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Pangaea REIC acquires Lazart Hotel

21 May 18 - RE+D Magazine
Pangaea REIC acquires Lazart Hotel

COMPANIES

Solum Property Solutions

Consultant - GREECE

NBG PANGAEA

REIΤ - GREECE

Pepper Hellas

Consultant - GREECE

ΕΡΡΙΚΟΣ ΑΡΩΝΕΣ

Investment - GREECE

ARXIKON S.A.

Developer - GREECE

PEOPLE

Aristotelis Karytinos

CEO of NBG Pangaea REIC NBG Pangaea REIC
NBG Pangaea REIC announces the acquisition of the Lazart Hotel, a 5 star hotel in Thessaloniki, the second largest city in Greece.

 

Lazart Hotel has 74 spacious rooms and offers luxurious accommodation in a privileged spot of  Thessaloniki, opposite the renowned cultural center “Moni Lazariston”, just  10  minutes  from the heart of the city.

The  property is leased  to Zeus  International group,  the  fastest  growing hotel  operator in Greece and the wider region.

The price for the acquisition of the property amounted to c. €7.0mn. Pangaea’s CEO, Mr. Aristotelis Karytinos stated: “We are very pleased to have acquired a high quality  city  hotel  like  Lazart  Hotel  and  for  our  cooperation  with  Zeus  international. 

This investment is in line with our investment strategy to expand in the sector of hospitality and follows   our   previous   investment   in  Patras,  where the first   Moxy   by  Marriott in  the Mediterranean is expected to start its operations in the near term."

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