Belterra Investments purchases the Porto Carras Hotel Group in Greece for € 250 mln
Technical Olympic, the owner of the Porto Carras Hotel Group, announced the acquisition of 4 hotels, a winery and a golf course by Belterra Investments. The total deal value is € 250 million. Belterra Investments, owned by Ivan Savvides, already owns the Makedonia Palace Hotel in Thessaloniki as well as other assets in Greece.
Athens: 16 April 2020
Technical Olympic announced the sale of the Porto Carras Hotel Group to Belterra Investments of Cyprus, a company owned by Mr. Ivan Savvidis.
The Porto Carras Hotel Group is one of largest integrated hotel resorts in Europe, and comprises:
Four hotels—The Villa Galini, Meliton, Sithonia and the Marina Village & Yacht Club—with nearly 1,000 hotel rooms;
The Port Carras Golf Course (18 holes)
The Porto Carras Marina
14 restaurants, 4 bars, conference centres, a casino and a spa centre.
Belterra Group paid € 205 million and assumed corporate debt of € 45 million. This translates into a price per room of approximately € 250,000.
Belterra Group and Mr. Savvidis have invested in a number of high profile assets in Greece, including the PAOK football team, the Makedonia Palace Hotel, Souroti Water and others.
This Greek hotel investment, completed at the height of the COVID-19 pandemic, illustrates the continuing interest by foreign investors in the Greek hotel sector and tourist industry.
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Sources
Techniki Olympiaki Press Release on Sale of Porto Carras Hotel Greece
Company Website: 15 April 2020
Technical Olympic agrees to sell Porto Carras to Savvidis
eKathimerini: 16 April 2020