Attica Blue Hospitality, the Group’s hospitality arm, acquired the owning company of the Tinos Beach hotel for a total consideration of 6.5 million euros, financed through a bank loan and own funds.
Located on the Cycladic island of Tinos, in the area of Kionia, the Tinos Beach hotel complex is constructed on a total surface area of 14,500 sqm. The hotel has 180 rooms and consists of a three story building with basement and three bungalow complexes. Attica Blue Hospitality plans to upgrade and modernize the hotel facilities.
“The acquisition of Tinos Beach is another step in Attica Group’s investment in the hospitality industry, allowing for the provision of a wider range of tourism related services and products, while strengthening its financial position through investment in sectors offering immediate synergies,” Attica Group said in an announcement.