One of Corfu’s most famous and culturally significant landmarks, the “Castello Bibelli” has passed into the hands of Castello Bibelli SA, set to be converted into a hotel and resort complex.
The state-owned 77,000m2 property and buildings located 700m from Dasia Beach and some 13km from Corfu town, near the village of Kato Korakiana, had operated as a hospital in WWII and a luxury hotel in the 1960s only to fall into disrepair later in time.
The share purchase agreement (SPA) was signed this week between Greek assets body (HRDAF) Chairman Aris Xenofos, Castello Bibelli SA Chairman & CEO Sam Fais, and the entity’s vice president, Charalambos Pandis.
Castello Bibelli SA aims to invest over 20 million euros in the development of the historic property, which includes the mandatory restoration of the fortress (Castello, Zone 1), designated by the culture ministry as a contemporary monument. Once completed, the Castello, built in 1905 by Italian Admiral Luca Mimbelli, will operate as a hotel. The remaining property will be developed into a resort village with holiday homes.
The transaction was finalized with the payment of the first instalment at 1.5 million euros of the total 4.1 million euros.