Sale of a group of 72 hotel units with a legal claim of €254 million (Tethys project) to consortium SMERemediumCap / Latonia Enterprises Company Limited – Athanasios Laskaridis family office / WHG Europe Limited and Brown Hotels announced by Intrum Hellas under The role of the transaction coordinator.
Tethys is the first sectoral portfolio of loan receivables to be sold on the secondary market in Greece, with the main objective of returning the hotel business to financial and operational strength.
The significance of the deal
Mr. Giorgos Georgakopoulos, CEO of Intrum Greece and a member of the management team of Intrum Group said: “The entry of a strategic investor will provide a second opportunity to upgrade infrastructure and services in 72 units in the fast-growing Greek hotel industry. The realization of this important agreement with the first sale of a branch portfolio highlights The current strategic role of Claims Managers is in consolidating entire branches, attracting investments and developing sustainable solutions for the overall benefit of the Greek economy.”
Mr. Nikos Karamouzis, Chairman of SMERemediumCap Investment Fund, stated on behalf of the consortium that “the consortium of investors primarily aims, in close collaboration with co-debtors, to formulate sustainable solutions to restore the financial health of companies, including financial restructuring or to strengthen their capital, in order to sustainably improve their competitiveness.
Portfolio configuration
Tethys’ portfolio consists of 72 hotel units with more than 4,000 rooms in popular tourist destinations of which 50% are located in the Aegean Islands (22 units), Ionian (3) and Crete (11) while the rest are in Macedonia and Thrace (19 units), Central Greece ( 9) and the Peloponnese (8).
It should be noted that Intrum Hellas is responsible for claims arising from loans and credits of special purpose companies bearing the names of Sunrise I NPL Finance DAC, Sunrise II NPL Finance DAC and Vega II NPL Finance l DAC to which the specified portfolio belongs.
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The Intrum Group is a leading provider of claims management services with a presence in 24 markets in Europe. Intrum helps companies manage their cash flows and debtors to service their obligations smoothly. The group’s workforce consists of 10,000 dedicated professionals serving approximately 80,000 companies across Europe. In 2022, the combined revenue is SEK 19.5 billion. Intrum is headquartered in Stockholm, Sweden, and its shares are listed on NASDAQ Stockholm. Intrum, a member of the Intrum Group, was founded in Greece at the end of 2019 and has more than 1,400 employees.
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