CBE Capital gets Piraeus Bank backing for €150m Greek hotel

London-based merchant bank CBE Capital has obtained a €95m senior bond loan facility from Piraeus Bank in Athens for a club-deal investment in a €150 million Six Senses Hotel and residences to be developed at Porto Heli on the Greek mainland.

The development, which is scheduled to open in 2026, will have 60 hotel suites and 12 branded residences in the ultra-luxury segment. However, the scope of the project could increase as additional land has been acquired adjacent to the site.

“The financing of this project is in line with Piraeus Bank’s long-term strategy and commitment to support new investments in the hospitality sector that contribute decisively to Greek economic growth,” said Theodore Tzouros, executive general manager, chief corporate and investment banking at Piraeus Bank.

The project is equity-financed by a joint-venture between real assets specialist CBE Capital, Porto Heli-based Golden Land Goutos, New York-based Taconic Capital Advisors and Cedar Capital Partners, also from London.

“Our Greek debt transaction bucks a trend in the Eurozone, and the US,” said CBE Capital managing partner Geza Toth-Feher. “It shows that high quality transactions, despite difficult market conditions, can still be financed.”