Italy 
Portugal 
Spain 
Porto Carras resort to undergo two year long renovation
Techniki Olympiaki SA and Belterra Investments recently announced the deal for the sale of Porto Carras to the latter.
Despite the initial decision that during the upgrade one of the two hotel units would remain operational, it was utterly decided that Porto Carras will remain closed for two years. Both units, as well as the he surrounding area and all other infrastructures will undergo radical renovation and upgrade. The investment will exceed €120 m.
Even though the deal has been officially announced, the completion of the full due diligence is pending.
A few days ago, in meetings with the employees’ unions there were disagreements over labor issues and compensation.
The sale agreement was closed at a price of €205 m, including €50 m for the Fortress loan that has already been repaid by the Savvidis group (Belterra).
Original Source: Deal
Adaptation/Summary: Kiki Athanasiadis