Premia Properties acquires two Sunwing hotels in Greece

This drag marks a variety in Premia’s hospitality portfolio, including two well-known resorts located on the Greek islands of Rhodes and Crete.

Facts of the Acquisition

The transaction entails two 4-superstar resorts: Sunwing Kallithea Seaside in Rhodes and Sunwing Makrigialos & Ocean Seaside Club in Crete. Sunwing Kallithea Seaside boasts 534 rooms spread over a situation region of 118,000 sqm, with a total wicked constructed region of 42,700 sqm. Sunwing Makrigialos & Ocean Seaside Club, located in Ierapetra, Crete, substances 262 rooms on a 54,000 sqm situation, with a wicked constructed region of 25,200 sqm. Both resorts had been key players in the gap’s hospitality sector for decades.

 “The transaction marks a strategic need for the entry of PREMIA Properties in the rising hospitality sector in Greece. This funding increases considerably both PREMIA’s property portfolio dimension and funding earnings.” – Kostas Markazos, CEO of PREMIA PROPERTIES

“We’re very joyful to proceed with this strategic action becoming a member of forces with one of many supreme tourism firms in Europe that became once basically based and has its headquarters in Scandinavia, with a considerable presence in Greece. I deserve to in my diagram thank Mr. Petter Stordalen who relied on us with this vital funding step for PREMIA Properties. This collaboration opens the horizon for sign new funding alternatives in the sector of tourism with our new strategic companion.” – Elias Georgiadis, CEO of STERNER STENHUS and Chairman of PREMIA

Sale-and-Leaseback Agreement

Below the terms of the sale-and-leaseback agreement, Nordic Leisure Commute Community will continue to attract both properties. The agreement entails a protracted-time length triple-net rent draw for an initial time length of 15 years, with ideas to elongate for a additional ten years (5 years plus 5 years). This strategic partnership permits NLTG to abet operational sustain watch over and continue offering quality service to guests. The seller, NLTG HH Greece Single Member S.A., is a subsidiary of Nordic Leisure Commute Community, a drag operator basically basically based in Stockholm, Sweden. The corporate is owned by a neighborhood of Scandinavian inner most traders, including Strawberry Community with a 39.7% ownership interest, Altor Funds with 39.7%, TDR Capital with 19.9%, and numerous traders along with NLTG management conserving 0.7% thru NLTG MIPCo.

“I’m gay that we now like entered this strategic partnership with PREMIA Properties as this could almost definitely furthermore rupture it likely for us to explore and manufacture new thought hotels in Greece for the support of our Nordic guests. Greece is our supreme destination country for the summer season season, and we gaze in particular genuine demand for our bear resort ideas to Greece.” – Magnus Wikner CEO of NLTG

“The deal marks an thrilling chapter and we are extremely joyful to whine our new collaboration with PREMIA Properties. By combining NLTG Community’s complete data inner hospitality and PREMIA and Elias Georgiadis’s spectacular entrepreneurial tune file, I’m confident we are going to manufacture both cost and hiss. I in actual fact like experienced firsthand the significance of participating with official property householders in a foreign country, and I gaze ahead to persevering with our Greek adventure along with our new companion.” – Petter Stordalen, founder and proprietor of Strawberry Community

Strategic Partnership

This acquisition highlights the collaborative likely between staunch property funding firms and established drag operators. The National Bank of Greece is financing the transaction, and it has furthermore completed the underwriting. Furthermore, the deal is anticipated to nearby the fourth quarter of 2024, pending regulatory approvals, including from the Opponents Commission.