April 9 2024 07:47
London-based real asset merchant bank, CBE Capital has secured a €95m Greek senior bond loan facility from Piraeus Bank in Athens for its club-deal investment into a new Six Senses Hotel and branded residences to be developed in Porto Heli on the Greek mainland.
The €150m development, which is already being enlarged by the purchase of additional adjacent land, is equity-financed by a joint-venture between CBE Capital, Golden Land Goutos which is owned by the Greek Goutos family, the New York-based Taconic Capital Advisors and London-based Cedar Capital Partners.
The new development will have 60 hotel suites and twelve branded residences in the ultra-luxury segment. The property is located in two private bays in the municipality of Ermioni, with the islands of Spetses and Hydra within its sight lines.
Geza Toth-Feher, Managing Partner of CBE Capital said: “Our Greek debt transaction bucks a trend in the Eurozone, and the US. It shows that high quality transactions, despite difficult market conditions, can still be financed. We are looking forward to working with Piraeus Bank on the financing for the Six Senses Porto Heli.”
Mr Theodore Tzouros, Executive General Manager, chief corporate and investment banking of Piraeus Bank said: “The financing of this Project is in line with Piraeus Bank’s long-term strategy and commitment to support new investments in the hospitality sector that contribute decisively to Greek economic growth. At Piraeus Bank we are proud to financially support the development of the first “Six Senses” Resort in Greece.”
247@propertyflash.co.za
