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Project Tethys: Strong interest in the 75 hotel portfolio

Funds and local investors expressed a strong interest in the Tethys project, a portfolio of hotel real estate loans with non-performing liabilities, put on sale by Intrum. Bain Capital, Apollo, and a joint venture by SMERemediumCap (smerc) and Th. Laskaridis Group -which allegedly partnered with Israeli hotel group Brown Hotels- have participated in the bidding process. 

The bidders claim loans with a nominal value of €290 m for 75 hotels. The portfolio, which is estimated to change hands at a price of not more than 20 % to 30 % of the nominal value of the loans, i.e. around €150 m, is also a test for the investment climate in Greek tourism, which is recovering dynamically. 

The largest of the 75 hotels under sale include five-star units in Heraklion Crete worth €17.1 m,   a four-star hotel in Ouranoupoli Chalkidiki worth €12.2 m, a five-star hotel in Kardamena, Kos (€11.1 m), a five-star in Alexandroupolis and a four-star in Skiathos (€9 m). Among the assets are also a four-star hotel in Chania (€ 8.2 m), a five-star in Volos (€7.7 m), a four-star in Chios (€7.2 m) and a five-star hotel in Thassos (€7.5 m), as well as a residential property in Lavrio with a value of €6.5 m.

Original Source: MoneyReview.gr

Adaptation/Summary: Kiki Athanasiadis