IVAN SAVVIDIS IS THE NEW OWNER OF “XENIA”, PALIOURI

The Russian investor Ivan Savvidis is now the owner of "Xenia" in Paliouri upon tender of the HRADF. The Shareholder of greek team, PAOK, a few days after the long-term lease agreement for "Makedonia Palace" hotel in Thessaloniki bought the famous hotel in Halkidiki. The final agreed amount of the deal was 14 million euro, although the investment was estimated to cost about 10 million euro.

The initial proposals were nine, both of greek and international groups. Among  those there were Lamda Development, Lampsa SA, Domotechniki SA, Ellinovalkaniki, Mentekidis SA , Mind Compass, a Russian one and that of Ivan Savvidis, JSC Donskoy Tabak. In the final stage, however,only the latter proved able to meet with the standards and, eventually, won the auction.

The investment consists of 322 acres of land in Paliouri, within which lies the internationally recognized hotel "Xenia". The agreement between the Russian major investor and HRADF includes the renovation of "Xenia" and the tourist development of the area for the next 99 years.