The emblematic hotel was sold to BELTERRA INVESTMENTS -interests Ivan Savvidis- almost two years 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.
The agreement for the transfer of the Porto Carras hotel complex to Belterra Investments provided for the completion of extensive controls (full due diligence) by the Buyer which could affect the final amount of the transaction.
The issuance of the final report has been postponed several times with the most recent one set for mid-March.
According to the latest announcement of Technical Olympic, the second independent consultants appointed by the contracting companies in order to examine the conclusion statement submitted by the independent consultant from 5.4.2021, based on the progress of the work to date, now as a probable date for the issuance of the final conclusion report (final completion statement), if there is a convergence of views and with every reservation, has been considered the end of April 2022.
