By Xanthi Gounari
With the tourism industry being the sector that has been hardest hit by the ongoing pandemic, banks and debt management companies continue to auction off hotel businesses, while at the same time More than 300 hotels around the country have placed sale ads.
According to the updates of the e-auction page, 25 hotel auctions to be posted for 2021. In total, the starting price for the tourist properties that go under the hammer, including well-known ones, exceeds €140 million.
The auction of the five Kypriotis Group hotels in Kos is the one that stands out on the online auction platform, both for the starting price (EUR 83.831 million) and for the size (more than 5,000 beds).
The hotel complex, which is the largest on the island of Kos, goes under the electronic hammer on Wednesday 3 March 2021 with the bank Eurobank and the claims management company Intrum (as successor to Piraeus).
In detail, the starting price for the group's four-star hotels Kipriotis Village Hotel, Kipriotis Aqualand and Kipriotis Hippocrates has been set at €37.03 million, €12.165 million and €9.31 million respectively. While for the five-star Kipriotis Maris and Kipriotis Panorama Suites the first bid price is EUR 9.31 million and EUR 17.2 million. The final starting prices are obtained by deducting the arbitrary settlement costs.
The hotel complex includes a total area of 287 acres with catering facilities, sports facilities, thalassotherapy areas, two conference centres with a total capacity of at least 5,500 delegates, etc.
It should be noted that a few months ago, the Dodecanese Court of Appeal rejected the banks' application for the inclusion of Kypriotis in special management. This follows a decision of the Court of First Instance that the group was not in a general and permanent situation of inability to meet its outstanding financial obligations. That decision had been appealed by the banks.
Eurobank then found itself in negotiations with H.I.G. Capital for the sale of the group's loans with a nominal value of EUR 53,3 million which, however, were not successful.
According to the banks, the group's terminated bank liabilities exceed EUR 110 million and the question remains how the owner intends to respond.
In the auctions set for 2021 Included are a hotel complex in Mykonos and a complex of 14 villas.
Specifically, it is the Mykonian Blue Resort in Agios Stefanos, Mykonos, with a total surface area of 2.130 sq.m. of main premises and 250 sq.m. of auxiliary premises and the complex «Villas Armit» which includes 14 villas, most of them 50% completed, and two warehouses, in Ano Mera. The auctioneer for both properties is Special Financial Solutions, a receivables management company.
About Mykonian Blue Resort the auction has been set for 10 February 2021 and the the first offer price is EUR 13 million. It is worth noting that the auction report states that there are large-scale arbitrariness, while noting that there is a risk of high fines.
The properties in the Villas Armit complex will be auctioned simultaneously, on the same day (10/3/2021) and at the same time, with a different first bid price and a separate auction for each property. In total, the first offer price exceeds 10 million euros.
Also The three-storey boutique hotel Grand Chalet, located in «Pampa» or «Epano Ampelia» in Kifissia, is also put up for auction, in a plot of 6,3 acres. The auction is set for 27 January 2021 with Piraeus Bank as the auctioneer and a starting price of 5,280,000 euros.
The hotel unit with the name ANTONIADIS in Kalambaka Trikala goes to auction on 3 March 2021 with Special Financial Solutions as the auctioneer. The starting price is set at EUR 3.09 million.
The hotel will be put up for auction, scheduled for 5 February 2021 Achilleion in Grevena. Intrum Hellas is the lead arranger and the first bid price has been set at EUR 1.45 million.
The abandoned B ́ class hotel complex, with unfinished buildings, in the settlement of Arachovitikon in the municipality of Rio in the prefecture of Achaia, goes under the hammer on March 10, 2021 with Cepal Hellas, the debt management company, as the foreclosing agent. The first offer price has been set at EUR 2,03 million.
