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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.
 

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