Dolphin Capital Partners and Grivalia acquires Amanzoe
Dolphin Capital Partners and Grivalia acquires Amanzoe
  REIC  |  Hotels  |  Peloponnese

Dolphin Capital Partners and Grivalia acquires Amanzoe

The net consideration to be paid to DCI by the purchasers according to their proportion amounts to €5.8million.
RE+D magazine
02.08.2018

Grivalia Properties REIC announces to the investors that its hospitality platform Grivalia Hospitality S.A. in cooperation with Dolphin Capital Partners («Dolphin») agreed to acquire 100% of Amanzoe from the London stock exchange listed company Dolphin Capital Investors («DCI»), Grivalia Hospitality by 85% and Dolphin by 15% and under the same terms.

 

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".