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  • Transaction / Assets
  • Seller
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  • Buyer
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  • € MM

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