Premia Properties is expanding into the sector of tourist properties with the acquisition of two hotels, in Rhodes and Crete, for a price of 112.5 million euros.
With the addition of the two new properties to its portfolio, Premia is close to its goal for acquiring properties of a total value of 500 million euros by the end of the year (with the addition of other properties for which it is in discussions) while increasing annual revenues of rents by 8.5 million euros, reaching a total of 35 million euros in 2025.
Sale and lease back
For Public Properties, this transaction (sale and lease back) marks a strategic cooperation with the seller of the two hotels, Nordic Leisure Travel Group (NLTG) as the latter will continue to operate them. The two companies will also cooperate in order to seek other tourist property markets. They aim at medium quality tourism.
In particular, Premia and NLTG announced the signing of a binding agreement based on which the former will acquire from NLTG HH Greece Single Member S.A. 100% of the share capital of Sunwing Hotels Hellas Single Member S.A.
Sunwing Hotels Hellas Single Member owns and operates the Sunwing Kallithea Beach hotel in Rhodes and 100% of its subsidiary Helios Palace S.A., which owns and operates the Sunwing Makrigialos & Ocean Beach Club (O.B.C.) hotel in Crete.
