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hospitality Market News: Greek Real Estate Intelligence

Monterock International acquires Kenshō Psarou Hotel in Mykonos
Monterock International has acquired the renowned five-star Kenshō Psarou hotel on Mykonos Island from Notion – Real Estate Development SA for €19 m. Monterock acquired the shares of Notion’s subsidiary Benestar SA, the company which managed the hotel, with investment funds from the United Arab Emirates. The total investment including the cost of interventions will exceed €30 m. Located in the world-famous bay of Psarou on Mykonos, Kenshō Psarou is developed on five levels and consists of 2,390.0 sq.m. main spaces and 500.0 sq.m. ancillary areas. The beachfront hotel has 31 luxurious rooms and suites, with private pools and jacuzzi, spa, gym, restaurant and bar ending at Psarou beach. Following the acquisition, Kenshō Psarou will be renamed as “N Hotel Mykonos” and is expected to open its doors to guests in May. Kensho Boutique Hotels & Villas is the Greek luxury brand that set the new standards in the field of boutique hotels internationally and established Mykonos as a destination of high aesthetics and services, having in its umbrella “Kensho Ornos Beach” which was completed in 2016 in Mykonos and has been awarded as the best boutique hotel in the world. Original Source: ered.gr Adaptation Summary: Kiki Athanasiadis
A mega deal is coming for three hotels in Halkidiki
The Grigoriadis family is re-investigating the market for the sale of three of its hotel units in Halkidiki. For sale is 75% of the share capital of the companies that control the hotels Theophano Imperial Palace, Athos Palace and Pallini Beach in Halkidiki, with a total capacity of about 1,000 beds. Deloitte is the financial advisor. Recelntly the shareholders have had exclusive discussions with a foreign investment group, which seeks to "build" a wide portfolio of hotels in Greece. During the exclusivity period, due diligence was performed, and a binding offer is being prepared. The market estimates that the total value of the three units will exceed €80 m, of which about €20 m is related to loans. Original Source: Euro2day.gr Adaptation/Summary: Kiki Athanasiadis
Indotek acquired hotel in Athens
The Hungarian real estate company Indotek Group announced its entry into the Athens real estate market with the acquisition of the Oscar Hotel Athens through an auction by NBG. Located near the main Athens Train Station, the five-storey hotel features 124 rooms, an outdoor pool, a private bar, a restaurant and a meeting room. Indotek Group bid in the relevant tender, offering the amount of € 5.5 million. The OSCAR Hotel was completely renovated in view of the 2004 Olympic Games. Original Source: eRed.gr Adaptation/Summary: Kiki Athanasiadis