(BFM Bourse) – Greek company specializing in the hotel industry, The Azur Selection announces its plan to list by direct listing on Euronext Access+. The funds raised will contribute to accelerating its projects in Greece but also on the Côte d’Azur, where it indicates that it has great ambitions with, in particular, a first project for a 4-star luxury boutique hotel.
A perfume of (luxury) summer holidays will soon win Euronext Access +, one of the compartments of the Paris Stock Exchange requiring the fewest constraints for small and medium-sized companies wishing to try the experience of the Stock Exchange.
The Azur Selection, a Greek company specializing in the hotel industry, announces its plan to list by direct listing on the Euronext Access+ Paris market.
The opening of negotiations is scheduled for Tuesday, November 22, when 19,662,520 shares will be admitted to trading at a unit price of 1.1 euros. The market capitalization at the time of the IPO will thus exceed 20 million euros.
The company notably manages a portfolio of commercial real estate and hotels in Athens and on the island of Mykonos, while maintaining long-term leases with the companies or operators of its properties. Its portfolio includes 5 hotels (of which 3 are sub-leased to a hotel operator and 2 are fully managed as a hotel operator) and a shopping center with a balanced distribution both in terms of range and geography.
The Azur Selection also reports that its hotel and property management activity (rental income from the subletting activity and Ebitda from hotels under management) is already profitable.
Luxury hotel projects in Greece and on the French Riviera
For The Azur Selection, the Stock Exchange has been identified as a means of “supporting an ambitious short-term expansion policy”. As such, the Greek company plans to develop a 5-star hotel on a 3,918 m² leased property in Agios Stefanos in Mykonos. The group is currently finalizing the authorization procedure for the project.
The company also plans to open a 4-star boutique hotel. The complex will include 36 rooms, a swimming pool, an upscale restaurant (semi-gourmet restaurant with swimming pool), a gym and a spa. This first opening in France is part of the group’s global strategy which aims to develop on a global scale by opening 3 resorts per year in Greece and France.
“This is an important step in our development which should lead us to accelerate our operations in Greece but also on the Côte d’Azur where we have great ambitions with in particular a first project of a 4-star luxury boutique hotel”, declares Georgios Arvanitakis, founder and director-administrator of The Azur Selection.
For The Azure Selection, this listing on Euronext Access + is considered as a stage of acclimatization to the financial markets before a transfer to the upper compartment. “This admission marks the first step in the upcoming transfer of the company’s securities to the Euronext Growth Paris segment,” concludes Georgios Arvanitakis.
Sabrina Sadgui – ©2022 BFM Bourse
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