Real estate investment company Grivalia Properties said Tuesday that it purchased the Meli Palace hotel in Crete for 13 million euros.
Via its subsidiary Grivalia Hospitality, Grivalia Properties described Meli Palace as being a beachfront luxury hotel comprising of 158 rooms on about 104,000 square meters of land that is leased to a prominent operator.
Grivalia paid an initial 9 million euros for the hotel and will hand over an additional 2 million euros until 2022 in tranches.
An additional payment of 2 million euros will be made subject to the fulfillment of specific conditions, Grivalia said in a statement.
The hotel is the first operating asset to be added to the investment portfolio of Grivalia Hospitality.
Grivalia Hospitality is further evaluating other investments in the hospitality sector as part of its vision to create long-term value for its shareholders, its people and the local communities, the company added.