On March 2022 the final decision for the sale of Porto Carras
The hotel was sold to BELTERRA INVESTMENTS, a compant of Ivan Savvidis, a year and a half ago (April 2020) for € 205 million.
The final report for Porto Carras is expected to be issued, according to a new announcement from Technical Olympic by mid-March 2022.
According to the company, the second independent consultants appointed by the contracting companies in order to examine the conclusion from 5.4.2021 (completion statement) submitted by the independent consultant (IA), consider, in view of the nature and peculiarities of the project, the above as a possible date for the issuance of the final conclusion (final completion statement), in the case of a convergence of views.
The hotel was sold to BELTERRA INVESTMENTS, a compant of Ivan Savvidis, a year and a half ago (April 2020) for € 205 million. The purchase price included the repayment of the loan obligations of "PORTO CARRAS SA". for which the Company has guaranteed approximately €54 million.
According to the agreement, Porto Carras hotel complex transfer to Belterra Investments Group will be completed provided the completion of full due diligence by the Buyer that could also affect the final price paid on the transaction.