Azur Selection Expands Portfolio Through Latin Beach Acquisition
The Azur Selection, a prominent Greek hotel company listed on the Euronext Access + market in Paris with the code GRS528003007, has made significant strides in the hospitality industry by acquiring a 51% stake in Latin Beach ATHENS P.C. This acquisition was officially approved during an Extraordinary General Meeting held recently.
Details of the Acquisition
During the meeting, shareholders sanctioned a capital increase of EUR 1,199,323 by issuing 888,387 new shares at a price of EUR 1.35 each. This price corresponds with the closing price on the preceding day of the meeting. This strategic move not only signifies an investment in Latin Beach but also emphasizes the company's growth trajectory.
Latin Beach, previously held by Mr. Giorgios Arvanitakis, was valued at approximately EUR 2,351,613 for the total corporate shares, based on a valuation report that complies with Greek Law requirements. The successful subscription priced each share with both a par value and a share premium, enabling the Azur Selection to solidify its ownership.
Main Features of the Capital Increase
The capital increase is characterized by essential details, such as the subscription price set precisely at EUR 1.35, ensuring a robust financial foundation for this acquisition. This maneuver reflects Azur Selection’s commitment to boosting its equity and enhancing its operational capabilities in the evolving hospitality market.
More About Latin Beach
Latin Beach has emerged as a favorite destination along the breathtaking Athenian Riviera since its reestablishment in 2022. The property underwent a complete renovation in early 2024, amplifying its allure as a luxurious seaside restaurant encompassing exclusive beachfront facilities.
Nestled ideally between prestigious hotels like the Four Seasons and the One&Only, Latin Beach caters to diverse crowds, offering restaurant seating for 220 and an extensive event space for up to 1,000 guests. The beach facility boasts 400 sunbeds, promoting a relaxed yet luxurious experience for every visitor.
During the summer months, from late April to early October, Latin Beach operates, providing an unparalleled blend of leisure, cuisine, and entertainment across its stunning coastal setting.
Strategic Outlook for The Azur Selection
Through this acquisition, The Azur Selection plans to not only manage but also enhance Latin Beach's offerings, fostering long-term operational and financial growth. The experienced hand of The Azur Selection will undoubtedly contribute to elevating the guest experience further, making visits to Latin Beach even more exceptional.
Company Profile of The Azur Selection
The Azur Selection is a dynamic leader in Greece's hospitality sector, dedicated to the ownership and management of premier hotel and entertainment facilities. Established as a name synonymous with excellence in hospitality, the company holds a portfolio of thriving hotels that appeal to a variety of tastes and budgets.
Since its listing on the Euronext Paris market, Azur seeks to expand its operations, enhance financial performance, and explore new opportunities for growth and collaboration within the industry. This acquisition of Latin Beach symbolizes that vision, as it aims to position itself and its properties on the map of desirable destinations for both locals and tourists.
Frequently Asked Questions
What is the significance of the acquisition?
The acquisition of 51% of Latin Beach enhances The Azur Selection's portfolio, providing access to a premier location and extensive facilities.
Where is Latin Beach located?
Latin Beach is situated on the Athenian Riviera, strategically positioned between luxury hotels.
What facilities does Latin Beach offer?
Latin Beach features a restaurant with ample seating, an events area, and a beachfront with numerous sunbeds for guests.
How will Azur Selection support Latin Beach post-acquisition?
The Azur Selection plans to provide annual support to improve operations and enhance the guest experience at Latin Beach.
What is the future outlook for The Azur Selection?
The future looks promising as The Azur Selection aims to continue growing its business and expanding its presence in the hospitality market.
