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Prominent hotel group in Kos up for auction for outstanding bank loans

Several hotel units in Greece are set to go on the auction block in the upcoming period, with most coming under foreclosure due to defaults on bank loans.

According to narfemporiki, one company in bankruptcy liquidation is the Lakitira S.A. company, which managed three units on the holiday island of Kos. The former has 37 million euros in outstanding bank loans taken from Greek lender Eurobank, with another three million euros owed to third parties, along with 2.17 million to the state – of which 1.56 million euros are in arrears.

The Lakitira brand includes the four-star Lakitira Resort & Village, with 239 rooms; five-star Lakitira Suites, with 83 rooms; and five-star Helona Resort, with 241 rooms.

Several other smaller hotels and resorts around the country are also scheduled to come up for auction, assuming an electronic auction platform finally gets off the ground at the end of this month.

 

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