Project Grecotel-Phaiax Hotels and Resorts (EBRD-49685)

Countries
  • Greece
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Apr 11, 2018
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Phaiax S.A.
The holder of the loan, grant, or other investment.
Sectors
  • Construction
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 30.79 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported 25
Converted using 2018-02-26 exchange rate.
Project Cost (USD)
$ 91.13 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Currency conversion note:
Bank reported 74
Converted using 2018-02-26 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Jan 28, 2019

Disclosed by Bank Feb 26, 2018


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Project Description

This project provides financing to Phaiax S.A. to support the refurbishment, upgrade, and expansion of existing hotels, and to contribute to balance sheet restructuring. This is a sub-project under the EBRD's "Inclusive Tourism Framework for the Eastern Mediterranean".

Investment Description
  • European Bank for Reconstruction and Development (EBRD)
Private Actors
  • N. Daskalantonakis Group -- Parent Company
  • Phaiax SA -- Implementing Company

Phaiax SA is a market leader in the Greek hospitality industry owning a diversified portfolio of hotels and resorts in strategically located tourist destinations. Phaiax is majority owned and controlled by the N. Daskalantonakis Group of companies which has been active in the Greek tourism business for over 40 years, best known through the Grecotel brand.

Contact Information

George Gyparakis, Consultant to the Management
georgios.gyparakis@grecotel.com
+30 210 3743600
www.grecotel.com
64B Kifissias Ave., 15125, Marousi, Athens, Greece

ACCOUNTABILITY MECHANISM OF EBRD
The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.