Belterra Investments belonging to Ivan Savvidis, and Technical Olympic Group have reached an agreement in principle for the sale of the historic Porto Carras Grand Resort in Halkidiki, northern Greece for the sum of 205 million euros.
According to a relevant announcement by Technical Olympic Group on the Athens Stock Exchange, the deal foresees the sale of shares belonging to subsidiaries associated with the operation of Porto Carras including the Domaine Porto Carras, its golf course and marina as well as assets related to the operation of the resort and the shares of all the above companies belonging to persons associated with the company.
The brainchild of Yiannis Carras, the resort was constructed in 1973 and acquired in 1999 by Technical Olympic Group. It is considered one of the biggest and best-equipped tourism facilities in Europe.
Today, it includes four hotels – Villa Galini, Meliton, Sithonia, Marina Village & Yacht Club – conference centers, a casino, a marina, thalassotherapy and spa centers, an 18-hole golf course and the Domaine Porto Carras – all of which will now pass to the new owner.
Terms of the agreement include full due diligence actions by the buyer. The deal does not include the Porto Carras construction arm.
Given that no new Covid-19 restrictions are imposed for the operation of resorts in Greece, the Porto Carras Grand Resort is scheduled to open for the summer season on May 20.