Premia Properties to Acquire Two Major Hotels in Greece from Nordic Leisure Travel Group in €112.5 Million Deal

Greek real estate investment firm Premia Properties is set to acquire two major hotel properties from Nordic Leisure Travel Group (NLTG), expanding its hospitality portfolio in Greece. The deal includes the Sunwing Kallithea Beach hotel, a 534-room four-star resort located on the island of Rhodes, and the Sunwing Makrigalos & Ocean Beach Club, a 262-room four-star hotel in Crete. These hotels are popular tourist destinations known for their scenic locations and comprehensive facilities catering to families and leisure travelers.

The acquisition, valued at €112.5 million, translates to approximately €141,000 per room, marking a significant investment in Greece’s thriving tourism sector. NLTG, a subsidiary of the Swedish tour operator, will continue to manage the hotels under a 15-year, triple-net lease agreement, meaning they will be responsible for all property-related expenses, including maintenance and taxes. The lease includes an option for a 10-year extension, ensuring long-term operational stability for both parties.

The transaction, expected to be completed by the end of the year, will be financed through a combination of Premia’s own equity and a corporate bond facilitated by the National Bank of Greece. This financing strategy highlights Premia’s balanced approach, leveraging both internal resources and external capital to fund its expansion.

NLTG’s ownership is backed by significant shareholders, including Stockholm-based Altor Funds (39.7%), Strawberry Group (37%), and London-based TDR Capital (19.9%). These investment firms have a history of involvement in the European travel and leisure sectors, underscoring their commitment to maintaining and growing NLTG’s operations in the region.

This sale-and-leaseback arrangement allows NLTG to unlock capital from its assets while continuing to operate the hotels, maintaining business continuity. For Premia, the acquisition provides a stable, income-generating asset, backed by a long-term lease from a well-established operator. This move aligns with Premia’s strategy of acquiring high-quality real estate assets with reliable, long-term revenue streams, particularly in the hospitality sector, which remains a key pillar of Greece’s economy.

The deal also reflects confidence in the Greek tourism market, which has been rebounding strongly post-pandemic. With international travel resuming and Greece continuing to be a top destination for European and global travelers, investment in hospitality assets like these is expected to offer solid returns.