Premia Properties has inked a deal with Sweden-based operator Nordic Leisure Travel Group to buy Greek hotel company Sunwing Hotels for €112.5 million.
Sunwing Hotels owns and operates 4-star, 534-key Sunwing Kallithea Beach located in Rhodes and holds 100 per cent of its subsidiary company Helios Palace, which owns and operates the 4-star 262-key hotel Sunwing Makrigialos & Ocean Beach Club located in Crete.
Nordic Leisure Travel Group has been operating Sunwing Kallithera for 50 years and Makrigialos for 40 years, and will continue to operate them through a long-term triple-net lease agreement for an initial duration of 15 years with extension options of the lease for a period of ten years, five years plus five years.
Nordic Leisure is jointly owned by Strawberry Group, Altor Funds which both hold 39.7 per cent, TDR Capital which holds 19.9 percent, with Nordic Leisure Travel Group holding 0.7 percent.
National Bank of Greece executed the underwriting and will finance the transaction.
The deal is expected to close in Q4 2024.
What they said
Elias Georgiadis, CEO of Sterner Stenhus & chairman of Premia said: “We are very happy to proceed with this strategic action joining forces with one of the largest tourism companies in Europe that was founded and has its headquarters in Scandinavia, with a significant presence in Greece. This collaboration opens the horizon for new investment opportunities in the sector of tourism with our new strategic partner.”
Petter Stordalen, founder & owner of Strawberry Group added: “The deal marks an exciting chapter and we are thrilled to announce our new collaboration with Premia Properties. By combining NLTG Group’s comprehensive knowledge within hospitality and Premia and Elias Georgiadis’s impressive entrepreneurial track record, I am confident we will create both value and growth. I look forward to continuing our Greek adventure together with our new partner.”
Magnus Wikner CEO of Nordic Leisure Travel Group added: “I am happy that we have entered this strategic partnership with Premia Properties as it will make it possible for us to explore and develop new concept hotels in Greece for the benefit of our Nordic guests. Greece is our biggest destination country for the summer season, and we see especially strong demand for our own hotel concepts to Greece.”