Nordic Travel Leisure Group sells its flagship Gran Canaria hotel for €64 million
PREMIA Properties, a Greek real estate investment company listed on the Athens Stock Exchange, has purchased the flagship hotel of Nordic Leisure Travel Group (NLTG) in the south of Gran Canaria for €64 million. The deal marks the latest in a series of acquisitions by PREMIA in partnership with NLTG.
The agreement covers the sale of 100% of the share capital of Hoteles Sunwing S.A.U., the company owning the Sunwing Arguineguín, a 3-star complex with 252 rooms located in the popular tourist area of Patalavaca. Despite the sale, NLTG will continue to operate the hotel as a tenant under a 15-year lease agreement, with the option of two five-year extensions.
NLTG has successfully operated the property for the past 39 years and will retain ownership of Airtours Resort Ownership.
Elias Georgiadis, CEO of Sterner Stenhus and Chairman of PREMIA, said:
“We are expanding our investments in the tourism sector in collaboration with NLTG as a strategic partner. In less than a year, we have acquired a portfolio of 1,050 rooms worth €180 million. Our goal for the next two years is to exceed 2,000 rooms, capitalising on investment opportunities and increasing PREMIA’s profitability.”
For its part, NLTG highlighted Greece’s swift economic and banking recovery since the 2010 financial crisis as a driving factor behind its decision to seek investment opportunities in the international tourism sector, particularly in Spain’s Canary Islands.
This latest transaction follows the sale of two other popular NLTG resorts earlier this year for €112 million, reinforcing the trend of major international investment flowing into the Canarian hospitality market.
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