Prodea Investments has purchased a further 55 per cent stake in Mediterranean Hospitality Venture (MHV) from the Cypriot group of companies YODA.
This takes Prodea’s shareholding in the hospitality and real estate platform to 80 per cent, with the remaining 20 per cent being held by Invel Real Estate. Earlier this year, Invel Real Estate and Prodea Investments teamed up to buy the White Coast Pool Suites hotel, a five-star luxury hotel on the Greek island of Milos.
Mediterranean Hospitality Venture’s portfolio comprises luxury hotels and resorts as well as office and residential development projects. MHV is the owner of The Landmark Nicosia, Parklane, a Luxury Collection Resort & Spa Limassol hotel located in Cyprus, and the Nikki Beach and Porto Paros hotels based in Greece. The company also holds a 50 per cent stake in the Aphrodite Hills Resort company.
The transaction is expected to complete in Q1 2024
Prodea’s decision to increase its stake in MHV is in line with its focus on upscale properties, with majority of its investments in the hotel sector in Greece and Italy.