The inside story of the agreement for the sale of Astir Palace Resort was revealed to tornosnews by an experienced industry player with first-hand knowledge of the negotiations.
According to him, the deal for the sale of Astir Palace Resort was sealed on New Year’s Eve, in the midst of night, as the saying goes!
Golden bargain
The price of 400 million euros is particularly low, which is why investors accepted immediately and without bargaining the new planning obligations imposed by the State Council’s latest decision.
The 11 villas that were approved to be constructed, constitute a golden opportunity, since investors can definitely cover the cost of the investment by selling them or renting them in the long term.
A few days ago, a New York skyscraper luxury apartment with a view, was sold for over 38 million US dollars.
Prime Mediterranean property
A luxury villa, with private pool and all amenities, on a prime Mediterranean property, overlooking the Saronic Gulf and the magnificent Attic sunset with hotel service, can be easily sold to a tycoon for over 40 million euros. The demand is certain, since there are only 11 of them.
The investors income from servicing the villas (catering, event organization, cleaning, maintenance, storage, etc.) are comparable to a hotel’s revenue.
The reconstruction and upgrading of two hotels to 6 stars, will contribute significantly to the promotion of investment, but immediate profits are not expected. The neighbouring marina is a definite plus, but any large tourism investment without residential development or a casino seems hardly sustainable.
Source: http://www.tornosnews.com
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