Not one – not two…but thirty hotels are expected to change hands by spring, as April and May hold “tourist” electronic hammers.
Some bigger and some smaller are the hotels that cross the threshold of electronic auctions. The electronic hammer will strike for some hotel unit from Orestiada, the Ionian Islands, the North Aegean, Delphi, Nafplio, the Cyclades. In short, the hotel auction house extends from one end of Greece to the other.
With the electronic auction board listing amounts from 300,000,000 euros to 108,000 euros, which is also the lowest price for a hotel unit in Katerini.
Hotels: Investment crescendo in Europe – Greece is in the top 5
Of course, the hotels that stand out as their prices are dizzying are the two hotels of the Mantonanakis group with a first offer price of the dizzying amount of 300 million euros. These are the historic Elounda Beach Hotel & Villas and Elounda Bay Palace. The two hotels reappeared on the online platform after the cancellation of the previous auction on March 6 by the Court of First Instance of Athens as it was then judged that there were two significant omissions in the formal procedure defined by the law. The hasty Eurobank certainly came back and announced a new auction for May 15 .
According to a relevant post on the e-auction, the hotel units “ELOUDA BEACH” and “ELOUDA BAY” present a functional unit and form a single hotel complex and are put up for public forced auction with a first bid price of 300,000,000.00 euros
Eurobank urgently appears as the representative of the bond lenders of the joint bond loan of 300 million euros issued by ILIOS S.A. from 22.03.2007. of the Mantonanakis family.
Data
Based on available data, the Elounda Beach Hotel & Villas is a 5* luxury hotel, originally built between 1968 and 1971 with several renovations since then. In the appraisal assignment order from the auctioneer, it is stated that the ELOUDA BEACH hotel has a building surface of a total area of 15,982.32 m2, swimming pools with an area of 3,010.64 m2 and fields/sports facilities with an area of 1,467 m2.
However, in the appraisal report, the appraiser’s reservation is expressed as to whether these surfaces correspond to the real state of the hotel today, as differences are found in aerial photographs as 16 years have passed since the measurement. According to the published financial statements of the year 2020, the hotel has 249 rooms, while the Hotel Chamber of Greece shows a capacity of 263 rooms.
The seaside hotel Elounda Bay is located on the north-eastern coast of Crete and beyond accommodation services it offers a number of additional services. The Elounda Bay Palace, based on the available data, is a 5-star luxury, with a time of original construction between 1968 with several renovations carried out since then, as stated in the relevant appraisal report. According to the published financial statements of the year 2020, the hotel has 266 rooms, while the Hotel Chamber of Greece shows a capacity of 252 rooms.
Bra de fer with the State
However, the Mantantonaki group is also in open war with the Greek government over the Grand Resost Lagonissi hotel.
The dispute over the property in Lagonisi between the businessman Mantonanakis and the Greek State dates back to 1999, when the Cretan businessman entered into a lease agreement with the EOT for an area of 326 acres in Lagonisi, lasting 77 years, with the obligation to implement investments of 263.9 million .euros, all of which would remain for the benefit of EOT and the Greek State after the end of the concession. Nevertheless, the contract was amended in 2003, between ETAD and Attikos Helios, and the company’s plans were not completed.
The Mantonanaki group maintains that it has been vindicated by final decisions of the competent Courts and in fact has been awarded in its favor and against the subsidiary company of the Superfund, ETAD SA, an amount of more than 750 million euros.
Elounda Beach and Papandreou
Elounda and Elounda Beach had become the permanent place where Andreas Papapandreou combined the terpnon after the utilitarian and where political processes took place between long dives and fish eating.
First time in 1989
The unique layout, the decoration of the spaces, the exclusive facilities and the unique location of “Elounda Beach” made it a pole of attraction for prominent people from all over the world, among the rich and famous guests of the luxury hotel were many princes, famous artists, well-known businessmen, state leaders and Greek politicians, as well as the founder of PASOK. In 1989, while the heavy shadow of the Koskotas scandal loomed over the country and he had gone through a painful adventure with his health, Andreas Papandreou changed his hotel accommodation in Elounda choosing “Elounda Beach” by Kostas Mantonanakis to have a luxurious vacation with Dimitra Liani
In fact, on the first day of his stay at the iconic hotel together with many members of his staff, such as George Katsifaras and Antonis Livanis, the managers welcomed him to the sounds of his favorite song at the time, performed by the singer Martha, which sang to him privately in Athens. The movement of the hoteliers moved the then prime minister and since then it has been repeated every year
