NBG Pangaea buys Thessaloniki, Greece hotel

Lazart Hotel, Thessaloniki, Greece. Photo credit: NBG Pangaea Real Estate Investment(Image: NBG Pangaea Real Estate Investment)

NBG Pangaea Real Estate Investment acquired the Lazart Hotel in Thessaloniki, Greece for €7 million, according to a report from GTP Headlines

The property is currently leased to Greek hotel operator Zeus International Group. The 74-room hotel is next to the Moni Lazariston cultural center and near the center of the city. 
“We are very pleased to have acquired a high-quality city hotel like Lazart Hotel and for our cooperation with Zeus International. This investment is in line with our investment strategy to expand in the sector of hospitality and follows our previous investment in Patras, where the first Moxy by Marriott in the Mediterranean is expected to start its operations in the near term," Aristotelis Karytinos, CEO of NBG Pangea, said in a statement. 

NBG Pangaea signed a franchise deal in July 2017 with Marriott International to open the Moxy hotel in Peloponnese, according to GTP Headlines. The companies are converting the former Moreas hotel near the city's marina into the new Moxy. The acquisition of the Moxy hotel's site marked NBG Pangaea's entry into Patra's hotel sector. The firm's holdings primarily include office and retail properties in the urban areas of Greece, Italy and Romania. 

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U.S.-based fund management firm Castlelake along with an unnamed institutional investor and Invel Real Estate Management acquired a 49-percent stake in NBG Pangaea in March 2018 from previous investors, according to IP&E Real Assets. Invel and York Capital Management originally acquired a 66-percent stake in NBG Pangaea in 2013 for approximately €756 million. The current investors together own a 65-percent stake in NBG Pangaea.