Greek real estate investor Premia Properties has entered into an agreement to acquire the four-star, 534-room Sunwing Kallithea Beach hotel in Rhodes and the four-star, 262-room Sunwing Makrigalos & Ocean Beach Club hotel in Crete.
Both of the Greek hotels were acquired from a subsidiary of Swedish tour operator Nordic Leisure Travel Group (NLTG) for a total consideration of €112.5 million (€141,000 per room). NLTG will continue to manage the assets, under a 15-year, triple-net lease agreement with a 10-year extension option.
The sale and leaseback deal, which is expected to close by year-end, will be financed with a mix of the company’s own equity and using a corporate bond underwritten by the National Bank of Greece.
NLTG’s three largest shareholders are Stockholm-based Altor Funds (39.7%) and Strawberry Group (37%), along with London-based TDR Capital (19.9%).
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