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hospitality Market News: Spanish Real Estate Intelligence

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
 
Xenia Hotel on Chios island officially leased to Tsakos group
Xenia Chios will soon operate as a modern hotel unit, as the process for its long-term lease by Tsakos Group was officially completed. The contract was signed by the the CEO of the Public Real Estate Company, Stefanos Vlastos and the representantive of Avlum Enterprises  Ioannis Saroglou. The latter is a member of the Tsakos Business Group. The hotel will be revovated and will reopen as a modern hotel unit. After the signing of the contract, Stefanos Vlastos of ETAD said: "We are particularly pleased that we have successfully completed the process of long-term lease of the emblematic Xenia Chios, as a result of the hard work of our services throughout the past period, in order to complete an agreement that ensures the reconstruction and reopening of the historic Xenia, for the benefit of the further upgrade of Chios. Unfortunately, some of the Xenia hotels, although important cultural and tourist capital for the country, have remained unused for decades, presenting an image of abandonment. The Public Real Estate Company will continue to work systematically, in order to overcome any anchorages, to solve the operational disadvantages and issues presented by the specific hotel infrastructure, according to the modernization needs set by the market itself, but also to create the optimal conditions. their utilization through the attraction of serious investors and for the rest of Xenia that belong to our portfolio and have not been utilized until today. "Our ultimate goal is to put an end to the abandonment of a number of tourist properties, ensuring their viability and creating jobs and conditions for effective development for both the local communities and the country as a whole." Ioannis Saroglou, on behalf of the bidding company, said: "With joy and responsibility to the people of Chios, we undertake the renovation and reopening of the emblematic hotel Xenia, which is an important cultural heritage for both the island of Chios and Greek Tourism. Captain Panagiotis Tsakos and all of us are to build a modern and welcoming hotel, which will be a jewel for the city of Chios. The island of Chios certainly needs a significant boost in the development of quality tourism product and the reopening of the hotel "Xenia" after almost 30 years marks the beginning of this process. Original Source: Euro2day Adaptation/Summary: Kiki Athanasiadis