The total investment, including renovation costs, amounts to €73 million. The properties feature a combined gross surface area of 28,000 sq.m. on a 114,000 sq.m. land plot. The two hotels are situated in the area of Mastichari in Kos Island, at a prime beachfront location and have operated successfully for over 25 years.
The transaction is expected to be completed within 2025. The hotels will remain operational while PREMIA undertake upgrade works. The hotels will be managed by NLTG (Nordic Leisure Travel Group), a strategic partner of PREMIA, under a long-term 20-year triple net lease agreement.
Renovation works are expected to be completed by May 2027.
Elias Georgiadis, CEO of STERNER STENHUS and Chairman of PREMIA, made the following statement: "The acquisition of the hotels in Kos Island, represents another strategic step, which in collaboration with NLTG, will help us attract more visitors from Scandinavia to Greece. Since August 2024, we have acquired four (4) hotels, totaling 1,500 rooms with a total value of €250 million, and we plan to exceed 2,000 rooms within the next two years."
Kostas Markazos, CEO of Premia Properties, commented: "This acquisition strengthens PREMIA’s financial position while significantly enhancing our portfolio and profitability. We remain committed to pursuing further investment opportunities in the Greek hospitality sector."
