Greek resort sells for €205m as hotels prepare for May opening

Russian billionaire Ivan Savvidis has bought the Porto Carras Grand Resort in Halkidiki, northern Greece for €205 mln from Technical Olympic Group. 

According to a notice posted by Technical Olympic on the Athens Stock Exchange, the share deal includes four hotels – Villa Galini, Meliton, Sithonia, Marina Village & Yacht Club – plus conference centres, a casino, a marina, thalassotherapy and spa centres, an 18-hole golf course and the Domaine Porto Carras.

Savvidis concluded the deal through his firm Belterra Investments. The site spans 1,700 ha with 9 km of beaches, and the price is equivalent to €206,000 per key.

According to Cushman & Wakefield, the sale is the largest hotel deal to take place since the Covid-19 lockdown in the South European region and Greece.

David Nath, head of CEE European hospitality team at Cushman & Wakefield said: 'The fact that the sale of the Porto Carras Grand Resort has been able to continue despite significant Covid-19 related disruption demonstrates the enduring appeal of good, well positioned hotel assets amongst investors and the strong faith that the hospitality market will rebound once the outbreak is brought under control.'

Although Greece is currently in lockdown until 30 April, under restrictions which also limit its hotel trade, Technical Olympic reported last month that Porto Carras was preparing to reopen for business on 20 May.

A hotel spokesperson said at the time that Porto Carras was gearing up for post-Covid-19 trade with measures including the extension of the food & beverage outlet operating hours, the increase of distance between restaurant tables and seats, plus the implementation of access control measures by trained staff.

Earlier this month, the European Commission invited all Schengen Area states to prolong the EU's external border closures until 15 May. However, French President Emanuel Macron warned last week that the EU's borders may need to remain shut until September.

Last Wednesday, EU Commission President Ursula von der Leyen suggested Europe would not return to normality until a vaccine against Covid-19 becomes available, recommending the gradual easing of border restrictions.

Cushman & Wakefield’s EMEA Hospitality team and Cushman & Wakefield Proprius advised Technical Olympic on the sale.


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