Foreign interest in Greek hotel debt sale
Foreign investors, such as Bain Capital and the US-based Apollo fund, have shown significant interest in a portfolio of defaulted loans by Greek hotels that debt collector Intrum is selling.
The portfolio is valued at 290 million euros, which, at this point represents 75 hotels in default of their loan repayments, although that number may be reduced slightly by the time of the sale.
Market experts estimate that the portfolio will be sold at 20-30% of its nominal value.
Some of the biggest debtors are 5-star hotels on Crete, the island of Kos and in the northeastern port of Alexandroupoli, as well as 4-star hotels on the Halkidiki peninsula and the island of Skiathos.
Some other defaulting businesses, including a 5-star hotel in the city of Volos and a 4-star hotel in Hania, Crete, will have to liquidate their assets.
About half of the 75 hotels are located on the Dodecanese and Cyclades islands, Crete and Corfu.
Their total capacity is over 4,000 rooms.
