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Louis: Sale of King Jason Hotel

16/02/2011 09:52
Louis Hotels Public Company Ltd, sold 50% of the shares that it holds in King Jason Hotel Apartments Ltd, owner of Louis King Jason Hotel (78 flats) situated in Paphos.

According to the announcement, the buyer of 50% of the shares of King Jason Hotel Apartments Ltd is Free Club Catering Limited, controlled by Mr. Ioasonas Perdios (Executive Director of Louis Plc and Managing Director of Louis Hotels Public Company Ltd), who already held the remaining 50% in the company. Louis Group continues to have a strong presence in the tourist area of Paphos with 3 hotel units: Louis Imperial Beach Hotel (239 rooms), Louis Ledra Beach Hotel (269 rooms) and Louis Phaethon Beach Hotel (422 rooms).

At the same time, Louis Hotels Public Company Ltd became 100% shareholders of the Hotel & Tourist Enterprises Vasilefs Jason SA with the acquisition of an additional 50% in its share capital, a stake held by Free Club Catering Limited.

Louis Hotels Public Company Ltd already held 50% of the share capital of Hotel & Tourist Enterprises Vasilefs Jason SA. This company is registered in Greece and owns a seaside plot in Zakynthos of 19,981 sq. meters. It is noted that Louis Group has a significant presence in Zakynthos with the self-owned hotels Louis Zante Beach Hotel (First Class – 268 rooms) and Louis Plagos Beach Hotel (First Class – 161 rooms).

According to the announcement, this act falls under the strategy of Louis plc for the sale of its less profitable assets and the drop in the Group’s finance obligations.

The accounting loss stands at €1.2 million, while Louis’ loans will be reduced by €2.8 million.

The transactions are at arms’ length and a fairness opinion prepared by PWC.