Share: Share on Facebook Share on Twitter Share on LinkedIn I recommend visiting cushmanwakefield.com to read:%0A%0A {0} %0A%0A {1}

Technical Olympic Sells Porto Carras Grand Resort Greece

21/04/2020
Cushman & Wakefield’s EMEA Hospitality team and Cushman & Wakefield Proprius have advised Technical Olympic on the sale of the Porto Carras Grand Resort, a fully integrated resort located on the Halkidiki central peninsula, in Thessaloniki, Greece to Belterra Investments for in excess of €200 million.

The Porto Carras Grand Resort is a unique fully integrated coastal resort that extends over 1,763 hectares of pristine nature, including 9 km of sandy beaches punctuated by 25 pristine coves. The resort comprises 990 hotel rooms spread over two five-star hotels, Meliton and Sithonia, and one luxury boutique hotel, Villa Galini. The resort also boasts one of the largest private marinas in northern Greece with 315 berths, Greece’s largest organic vineyard, Port Carras Winery, two golf courses, casino, a congress centre and an extensive luxury residential development. 

The buyer is Belterra Investments who is a well-established investor in the Thessaloniki region. The Porto Carras Grand Resort will be a complementary addition to their existing portfolio. 

Frederic Le Fichoux, Head of Hotel Transactions, Continental Europe at Cushman & Wakefield, said: “The Stengos family has owned the Porto Carras Grand Resort for the past 20 years and we are delighted that they chose Cushman & Wakefield to help advise them on this sale. The combined expertise of our local partner, Cushman & Wakefield Proprius in tandem with Cushman & Wakefield’s global platform meant that we were not only able to generate a lot of interest in this asset from a wealth of investors, but also progress the sale despite COVID-19 disruption.”

David Nath, Head of Central & Eastern European Hospitality Team at Cushman & Wakefield, added: “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.”

The sale of the Porto Carras Grand Resort is largest hotel deal to take place since the COVID-19 lockdown in the South European region and Greece.
 

MEDIA CONTACT

Lauren Joselyn Cushman & Wakefield
Lauren Joselyn

Associate Director, EMEA Communications • London

What's new

European Grade A Office Availability Ratio Declines As Occupiers Focus On Best in Class Space
European Grade A Office Availability Ratio Declines As Occupiers Focus On Best in Class Space

Availability of Grade A space demanded by occupiers remains low and below 2% of total office stock in many key markets.

18/11/2022

istockphoto-idea
GSK Completes Sale Of Strategic Life Sciences Development Site

Real estate services firm Cushman & Wakefield has advised GSK plc on the sale of the surplus development land that sits alongside its 1 million sq ft Research & Development (R&D) facility in Stevenage to UBS Asset Management and Reef Group. 

11/11/2022

RELATED INSIGHTS

Main Street 2022
Insights • Retail

Main Streets Across the World

RETAIL REBOUND: HOW RETAIL REAL ESTATE FARED DURING THE GREAT PANDEMIC STRESS TEST

25/11/2022
Main-Streets-2022-web-card
Research • Retail

Main Streets Across the World

Almost three years after the onset of the global pandemic, the retail industry has been through one the biggest stress tests imaginable, but best-in-class real estate has remained robust – and even emerged stronger in some markets.
Ewa Derlatka-Chilewicz • 22/11/2022

CAN'T FIND WHAT YOU'RE LOOKING FOR?

Get in touch with one of our professionals.
With your permission we and our partners would like to use cookies in order to access and record information and process personal data, such as unique identifiers and standard information sent by a device to ensure our website performs as expected, to develop and improve our products, and for advertising and insight purposes.

Alternatively click on More Options and select your preferences before providing or refusing consent. Some processing of your personal data may not require your consent, but you have a right to object to such processing.

You can change your preferences at any time by returning to this site or clicking on Cookies.
MORE OPTIONS
Agree and Close
These cookies ensure that our website performs as expected,for example website traffic load is balanced across our servers to prevent our website from crashing during particularly high usage.
These cookies allow our website to remember choices you make (such as your user name, language or the region you are in) and provide enhanced features. These cookies do not gather any information about you that could be used for advertising or remember where you have been on the internet.
These cookies allow us to work with our marketing partners to understand which ads or links you have clicked on before arriving on our website or to help us make our advertising more relevant to you.
Agree All
Reject All
SAVE SETTINGS