Premia Finalizes Deal for Two Sunwing Hellas Resorts on Rhodes and Crete

Sunwing Kallithea Beach, Rhodes. Photo source: Premia Properties

Premia Properties REIC, a real estate investment company, recently completed the acquisition of two Sunwing Hellas hotels in Greece from the Nordic Leisure Travel Group (NLTG), further expanding its hospitality portfolio.

The deal, finalized on December 19, involved the purchase of 100 percent of the share capital of “SUNWING HOTELS Hellas SINGLE MEMBER S.A.,” which owns the 4-star resorts Sunwing Kallithea Beach on Rhodes and Sunwing Makrigialos & Ocean Beach Club on Crete. The acquisition was valued at 112.5 million euros.

As part of the agreement, NLTG, which has operated the hotels for over 40 years, will continue managing them under a long-term lease. The initial lease agreement, set to begin on January 1, 2025, involves an annual rent of 8.5 million euros, subject to annual rent adjustments based on the Consumer Price Index (CPI).

Sunwing Makrigialos & Ocean Beach Club, Crete. Photo source: Premia Properties

In addition, the partnership between Premia and NLTG has been further strengthened through NLTG’s investment in Premia’s share capital. NLTG will acquire 7,628,000 new shares and 1,563,177 treasury shares at 1.36 euros per share, bringing its total stake in Premia to 9.66 percent. The transaction has received the necessary approvals from the Hellenic Competition Commission and the Hellenic Capital Market Commission.

The National Bank of Greece provided the debt financing for the transaction. Premia looks forward to a fruitful and expanding collaboration with NLTG in the growing hospitality sector.