Prodea Investments places an emphasis on the hotel industry, with the further development of its existing properties as well as new acquisitions.
After the acquisition of 55% of Mediterranean Hospitality Venture (MHV) for a total price of 254 million euros, increasing its total percentage at 80% (previously 25%), Prodea’s Assets Under Management (AUM) totaled 3.1 billion euros. Of this amount, 17% are tourist properties, 40% offices, 12% bank branches, 16% shops and 4% Logistics (based on the most recently published data).
Regarding its new projects (last corporate presentation) with a total value of 535 million euros, 40% concerns hotels and residential buildings, 45% offices and 15% logistics.
“We are scanning Greece for hotels,” a senior Prodea executive said, adding that the company is active in the field of luxury resorts in Greece and Cyprus through its participation in MHV and with direct selective investments in the remaining categories of hotel units.
In its hotel portfolio, MHV has Parklane, a Luxury Collection Resort and Spa, Limassol, Nammos Limassol, LPM Restaurant and Bar, Park Tower Residences and The Landmark Nicosia in Cyprus. In addition, the portfolio expands to Greece with Nikki Beach Resort and Porto Paros.
Following the acquisition of MHV, Prodea significantly strengthened its presence in the hotel industry, the value of which was 660 million, including approximately 1,800 rooms.
