During a dedicated event held at the Zappeion Hall in Athens, executives from the Real Estate Investment Company (REIC) emphasized that “Greece is the top destination of choice for Scandinavian travelers, primarily due to its favorable climate, rich cultural heritage, and distinguished culinary tradition.”
As part of their ongoing strategic partnership, the two companies are exploring opportunities to significantly expand their presence in Greece. Their joint development plan envisions increasing the number of hotels operated in the country to approximately ten within the next three years.
This collaboration was first announced last year, when Premia Properties and Nordic Leisure Travel Group (NLTG) entered into an agreement through which the REIC acquired two four-star hotels — Sunwing Kallithea Beach in Rhodes and Sunwing Makrigialos & Ocean Beach Club in Crete — for a total consideration of €112.5 million. Under the terms of the deal, NLTG will continue operating the hotels as tenant for an initial period of 15 years, with an option to extend the lease for an additional 10 years (5+5). The annual lease amounts to €8.5 million.
Additionally, as part of the same agreement, NLTG acquired an equity stake in the listed REIC through a capital increase, resulting in a 9.66% ownership interest.
According to Mr. Goran Cocis, Director of Development & Expansion at NLTG, the group plans to expand its hotel portfolio in Greece, growing from the current four properties to a significantly larger footprint. The company is targeting leading tourist destinations such as Rhodes, Crete, Kos, Corfu, Samos, Santorini, as well as select smaller islands and the southern coastal suburbs of Athens.
Furthermore, company executives revealed that a major new tourism development is being planned in the Kallithea area of Rhodes, on a site adjacent to the existing Sunwing property. They also indicated that the company is open to exploring additional partnerships beyond its current collaboration with Premia Properties.
