Grivalia Hospitality under sole control of Fairfax

Grivalia Hospitality is fully controlled by Prem Wax Fairfax, according to a Competition Commission statement.

On April 15, 2022, the Competition Commission was notified of the merger with which the Toronto-based Fairfax Financial Holdings Limited acquires sole control of the company under the name Grivalia Hospitality SA (“Grivalia”), which is currently jointly controlled by Fairfax and M&G Investment Management Limited, is reported by the Independent Authority.

Fairfax is a holding company, which, through its subsidiaries and operating entities, is mainly active in the provision of insurance and reinsurance services for assets and accidents and the management of related investments worldwide.

Grivalia Hospitality, which started as the hotel arm of the former Grivalia Properties (the latter was merged with Eurobank three years ago), is a Luxembourg-based company active in the acquisition, development and management of hotel properties in Greece. and abroad, is pointed out by the announcement of the independent Authority.

It is recalled that Eurobank had already reduced its stake in Grivalia to 19.9% ​​from 25% in February, selling 5.1% to the other shareholders of the company, ie Eurolife, M&G and Grivalia Management, and received 15.9 million.

The change of headquarters and the portfolio of 800 million euros

Counting 7 years of presence, Grivalia Hospitality has a strong portfolio with 6 premium hospitality projects under development, or operation, worth a total of 450 million euros, which upon completion will exceed 800 million euros.

According to what was recently stated by George Chrysikos, founder and chairman of the Board of the company, Grivalia Hospitality will move its headquarters from Luxembourg to Greece, while its strategic goal is “the upgrade of the tourist product of Greece and the further development of the luxury hospitality industry in our country.”

Grivalia Hospitality is also expected to announce a new investment of 250 million euros in the next 2-3 months. The development will be undertaken 100% by the company itself in collaboration with a well-known hotel brand, “equivalent to what we are collaborating to date”, as Mr. Chrysikos noted.