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hospitality Market News: Greek Real Estate Intelligence

TEMES, STASINOPOULOS and LAMDA Development to upgrade the Olympic facilities in Athens
According to the Greek press, the government intends hand over  OAKA (Olympic Athletic Centre of Athens) to the HRDH (Hellenic Republic Asset Development Fund) and then to privatize it. This will be done after the Olympic facilities undergo a total facelift that is expected to reach €55 m. The process of renting-transferring the Olympic facilities to the hands of individuals is already in full swing. The first deal concerns the 16 tennis courts, which came under the control of the company "TEMES" of Achilleas Konstantakopoulos and Ioannis-Hippocrates Stasinopoulos and their joint company "Stadium 2020". Lamda Development also participates in the project; last summer it signed a memorandum of understanding with the Ministry of Culture and Sports for the transfer and development of the National Sports Center of Agios Kosmas within the Metropolitan Park of Green and Leisure in Elliniko. The Memorandum stipulates that Lamda will consider proposals for the development and renovation of the Olympic and general sports facilities in Attica. There comes the proposal to the company for the complete reconstruction of the Aquatics Centre at the Olympic Stadium as well as the construction of another, new, 25x 25 meter pool, to meet the increased needs of preparation of athletes for the pre-Olympic season. Another proposal concerns the renovation of part of the hostels that host the Greek champions in OAKA. In total, the upgrade of OAKA has a budget of over €53 m for athletes, citizens and even tourists and includes from the renovation of the Calatrava roof and the repairs to existing facilities to the creation of a sports hotel and Museum. Also, the pedestrian bridge connecting OAKA with the Olympic Museum of Athens, which will soon operate in the Golden Hall of Lamda Development, was completed. In total, the first phase includes energy saving interventions, energy footprint reduction and an integrated waste management system of €10 m, financed by the Recovery Fund, while €4.5 m will be allocated for the modernization of the pools etc. The projects for the static reinforcement and maintenance of the roofs and the maintenance program are also very important and have a budget of €15 m to be funded by the Attica Region. The construction of a main building housing federations and Indoor National Stadium for events and handball with 5 million euros will be implemented as a PPP project, and the same goes for the design and construction of a four- or five-star hotel with a capacity of 100 to 150 at an estimated cost of 6 to €10 m. Original Source: Banks.com.gr and sdna.gr Adaptation/Summary: Kiki Athanasiadis
 
The new 5-star hotels of Kea island
Kea island is considered one of the most up-and-coming destinations due to the easy access from Athens. The brand new Ydor Hotel & Spa in Kea was scheduled to open in 2020, but the pandemic had other plans, and the hotel will be ready to welcome its guests from June 2021. Ydor Hotel & Spa, the newest member of Elixos Hotels, is connected to Porto Kea Suites and is located in a privileged position in Vourkari. The new 5-star hotel of Kea has a main outdoor pool, indoor heated pool in the spa and nine in-room pools, as well as 24 rooms and suites, gym facilities etc. The pandemic also delayed the opening of the One & Only Kea Resort, which is postponed to 2022. One & Only is the first %-star hotel in Greece to be built jointly by the Kerzner group and Dolphin, in an investment that will reach 150 m euros and will include private homes. In particular, One & Only Kea Resort has 75 independent villas with swimming pools and a limited number of One & Only private residences. The plan for the promotion of the project and the sale of the residences is running, despite the pandemic. Prices for residences  start at 1 m euros and go up depending on the requirements. The private residences with two and three bedrooms are available for sale as an investment product, while the first sales have already been made for larger villas, of over 5 m euros. There are currently three types of luxury homes available to buyers, who will have a 4% net return on their investment for eight years, however they will use the residences at certain times as during the high season the properties will be available through the One & Only. There are the one-bedroom villas of 107 sqm, the two-bedroom  villas of ​​283 sqm and three-bedrooms villas of 400 sqm. One & Only residences will also have private pools and private access to the beach. Original Source: Newmoney.gr Adaptation/Summary: Kiki Athanasiadis  
 
Prodea, Invel, Papalekas join forces in the hospitality sector
Prodea Investments AEEAP, Invel Real Estate and Ioannis Papalekas, founder and former head of Globalworth, have joined forces, and cooperate mainly in the hospitality sector with investment in Greece and Cyprus. The specialized vehicle will be based in Cyprus. In particular, as announced, Invel Real Estate, PRODEA Investments and the Cypriot group of companies YODA Group of Mr. Ioannis Papalekas, signed a contract for the transfer of a 41% stake held by PRODEA in Vibrana Holdings Ltd to a company of interests of Mr. Papalekas. Papalekas owns 100% of the shares of The Cyprus Tourism Development Company Ltd, owner of The Landmark Nicosia hotel in Nicosia. PRODEA Investments holds a 49% stake in Vibrana Holdings Ltd. Flowpulse Ltd, owned by Invel Real Estate, retains 10%. The final price for the transaction will be determined on the date of the shares considering as real estate value €61.3 m, and will be adjusted according to the percentage that will be transferred, taking into account data of the financial position of the company on December 31, 2020. In order for the transaction to be completed the approval from the Competition Protection Committee of Cyprus is necessary. The transaction is estimated to be completed by the end of March. This transaction is essentially the first step for a wider cooperation between Invel, PRODEA and YODA in the hotel and tourist area in the Mediterranean region, with emphasis on investments in Greece and Cyprus, through a specialized vehicle based and administrated in Cyprus. Original Source: Newmoney.gr Adaptation/Summary: Kiki Athanasiadis