The net consideration to be paid to DCI by the purchasers according to their proportion amounts to €5.8million and in addition the purchasers will assume all of Amanzoe's existing loan obligations amounting to € 76.5 million.
Based on the agreement of the parties, Dolphin will continue its successful management of Amanzoe by focusing on the development and sale of new villas and the introduction of new concepts that will create the necessary conditions for extending its seasonality.
Amanzoe is the first complex development of a hotel compound together with luxury villas designed and implemented by Dolphin Capital Group in Porto Heli.
Amanzoe has been recognized as a top tourist destination since its launch in 2012 and is now considered as Europe's most luxurious resort. Amanzoe spreads over an area of approximately 1.000.000 m² and consists of a total built and buildable surface of approximately 69.000 m² as follows:
• The Amanzoe Hotel & Spa comprising of 38 pavilions that have been built in total.
•The Amanzoe Beach Club comprising of 8 cabanasout of which 4 have been built and 4 villas that have not yet been constructed.
•45 Amanzoe Hilltop Villas,8 of which have been constructed, 2 are under construction and 3 are expected to be built in the near future.
Further to the Amanzoe acquisition, the seller and the purchasers agreed that Amanzoe will undertake to purchase an area that includes 20 prime plots in Kilada Hills project of DCI for a consideration of €10 million to build holiday homes and facilities destined for the exclusive servicing of Amanzoe customers and villa owners.
The consideration will be paid subject to completion of customary diligence on the plots and commencement of the development worksof Jack Nicklaus Signature 18-holesgolf course with Golf Club and Beach Club. Namely half of the consideration will be paid by the start of construction works and the rest in tranches, in line with the construction phases of the
golf course.
The Chief Executive Officer of Grivalia Properties REIC and Chairman of the Board of Directors of Grivalia Hospitality, George Chryssikos stated:
"Following the recent new successful 60 million-euro capital increase in Grivalia Hospitality, the acquisition of such an iconic project, the 4th in Greece and the 2nd fully operational, reiterates our commitment to our goal of making Grivalia Hospitality the no1 investment platform in high quality touristic real estate properties in Greece. Amanzoe's growth strategy will focus on one hand, on further developing and selling villas and on the other hand, on expanding the hotel's season for the entire year, taking advantage of the synergies that will be created also with the Kilada Hills golf course".
Miltos Kambourides, founder and CEO of Dolphin Capital, stated:
"Amanzoe has been the last 6 years a landmark for high quality tourism not only for Greece but also for the entire Mediterranean. We are excited to be cooperating with Grivalia and we are confident that both Amanzoe and the development of Kilada Hills will continue to serve as a benchmark for their aesthetic approach and offered services".
