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hospitality Market News: Spanish Real Estate Intelligence

Coronavirus threatens the deal for the Porto Carras resort sale
The businessman Ivan Savvides (Belterra Investment) is looking to renegotiate with Techniki Olympiaki the terms of the Porto Carras deal. The two sides are in an exclusive discussions period for the sale of the resort. The buyer asks for a price reduction as well as the change of the payment terms due to the strong impact of the pandemic on tourism. It remains to be seen whether Techniki Olympiaki will accept the request or the exclusive discussion period will be interrupted. Porto Carras is valued at €394.5 m. The hotel complex is located on 17,630 acres in Sithonia and includes Villa Galini, the five-star Meliton and Sithonia hotels, and Village Inn. The hotel complex has the largest private marina in Northern Greece, one of the largest in the Balkans, an 18-hole golf course and a conference center. Original Source: Euro2day Adaptation/Translation: Kiki Athanasiadis  
Briq acquired the Plaza hotel on Skiathos Island
BriQ Properties REIC announced that on March 3 it purchased the Plaza Hotel in Kanapitsa, Skiathos. Plaza is located on Kanapitsa beach, 8 km from Skiathos Town and the International Airport. The price for the acquisition is €3.5 m. The three-star hotel has a capacity of 79 rooms and a total surface area of ​​3,888 sqm. The complex has 2 swimming pools, a restaurant, a temple and a staff building. It is built on a 7,135 sqm plot. Briq Properties has leased the property to Hotel Keys, a subsidiary of HotelBrain. The company intends to refurbish the hotel by the end of 2020. With the addition of Plaza Hotel, Briq’s portfolio now includes 5 hotels totalling approximately €20 m and a total capacity of 266 rooms located on islands (Paros, Tinos, Corfu, Skiathos) as well as in Athens. The investment was financed by the capital increase of the Company's share capital. To date, from the net capital increase of € 48.4m ,a total of €20.3 m has been invested for the purchase of 9 properties. Original Source: Euro2day Adaptation/Translation: Kiki Athanasiadis
Louis Hotels takes over the five-star Asterion Hotel in Crete

Luis Hotels added another five-star hotel to its portfolio. The hotel group announced the lease and management of the Asterion Suites & Spa's five-star hotel located in Crete, Platanias, Chania, and specifically on the private beach of Pyrgos Psilonerou.

The hotel has luxurious rooms and suites with a private pool and jacuzzi, three restaurants and two bars as well as a wellness center. The hotel also has a conference and events room, and a kids club.

Original Source: eRed.gr

Adaptation/Translation: Kiki Athanasiadis