THESSALONIKI – Belterra Investments Ltd, a member of Savvidis Group, has reached an agreement in principle with Technical Olympic SA to buy the historic Porto Carras hotel complex for 205 million euros and the deal is expected to be formally completed soon, maybe in the next days or even hours, sources said on Wednesday.

Sources close to the deal told the Athens-Macedonian News Agency that Belterra Investments Ltd of Savvidis Group is expected to make official announcements within the next 24 hours. Technical Olympic SA officially informed the Capital Market Commission that negotiations between its subsidiary T.O. International Holding Ltd and the Savvidis Group over the sale of Porto Carras SA have been completed in principle and that a full due diligence is expected to be completed.

The sources said that the coronavirus pandemic did not deter Ivan Savvidis from continuing his interest for investments in tourism. Savvidis has already won a 40-year leasing contract for the Macedonia Palace hotel in Thessaloniki and a 99-year ownership of a 230,000 sq.m. area in Paliouri, Chalkidiki (where the Xenia hotel is located).