Premia Properties REIC has acquired 100% of NLTG HH Greece Single Member S.A’s share capital in Sunwing Hotels Hellas Single Member S.A., which owns and operates hotels in Rhodes and Crete, from Nordic-Leisure-Travel-Group subsidiary NLTG HH Greece Single Member S.A.
By means of the transaction, Premia Properties acquires the 4-star Sunwing Kallithea Beach hotel in Rhodes and the 4-star Sunwing Makrigialos & Ocean Beach Club hotel in Crete.
Premia reports that the EUR 112.5 million deal remains subject to adjustments following the confirmatory-due-diligence process in accordance with the terms of the Share Purchase Agreement.
Nordic Leisure Travel Group, is a Stockholm-based travel operator. Its subsidiary, NLTG HH Greece Single Member, which has been operating the two hotels for over 40 years, will continue to operate them through a long-term triple-net lease agreement for an initial duration of 15 years, with extension options for an additional ten years.
The transaction remains subject to conditions regarding obtaining of necessary required approvals (including the approval of Greece’s Competition Commission) and the transfer of the operation of the hotels to a subsidiary of NLTG. The National Bank of Greece executed the underwriting and will finance the transaction. Closing is estimated to occur before the end of 2024.
According to Premia Properties CRO Kostas Markazos, “the transaction marks a strategic choice for the entry of Premia Properties in the growing hospitality sector in Greece. This investment increases significantly both Premia property portfolio size and investment income.”
The Your Legal Partners law firm advised Premia on the deal.
