Invel together with Dolphin Capital Partners entered a deal for the acquisition of 85.6 percent of Nikki Beach Resort & Spa from LSE-listed Dolphin Capital Investors (DCI), Fortress Investment Group and Monarch Alternative Capital.
Following the completion of the deal, Invel owns a 70.4 percent share and Dolphin a 15.2 percent stake in the hotel. The remaining 14.4 percent share is in the ownership of Oakhill Advisors.
According to the terms of the agreement, Dolphin will continue to manage the venture under a different management team, focusing on the introduction of new gastronomy concepts and exclusive tourism services that will enhance the hotel’s standing.
“This collaboration lays a strong foundation for further investment in the tourism sector in Greece. Following the recent successful reorganization of NBG Pangaea REIC, of which Invel is the main shareholder, with the introduction of two institutional investors, Invel reaffirms its intention to strengthen its presence in Greece, and to expand its business activities to high standard tourist properties,” said Chris Papachristophorou, founder and managing partner of Invel Real Estate Management Ltd, which was established in 2013 and is active in London, Milan, Limassol, Luxembourg and Amsterdam.