribute to EFKA € 1,150,000 annually, while a minimum of € 10,5 million will be invested in the conversion of the building into a 5-star hotel.