Invel Real Estate Management Ltd, in collaboration with Dolphin Capital Partners, have acquired 85.6% of Nikki Beach Resort & Spa Porto Heli, from Dolphin Capital Investors, an entity listed on AIM of the London Stock Exchange, Fortress Investment Group and Monarch Alternative Capital. This stake was sold at 83.3% to Invel and 16.7% to Dolphin respectively.
Following the completion of the transaction, Invel and Dolphin own 70.4% and 15.2% of the hotel respectively. The remaining 14.4% of the asset remains under the ownership of Oakhill Advisors.
As agreed between the respective parties, Dolphin will continue to manage the asset with special emphasis on introducing a new management team, new gastronomy concepts and luxury serviced, all aimed at upgrading the hotel’s offering.
NB is a five star hotel, comprising 66 rooms and suites (all over 50sqm with an average of 65sqm), a beach club, two restaurants, gym and spa, situated directly on Porto Heli Bay. It is a refurbished existing building which formerly operated as a hotel and commenced its current operations in 2014.
Chris Papachristoforou, CEO of Invel Real Estate Management Ltd stated: «We are delighted to co-invest with the Dolphin team in the acquisition of the Nikki Beach Resort and Spa, and are certain that this collaboration will set a strong base for further investments in the tourism sector in Greece. Following the recent successful restructuring of NBG Pangaea REIC, of which Invel is the majority shareholder, with the participation of two institutional investors, Invel restates its intention to strengthen its presence in Greece and expand further in high end tourism related acquisitions».
Miltos Kambourides, Founder and Managing Partner of Dolphin Capital stated: «When we created Nikki Beach Resort and Spa four years ago, our aim was to introduce a new concept in the greater Porto Heli area, in which we are strategically positioned with our two other projects, namely Amanzoe and Kilada Hills. I believe that together with Invel we will be able to inject fresh air in this hotel and hope this is the beginning of many more investments together».
Invel Real Estate Management Limited (“Invel”) was established in 2013 and specializes in investments and asset management in the European real estate markets with presence in Greece, Cyprus, Italy, U.K and POlands. Through their investments in ETHNIKI PANGEA REIC, Aphrodite Hills – the largest leisure integrated resort in Cyprus – and now Nikki Beach, Invel is one of the largest institutional investors in real estate and hospitality in Greece and Cyprus.
Invel comprises a team of investment professionals with several decades of investment experience across real estate asset classes in Europe. Their combined transaction experience is in excess of €20bn of real estate gross asset value, having completed numerous landmark transactions with successful results.
Invel is headquartered in Jersey and through affiliated entities has offices in London, Milan, Athens, Limassol and Amsterdam. Invel’s local presence and in- depth experience in major European markets creates a platform which identifies and reacts rapidly to a broad range of investment opportunities.
About Dolphin Capital Partners
Founded in 2004, Dolphin Capital Partners (‘DCP”) is an independent firm specializing in real estate investment and development in the South Eastern Meditteranean and the Americas. Since inception, DCP has raised and managed in excess of €1.2 billion in equity which have been invested in six countries. through its various investment companies and executed a number of investments in the Eastern Mediterranean and the Americas. The DCP team comprises professionals with many years of experience in Greece, Europe and the Americas, who have been part of numerous well acclaimed international transactions. Some recent examples of Dolphin’s past or ongoing successful developments include Amanzoe and Nikki Beach Resort & Spa in Porto Heli, Amanera and Playa Grande Golf in the Dominican Republic and the Ritz Carlton Reserve at Pearl Island in Panama. Recently, DCP invested in acquiring a percentage of the Amanzoe, while retaining the asset management of the resort. Dolphin’s leading investment vehicle to date is Dolphin Capital Investors («DCI») which is listed on AIM of the London Stock Exchange.