Significant shift in Map of Greek hotels now directly or indirectly owns an investment fund SMEremediumCap (SMERC). Its head Nikos Karamouzis announced yesterday, on the one hand, the completion of the first stage of investment in the amount of 20 million euros in the Patmos Aktis Suites & Spa hotel, and on the other hand, the completion acquisition of a portfolio of 72 hotel units with a nominal value of $254 million from Intrum Hellas.

“We believe in its prospects Greek tourism and in particular the five-star hotel category, which combines superior infrastructure and services with rigorous sustainability and corporate social responsibility standards geared towards high-end travelers,” he said.

The model of this strategy emphasizes investment in Patmos Aktis: The five-star complex in Patmos was purchased a year ago and has already been completely refurbished and modernized, making it one of the flagship hotels in the Aegean. A comprehensive investment plan for the redevelopment and expansion of the new property has even been included in the Recovery and Sustainability Fund.

The management of the investment fund also said that it is in talks with an international chain of hotels of known prestige and scale, evaluating proposals for franchising cooperation with the aim of further extroversion and attracting high-income visitors.

Together with Latonia Enterprises and Brown Hotels, they have begun the acquisition of 72 hotels from Intrum.

In addition, in collaboration with the architectural firms 3SK Stylianidis and Anastasiadis, the expansion of the 56-room complex with 34 additional keys to spacious rooms and suites with sea views has begun. The investment plan has already been submitted to the Archaeological Service and is awaiting its final approval by the Ministry of Culture. The hotel currently employs 85 experienced staff. When the investment is completed, the company will employ over 110 people, doubling the number in 2019, management notes.

“Our investment in Patmos Aktis is an example of hospitality consolidation that adds value, investment and jobs to Patmos and the Greek economy, and is an example of creating a quality tourism product and hospitality at a high level. Our goal is to contribute to attracting high value-added visitors to the tourism sector, the prospects for which for 2023 seem particularly positive,” said the head of the GMERC.

“After all, that was one of the reasons our investment fund recently decided to expand into the hospitality business through a joint venture with Latonia Enterprises and Brown Hotels,” he explains. He even made it clear that the goal was an agreed loan restructuring with the debtors, subject to a cleanup of their balance sheets and a restructuring of their operating performance. He noted that it is too early to give more details on the strategy, but said there are many tools available, from capital investments to legal instruments.

Patmos Aktis has rooms, suites and maisonettes ranging in size from 31 to 93 square meters, many of which have a private pool. He began working with the new owner in June 2022 and after a long period of poor performance, managed to increase occupancy and income. The goal now is to further increase occupancy to 71% in 2023 and 75% in subsequent years, as well as to extend its operation to 160 days, from 120 to the recent time, while improving the visitor satisfaction index.