Premia Properties Real Estate Investment Co SA, a real estate investment and management company headquartered in Athens and with its shares listed on the Greek capital stock exchange, has agreed to buy two hotels in Greece for €112.5 million from the Swedish holiday package operator Nordic Leisure Group HH Greece Single Member S.A. based in Stockholm.
The announcement of this transaction was announced on August 1st and the agreement will see Premia acquiring 100% of Sunwing Hotels Hellas Single Member S.A. which includes the Sunwing Kallithea Beach Hotel located on the Hellenic island of Rhodes which boasts 534 rooms and 100% of Helios Palace S.A which includes the 262 rooms of the Sunwing Makrigalos & Ocean Beach Hotel located in Crete.
Both hotels were previously owned and managed by Premia Properties Real Estate Investment CO which owns commercial interests in several real estate classes including logistics and residential.
The closing is expected by the end of the year and the sale and leaseback transaction represents a milestone for the two hotels.
Nordic Leisure Travel Group, which has managed the accommodation structure in Rhodes for 50 years and in Crete for 40 years, will continue to operate the hotels under a 15-year triple-net lease agreement for an initial with options to extend the lease for a period of 10", according to press reports.
The selling entity, a subsidiary of Nordic Leisure Travel Group, NTLG merged in 1956 and, the release added, sells 1.5 million vacation trips a year annually is a joint venture composed mainly of Altor Funds which owns 39%, Strawberry Group with 37% both headquartered in Stockholm and TDR Capital 19.9% with its headquarter in London.
Strawberry, the new name from 2023 of Nordic Choice Hotels, is one of the business activities of Norwegian businessman Petter Stordalen, a hotel company that boasts 245 properties mainly in Norway and Sweden but also in Finland, Denmark, Lithuania and the Faroe Islands, and has a main franchise agreement with Choice Hotels International.
Petter Stordalen said the accord marks an exciting chapter in announcing the collaboration with Premia Properties Real Estate Investment CO with its impressive entrepreneurial track record as well as that of its President Elias Georgiadis combined with NLGT Group's extensive knowledge in the hospitality industry generate the confidence to create value and growth.
Link : https://www.costar.com/article/683173475/premia-spends-E1125-million-on-two-greek-isle-resorts
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