The Azur Selection, a real estate investment company with interests primarily in hospitality in Greece and the south of France, has acquired two new hotels in Greece.
The two hotels are Azur Volos, situated in the town of Volos; and Azur Meganisi, located on the island of Meganisi.
The shareholders of the company approved the acquisition of the two hotels during an Extraordinary General Meeting held on 6 December, in the company’s offices in Athens.
The company will fully acquire Azur Volos and Azur Meganisi by issuing 1,296,335 new shares to Giorgios Arvanitakis, the seller and main shareholder.
This will be done at an issue price of €3.50 per share as of the last close on 5 December 2023.
The valuations for Azur Volos and Azur Meganisi are €2.93m and €1.59m, respectively.
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Azur Volos is scheduled to operate as a four-star hotel with 49 rooms following a €1.5m renovation.
The renovation costs have been covered through equity.
The management expects an average daily rate (ADR) of €80 per room, with a use rate of 70%.
Azur Meganisi has 18 suites offering sea views, with most suites featuring private pools.
It also has a bar restaurant, spa, fitness centre with personal trainers, and a pool overlooking the Ionian Sea. The company will manage the hotel.
The management anticipates an ADR of €450 and a use rate of 75%.
For both hotels, the management expects the gross revenue to be evenly distributed between hotel and bar revenues, with the restaurant contributing less than 10%.
The Azur Selection’s portfolio includes a shopping centre and seven hotels, with three being sublet to a hotel operator and four being fully managed.