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Transaction / Assets The Sheraton Rhodes ResortSeller Hellenic Hotel Company LAMPSA S.A.Buyer AZORA FCR RHODES S.A.€ MM 43.8
Sheraton Rhodes Resort sold to Spanish Azora for €43.8 m
The “Hellenic Hotel Company LAMPSA S.A.”officially announced that, in the context of its business policy, and with a view to focusing its activity on central city hotels and strengthening its position both business and capital, on 3 August 2022, signed the contracts for the sale of the property on which the Sheraton Rhodes Resort operates, located in the community of Ialyssos Rhodes, for the price of €43.8 m which includes the property and equipment, to the public limited company under the name ‘AZORA FCR RHODES S.A.’ and the distinctive title ‘AZORA FCR RHODES AE’.
The company is a subsidiary of the Spanish group “AZORA GROUP” which operates in hotel companies and real estate investments. The sale price was partly used to repay Alpha Bank’s Bond Loan in full.
The “Hellenic Hotel Company LAMPSA S.A.” will continue the operation of the hotel until the end of the summer season.
In a new announcement, Lampsa said that this sale is a strategic move of the Group, which aims to focus on central city hotels and strengthen its position both business and capital.
Original Source: Protothema.gr
Adaptation/Summary: Kiki Athanasiadis