Asset Manager Hova Hospitality Acquires the Club Med Gregolimano in Edipsos, Greece
Main Photo: The Club Med Gregolimano
Date: July 2022
Name: Club Med Gregolimano
Location: Edipos, Greece
Number of Keys: 460
Seller: China-based Fosun Group, who also own the Club Med brand
Buyer: Paris-based asset manager Hova Hospitality, on behalf of Primonial REIM…Hova was launched by Dominique Ozanne and Gael Le Lay in 2021 with key backing from Primonial, and now oversees a portfolio of some 125 assets across Europe with a value of €1.3 billion.
On behalf of Primonial REIM, Paris-based Hova Hospitality has acquired the 460-room, four-star Club Med Gregolimano in Edipsos from Fosun. The hotel is set to undergo a €20m refurbishment programme.
Club Med Gregolimano is being developed on a green area of 216,000 sqm with 940 beds and 100 staff rooms in a total of 25,000 sqm of built-up area.
It consists of a central Hotel with simple beds, suites, bungalows, restaurants and night clubs, swimming pools and a wide range of activities. The expansion refurb planned is:
Creation of 27-30 new bungalows with a total capacity of 74-80 rooms (148-160 beds)
Creation of a Spa
Restaurant expansion
2 new swimming pools
Creation of a new bar
Expansion of staff rooms by creating building facilities to house 74-80 additional employees
Complete renovation of all existing of Hotel rooms
Renovation of the existing common areas of the Hotel
Energy upgrade of the Hotel
With this extension, it is intended to create an additional 5,200-5,500 sqm of buildable surface, while the amount of the investment amounts to approximately €20,000,000. The only apparent roadblock for the final launch of this investment seems to be the licensing schedule, something which is unfortunately familiar to Club Med from the recent past, in a series of works that have progressed over the last 5 years.
The investment is scheduled to begin in Fall 2022 and be completed in Spring 2023.
Hova Hospitality, which was launched by Dominique Ozanne and Gael Le Lay in 2021 with core backing from Primonial, now controls a portfolio of around 125 hotels across Europe valued at €1.3 billion,
This is the second Club Med foray by Hova, who advised Perial Asset Management for the acquisition of the Club Med Grand Massif in Samoens, France for €125m in March 2022.
Price: Undisclosed
THPT Comment: Wow this duo, Dominique Ozanne and Gael Le Lay, a breakaway from Covivio in 2021 haven’t hung around with this huge growth of 125 hotels….Well done
First Seen: Money-Tourism Greece
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