Six Hotels on the Slovenian Coast for Sale

In the process of preventive restructuring, Istrabenz Group agreed to sell its assets by the end of 2019. The assets of the Istrabenz Group include Istrabenz Turizem and a 50% share in Adriafin, a co-owner of Vina Koper. More than 80% of claims against Instrabenz Group are held by the Bank Assets Management Company. Istrabenz has recently began selling its subsidiary Istrabenz Turizem, owner of six Lifeclass hotels on the Slovenian Coast. The six hotels, namely Grand, Apollo, Neptun, Mirna, Slovenija and Riviera, situated in Portorož, have a total of 778 rooms and are valued at EUR 70 - 80 million. US…

A New Period in Tourism Investments: Room Sales to Third Parties

Within the last year, it has become possible for tourism investors to get an extension of up to 49 years for the term of usage rights granted on public real properties; and to acquire the real properties on which an easement right is established or has been allocated in favor of the tourism investors or the operators. On 30 June 2018, another long-awaited amendment was made to the Regulation on Certification and Qualifications of Tourism Facilities, legalizing the sales of hotel rooms in the tourism facilities to third parties. Busra Ozden, Associate at SEE Legal’s Turkish member, Kolcuoglu…

KG Law Firm Advises on Financing of the Acquisition of Sbokos Hotel Group

Kyriakides Georgopoulos Law Firm advised Alpha Bank in relation to the financing of the acquisition of Golf Residencies SA owning and operating five major luxury hotels and resorts mainly in Crete belonging to the Sbokos Hotel Group. The acquisition was led by the Vassilakis Group in cooperation with part of the existing shareholders of the Group who retained both their stake and the management of the hotel operations. This deal gave SEE Legal's Greek member the opportunity to assist Alpha Bank once again in a highly demanding and time sensitive transaction, this time leading to a landmark project…