ECONOMY

Technical Olympic agrees to sell Porto Carras to Savvidis

technical-olympic-agrees-to-sell-porto-carras-to-savvidis

Porto Carras is set to have a new owner, as Technical Olympic has agreed to sell the emblematic tourism resort at Halkidiki in central Macedonia to the Ivan Savvidis group’s Belterra Investments for 205 million euros.

The price incorporates the 45-million-euro loan that the current owners, the Stengos family, signed last year in order to keep the resort in operation. The 18-month loan will now be repaid by the new owner.

Constantinos Stengos had acquired Porto Carras from National Bank of Greece in 1999.

Savvidis is also the owner of the Makedonia Palace hotel in Thessaloniki.