Prodea: The investment plan in the tourism sector

Tourism projects have a key role in the investment “mix” of Prodea Investments, with the management of the listed firm making selective moves in the hotel industry.

These days, the transfer of ownership of the hotel complex Porto Paros is formally completed, with a price exceeding 55 million euros.

The 4-star Porto Paros, just 4 km from Naoussa, next to the beach of Kolimbithres, which was once a landmark, has 263-beds, self-contained villas, as well as a yacht marina.

The purchase of Porto Paros was made by the joint subsidiary Mediterranean Hospitality Venture (MHV) Ltd, which is the joint investment arm of the listed Prodea Investments, the Invel Real Estate and the Cypriot group of companies YODA Group of the businessman Giannis Papalekas.

In operation in 2024

The newly acquired hotel, according to information, is expected to open in 2024 with the aim of upgrading the overall tourist image of Paros. In fact, it is being considered to be “endowed” with high end experiences, such as the much-talked about Nammos restaurant.

It is recalled that a new Nammos opened in Limassol, in the luxury hotel Parklane, a Luxury Collection Resort & Spa, a member of the Marriott International chain, which belongs to MHV.

Specializing in luxury hotel management in the wider Mediterranean region and land development, MHV has a strong tourism portfolio, which includes Parklane, The Landmark Nicosia and Aphrodite Hills Resort in Cyprus, as well as Nikki Beach in Porto Heli. In the real estate sector, MHV owns major projects in Cyprus, such as the Park Tower, the Landmark Tower, and the housing units at Aphrodite Hills Resort.

The company’s focus

From Prodea’s point of view, however, very large developments in the hotel sector are not included in its investment strategy, according to sources close to the company, with the company focusing on smaller sized units, such as luxury boutique hotels, in both seaside and mountain tourist destinations, as well as within cities, as well as in city hotels. The “green” hotel Moxy Athens City, in Omonia, was recently inaugurated in the city hotel chain, where the group also has a presence.

In this direction, Prodea Investments reduced its stake in MHV a few months ago. Initially, it owned 45% of MHV and now it has “dropped” to 25%, while a new strategic shareholder, the Cypriot company Ascetico Ltd., entered the share capital of MVH with a percentage of 12.5%.

At the same time, the other two shareholders increased their participation. In particular, Invel Real Estate (through Flowpulse), increased its initial stake from 10% to 20%, while businessman G. Papalekas (through the Papabull firm) increased its stake from 40% to 42.5%.