London-based real asset merchant bank CBE Capital secured a €95 mln senior loan from Piraeus Bank in Athens.
The loan will fund the development of a new Six Senses hotel and branded residences in Porto Heli, Greece. The total project cost is €150 mln and the development is being enlarged with the purchase of additional adjacent land.
CBE Capital is partnering with Golden Land Goutos (owned by the Goutos family), Taconic Capital Advisors (New York), and Cedar Capital Partners (London) to develop the resort.
Situated on two private bays in Ermioni with views of Spetses and Hydra islands, the resort will boast 60 hotel suites and 12 luxury branded residences.
Geza Toth-Feher, managing partner of CBE Capital, said: ‘Our Greek debt transaction bucks a trend in the Eurozone, and the US. It shows that high quality transactions, despite difficult market conditions, can still be financed.’
Theodore Tzouros, executive general manager, Chief Corporate & Investment Banking of Piraeus Bank, added: ‘The financing of this Project is in line with Piraeus Bank’s long-term strategy and commitment to support new investments in the hospitality sector that contribute decisively to Greek economic growth.’
The hotel is set to open in 2026.
